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Tax Tips & Traps
Tax
The importance of documenting your position
Did you know that you could avoid costly administrative penalties imposed by the ATO if you appropriately document your reasoning which led to your conclusion? More…
CGT Asset Register
Did you know that you could have someone else, such as a tax agent, maintain your asset register? More…
Education Tax Refunds
You may be eligible to claim tax refunds of up to $375 on eligible back-to-school expenses. More…
Bad Debts - when can you deduct?
Did you know that you could write off a debt that is not necessarily 'bad' in the strictest sense? More…
Do you know that Australian residents working overseas were no longer exempt from income tax obligations on their foreign service income from 1st of July 2009? More...
Do you know you can salary sacrifice relocation costs that are incidental to your sale and/or purchase of a home, the expenses may be exempt from Fringe benefits Tax under certain circumstances?
More...
Do you know you can salary sacrifice relocation costs that are incidental to your sale and/or purchase of a home, the expenses may be exempt from Fringe benefits Tax under certain circumstances?
More...
Travel Allowance
Do you know travel expense incurred by you, as an employee, who receives an allowance for travel costs within Australia are not subject to the substantiation requirements? More...
Offshore trust income and tax liability
Do you know that you can get taxed by the ATO for income derived by an offshore trust before your arrival here but distributed to you after you became an Australian resident? More...
Conduit foreign income (CFI) regime
Do you know you can receive a dividend withholding tax exemption for unfranked distributions to non-resident shareholders of Australian companies?
More...
Superannuation contributions while you are overseas
Did you know you, as an outbound expatriate, could continue to contribute to an Australian complying superannuation fund?
More...
Claiming the Medicare Levy Exemption
Did you know that you could claim the Medicare Levy exemption if you are a temporary resident and not entitled to Medicare Benefits?
More...
Domestic / Overseas travel allowance expenses
Did you know that an employee travelling for work and is away from home overnight, will not be required to provide written evidence in respect of a claim for travel expenses where all the conditions are satisfied? More...
Residency of self-managed super funds
Do you know that your self-managed super fund (“SMSF”) could be made non-compliant if you are seconded overseas for more than 2 years? More…
Offshore voluntary disclosure
Did you know that you could be taxed on the increase in value of your interest in a foreign Individual Savings Account (ISA) or life bond? More…
Property
Did you know you can add non-deductible interest and other non-capital costs related to your house to the cost base? More...
Adjacent land and the 2 hectare rule
Do you know the main residence exemption for your dwelling can apply to an area that is adjacent to your dwelling?
More...
Demolishing your existing home to build a new home
Did you know that you could receive a full main residence exemption when you demolish an existing home to build a new home? More...
Stepped up cost base for your former main residence
Did you know you could obtain a stepped-up cost base for your former main residence?
More...
Building allowance vs cost base of the property
Did you know that the cost base of the rental property must be reduced by any building write-off that has been allowed, or is allowable when calculating a capital gain on the sale of a rental property? More...
Claiming negative gearing on a foreign rental property
Do you know that you could claim negative gearing on a foreign property against Australian income? More…
Extending the main residence exemption
Did you know that you could choose a dwelling that was under construction and the land as your main residence for up to four years before it actually became your residence? More…
Tax
The importance of documenting your position
Did you know that you could avoid costly administrative penalties imposed by the ATO if you appropriately document your reasoning which led to your conclusion? More…
CGT Asset Register
Did you know that you could have someone else, such as a tax agent, maintain your asset register? More…
Education Tax Refunds
You may be eligible to claim tax refunds of up to $375 on eligible back-to-school expenses. More…
Bad Debts - when can you deduct?
Did you know that you could write off a debt that is not necessarily 'bad' in the strictest sense? More…
International tax
Income tax obligations for Australian residents working overseasDo you know that Australian residents working overseas were no longer exempt from income tax obligations on their foreign service income from 1st of July 2009? More...
Double tax treaty for foreign service
Do you know it is plausible you remain an Australian tax resident during your foreign service but you are also considered a resident of the foreign country?
More ...
Foreign estate subject to Australian tax
Do you know the whole of the foreign estate becomes subject to Australian tax if the executor of the estate is an Australian resident?
More ...
Do you know you can salary sacrifice relocation costs that are incidental to your sale and/or purchase of a home, the expenses may be exempt from Fringe benefits Tax under certain circumstances?
More...
Foreign retirement funds
Do you know the ATO takes a very narrow view on KiwiSaver, US 401(k), 403(b) funds, Canadian retirement savings plan and UK individual pension plans, Japanese pension? More ...
Tax on Forex gains and losses
Do you know you could be taxed on forex gains/losses regardless of whether there is an actual conversion of amounts into Australian dollars? More...
Do you know you can salary sacrifice relocation costs that are incidental to your sale and/or purchase of a home, the expenses may be exempt from Fringe benefits Tax under certain circumstances?
More...
Travel Allowance
Do you know travel expense incurred by you, as an employee, who receives an allowance for travel costs within Australia are not subject to the substantiation requirements? More...
Offshore trust income and tax liability
Do you know that you can get taxed by the ATO for income derived by an offshore trust before your arrival here but distributed to you after you became an Australian resident? More...
Conduit foreign income (CFI) regime
Do you know you can receive a dividend withholding tax exemption for unfranked distributions to non-resident shareholders of Australian companies?
More...
Superannuation contributions while you are overseas
Did you know you, as an outbound expatriate, could continue to contribute to an Australian complying superannuation fund?
More...
Claiming the Medicare Levy Exemption
Did you know that you could claim the Medicare Levy exemption if you are a temporary resident and not entitled to Medicare Benefits?
More...
Domestic / Overseas travel allowance expenses
Did you know that an employee travelling for work and is away from home overnight, will not be required to provide written evidence in respect of a claim for travel expenses where all the conditions are satisfied? More...
Residency of self-managed super funds
Do you know that your self-managed super fund (“SMSF”) could be made non-compliant if you are seconded overseas for more than 2 years? More…
Offshore voluntary disclosure
Did you know that you could be taxed on the increase in value of your interest in a foreign Individual Savings Account (ISA) or life bond? More…
Property
Inherited assets and unrealised gains Do you know about an unrealised gain on an asset passing under a will from a deceased person to a non-resident beneficiary?
More...
Did you know you can add non-deductible interest and other non-capital costs related to your house to the cost base? More...
Adjacent land and the 2 hectare rule
Do you know the main residence exemption for your dwelling can apply to an area that is adjacent to your dwelling?
More...
Demolishing your existing home to build a new home
Did you know that you could receive a full main residence exemption when you demolish an existing home to build a new home? More...
Stepped up cost base for your former main residence
Did you know you could obtain a stepped-up cost base for your former main residence?
More...
Building allowance vs cost base of the property
Did you know that the cost base of the rental property must be reduced by any building write-off that has been allowed, or is allowable when calculating a capital gain on the sale of a rental property? More...
Claiming negative gearing on a foreign rental property
Do you know that you could claim negative gearing on a foreign property against Australian income? More…
Extending the main residence exemption
Did you know that you could choose a dwelling that was under construction and the land as your main residence for up to four years before it actually became your residence? More…
RESOURCES
Disclaimer
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
