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Tips & Traps - International Tax

Australian tax is complex, so we've compiled the following tax tips and traps to help you know what it might mean for you or your business if you're planning to work in Australia.

Tax trap: Australian tax for foreign firms without Australian office presence
Do you know a foreign firm may be liable to pay taxes in Australia for sending its employees to work on projects without a physical office or traditional concept branch in Australia? 
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Non-resident beneficiaries may be hit with massive capital gains
Do you know massive capital gains tax might be triggered for individuals to pass their estate to non-resident beneficiaries? More...

Cross border GST
Do you know the existing GST law is extremely wide to capture you as a non-resident if you supply your services in Australia? More... 

Income tax obligations for Australian residents working overseas

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...

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?
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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?
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Employee share scheme (ESS) cross border considerations
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?
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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...

Relocation Expenses
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?
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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 liabilit
y
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?
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Superannuation contributions while you are overseas
Did you know you, as an outbound expatriate, could continue to contribute to an Australian complying superannuation fund?
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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?
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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… 

Want more tax tips? Follow us @batescosgraveCA



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