ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
Tax warning on overseas income
Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income. If you are an Australian resident and earn income from overseas, such as income from investments, sale of assets such as property, distributions from foreign trusts, etc., you will generally need to declare that…
Inherited property tax
Tax ‘safe harbour’ for inherited property When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.…
Got a HELP debt?
The impending changes to speed up your HELP repayments The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt. New lifetime caps on Higher Education Loan Program (HELP) debt will prevent people from constantly going…
1 July changes
What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and…
Foreign residents living in Australia
CGT and the family home If you are a foreign citizen currently living in Australia but planning to leave Australia at some stage in the short to medium term then these new rules are likely to impact on you. If you owned your home at or before 9 May 2017, you can access the main…
Australians working overseas
CGT and the family home If you are an Australian citizen working overseas but a non-resident for tax purposes, these new rules are likely to affect your main residence in Australia. If you maintain your main residence in Australia, you can use the absence rule to maintain the exempt status of your property just in…
New super measures for buying a home
The pros and cons of using your super to save for your first home The First Home Super Saver Scheme (FHSS) enables first-home buyers to save for a deposit inside their superannuation account, attracting the tax incentives and some of the earnings benefits of super. Home savers can make voluntary concessional contributions (for example by salary…
New super measures when selling a home
The pros and cons of contributing proceeds from the sale of your home to super From 1 July 2018, if you are over 65, have held your home for 10 years or more and are looking to sell, you might be able to contribute some of the proceeds of the sale of your home to…
GST on property developments
Big changes for developers and purchasers If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change from how GST is…