The Australian Taxation Office has issued guidance to clarify the residency position for those who find themselves temporarily in Australia and unable to depart due to restrictions introduced by the Australian Government. The inability to depart Australia during the COVID-19 outbreak has generated uncertainty for many regarding their tax residency status in Australia – particularly […]
Australian Tax
Capital Gains Tax Hit for Australian Expats
Legislation has now passed the Australian Parliament that will significantly affect many individuals who are not resident in Australia and who sell a former home in Australia while living overseas. The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 cleared both House of Parliament yesterday and will now proceed to Royal Assent. […]
Leaving Australia to Live Overseas – Capital Gains Tax and Your Former Residence in Australia
Did you know that if you leave Australia to live overseas for a few years there may be significant consequences if you sell your former main residence in Australia? The timing of the sale may be key to reducing the capital gains tax payable. In the 2017 Federal Budget, the Australian Government announced that foreign […]
Leaving Australia to Live and Work Overseas – CGT Event I1 – Deemed Disposal of Investments
Moving from Australia to live in a new country – or to return to your original country if you migrated to Australia – can trigger unexpected tax issues under CGT Event I1 if you have investment assets. This is because Australia treats the cessation of tax residency in Australia as a Capital Gains Tax Event, […]
Australian superannuation contributions – Catch up measures now in place
Since the start of the previous tax year – ie from the 1st of July, 2017 – it has been possible for individuals to make personal contributions to an Australian superannuation fund, and to claim a tax deduction for contributions paid. The result of making a personal contribution to a super fund is to reduce […]
Moving to Australia and Letting a UK Property
If you are moving to Australia and will be letting a property in the UK there are some important tax planning and compliance issues to consider. HM Revenue & Customs in the UK will have some interest in what you are doing and you must take care to jump over all the necessary barriers – […]
Tax in Australia on UK Rental Property – Deductions for Depreciation and Capital Works
Background Most Australian resident individuals who invest in a rental property located outside Australia are assessed to tax in Australia on the net rental income in a similar way to rental income that is received from an Australian rental property. Note: Australian resident individuals who hold a temporary residency visa are usually exempt from the […]
Tax Time! Our Top 12 Tips for Your 2018 Tax Returns
As we tick over into the new Australian tax year your thoughts might start turning to the completion of your 2018 Australian tax return. At least they do in the minds of registered tax agents! Here are our top 12 tips for those of you who have UK and Australian tax returns to prepare for […]
Reduced personal tax rates announced in Australia
Legislation has now passed the Parliament in Australia which will reduce the rates of income and tax band thresholds. The first change – an increase in the 32.5% tax band – comes into effect at the end of this week, ie on the 1st of July 2018. New low and middle income tax offsets are […]
Temporary Tax Residents of Australia – The Visas Which Qualify
Individuals who are living in Australia and who have temporary residency visas may be able to make use of an exemption from the charge to tax in respect of most types of income – eg income from a let property, interest and dividend income – that have a source outside Australia. For such people capital […]