Questions tagged [australia]

For questions that relate to the laws, practices, and products of Australia.

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1answer
38 views

Salary packaging in Australia

How does salary packaging work in Australia (2020)? Is it effectively just a tax deduction for high ongoing vehicle costs? (For example, to determine whether salary packaging is a personally ...
2
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3answers
464 views

50k into 24 month 1.15% p.a. term deposit, did I make a mistake?

Context: I'm 23 y/o, live with family for obvious financial reasons. While I do pay for all the pet care/internet and some communal food/fuel I obviously am still mooching a lot from my parents. The ...
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1answer
78 views

Late Vendor Invoice still pay on the day due?

One of our vendor has this habit of sending Tax Invoice late or not send at all, and expects payment from us when they sent through a monthly statement after. For Example, If our agreed payment term ...
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1answer
79 views

How does the Up bank KYC work?

I recently signed up for Up bank. The process went like this: Go to to the website, download the app to your phone. Enter your phone number. Enter the SMS-sent verification code. Enter your ...
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0answers
46 views

Transfer from US 401k fund to Australian Superannuation fund

I worked in the USA for a number of years and have now relocated to Australia. I have balances in both US 401k fund (+ IRAs) and Australian superannuation fund. It seems that the Australian ...
4
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0answers
172 views

How safe are neo-banks?

In Australia there are a swath of 'neo-banks', banks that have no physical presence - typically are a 'mobile-first' experience. Some examples are Up, Xinja, 86400. These banks are typically pretty ...
2
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1answer
46 views

Income Tax Paypal / Ebay sales (Australia) limits

Work were throwing away a bunch of boxes full of e-waste and I was able to take them for free. I have started selling the items on Ebay and getting paid through Paypal. I believe the max total ...
2
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1answer
157 views

What happens to the insurance payout on home insurance if the policyholder dies when the home is destroyed?

After talking to my dad the other week, he mentioned his home isn't insured, because he can't afford it. I've been looking up policies which would suit him, and I'm planning on paying for the policy ...
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2answers
107 views

To opt for interest only home loan and save for next property down payment or keep paying P&I to reduce debt AND borrow more for next property

I currently own an investment property which I bought to live in (lived in for couple of years) and now has rented out as I moved (renting) in a better area for kids school. I am comfortably managing ...
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2answers
78 views

Income tax on paypal ( Australia )

I had some money in a foreign PayPal account which I earned before coming to Australia. Later, I moved to Australia in July 2019 as an international student. And in order to withdraw the money to my ...
2
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0answers
36 views

Advice for Australian with dual citizenship (US/Australia) married to a US citizen and they move to Australia

If both myself (dual citizen usa/australia) and my husband (us citizen) are living in Australia and we each make over $150,000USD per year - are we really in a bad spot with US taxes and getting ...
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0answers
47 views

Capital Gain report with currency conversion of purchase cost

I have setup gnucash in my windows laptop. It does what I want and it does flawlessly. I have one question though. My default currency is AUD. I have investments in shares in indian currency. Using ...
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9answers
527 views

Are stock options worth as much as shares?

I was undergoing salary increase negotiations (after a year) recently and it was decided a percentage of my salary was to be paid in shares. However, when the offer came, I noticed I would be getting ...
3
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1answer
43 views

Sole trader GST for small income business in Australia (aside from main salary)

Trying to find out how to handle this case. Next year will be even more fun as I've moved to New Zealand. For tax purposes, I'm a resident in Australia for FY2018. All good. I earned x as salary, ...
2
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0answers
34 views

Transfer UK pension to AU super fund

Is it possible to transfer a UK pension fund over to an Australian Super fund? I am a NZ citizen currently working in the UK. I will most likely move back to Australia in a year or two, where I ...
2
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1answer
50 views

Do I pay tax in New Zealand or Australia as a resident of Bolivia but citizen of Australia?

I reside in Bolivia although I am an Australian citizen (but regarded as a non-resident of Australia for taxation purposes.) I was invited to teach a series of workshops in New Zealand over a 2-week ...
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4answers
616 views

When first incorporated, I created 100,000 company shares worth $1 each. What does this mean?

When first incorporated, I created 100,000 company shares worth $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid. Do I also have to pay Capital ...
2
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2answers
204 views

Why are some managed funds' fees larger than their ETFs fees

In Australia vanguard offers the LifeStrategy® Balanced Fund (a blend of bonds, shares and so on), it has a management fee of 0.9% per year for the first 50,000$, 0.6% for up to 100,000$ and 0.29% ...
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2answers
157 views

How to choose an Online Investment Platform?

TL;DR: Although I know all the things I want out of an online investment platform, I have no idea how to find which platform best offers those things. I have spent some time organising and planning ...
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2answers
55 views

Small Business foreign exchange

I run a small Australian business that has the requirement to pay a relatively small but not insignificant (say USD10k-20k equivalent annually) amount of invoices in foreign currencies (EUR and USD). ...
35
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8answers
12k views

High income, sudden windfall

I currently earn quite a good salary (around $250,000 Australian dollars per year). Due to a recent investment coming good I am expecting to be receiving a windfall of around $1.2 million Australian ...
2
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3answers
173 views

How do employers determine how much tax to withhold?

I work two jobs, both are casual, and I am claiming the tax free threshold from one job. Each time I am paid from the other job (the one I am not claiming the tax free threshold from), my employer ...
5
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3answers
590 views

How can I purchase a car when no one will loan to me?

My wife's car recently broke down, and is in need of replacing. My own car is also on its last legs so we intended to purchase something new-ish (2015-2017 model) to get something a little more ...
2
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0answers
92 views

Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
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1answer
207 views

Is it better for a couple to buy a house together?

Is it better for a couple to buy a house together; forfeiting (I believe) one of their First home buyer's grant. This way both put into the loan and it gets paid off much sooner resulting in less ...
2
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2answers
109 views

How to find out where my superannuation is invested

I want to know more about where my superannuation money is being invested. When I log in to my account, it shows me which asset classes my money is invested in, and what percentage of my total ...
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1answer
76 views

Declaring income when self-employed

As described here, I earn extra money (around $7000 per year) from a second job, in which I am running a business as a sole trader. Due to the nature of the work, I am mostly paid in cash, and deposit ...
2
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1answer
81 views

Is it better to draw down offset or finance a vehicle purchase (or neither)?

Suppose you have something like: House 1 - ~$550k value. You live here. House 2 - ~$575k value. Investment property. Tenanted at $570/week. Loan 1 - $250k, 3.9% variable P&I, $1500 monthly ...
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2answers
88 views

Put savings in Shares or Superannuation

I am 25 and live in Australia. As such my employer must pay 9.5% of my wage into a superannuation retirement account. I have and continue to save and currently have 18k in a savings account earning ...
1
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1answer
92 views

What exactly is an Indirect Cost Ratio?

The Australian Superannuation fund I use has no fixed annual fee, no percentage based management fee, and no investment fee. (The fund is EISS - link to their Product Disclosure Statement here) ...
4
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4answers
410 views

Is buying an apartment a worse choice than renting, currently (2019) in Australia?

For one reason or another, an apartment is considered a bad investment in Australian cities. This is because the demand here isn't huge yet (people in general would rather live outer-city in houses/...
3
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1answer
65 views

Do I need an ABN for self-employment?

I work as a private tutor in addition to my full-time job in the public sector. I know that I will need to include any additional income on my tax return since I will need to pay an extra tax. Do I ...
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1answer
588 views

A person wants to deposit 2.1 million into my account [duplicate]

A man wants me to transfer 2.1 million into my account and then have me purchase properties with the money. Am I being scammed? He has given his banking info, Password, and routing information.
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0answers
55 views

Can I pay a non-USA resident in stock?

I have a private C-corp company. I have a guy in Australia who is doing some work for me soon as a contractor. Is it possible to pay him in stock in my US based company? If so, is there anything ...
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0answers
300 views

Living in New Zealand, working remotely for an Australian company - taxes go where?

I am a British citizen, currently residing in New Zealand under a 5 year Work Visa and for the past year have been working for a New Zealand based company. I am just about to change jobs to work ...
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2answers
115 views

Change in equity in a company

I'm very new to being a shareholder in a business and know nothing of the financial side because I am just a shareholder and not allowed to view the accounts etc. Long story short my % in the company (...
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1answer
58 views

I had a tax return completed in Australia and New Zealand and have been taxed in both. How does this work?

I moved of to Australia part way through the tax year and then returned to New Zealand and worked. When I filed my tax return, it was automatically complete in New Zealand due to the IR3 file, but a ...
1
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1answer
185 views

Are there tax rates for couples in Australia?

I'm a New Zealander who has moved to Australia to work. I'm getting married this year - we will both be living in Australia. She is a student on a scholarship, and I work fulltime. I'm wondering ...
3
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2answers
181 views

How do I protect myself in this situation, and get a receipt for my payment?

Just over 3 weeks ago I bumped into someone's car on accident. There was no apparent damage to their car, but I insisted we exchange details in case. The person refused and said it was all right. ...
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1answer
103 views

Australia- Bank account for newborn

I have just acquired a newborn, and would like some advice in setting up a long term financial plan. I don't have a target amount in mind, just to have some money to help her when older (roughly 18-21 ...
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0answers
81 views

Tracking GST/VAT from invoice to payment

Contrived example: Alice and Bob both work for Charlie, who runs a lawnmowing service. Charlie bills $100 plus 10% GST/VAT for the job. If Alice does the job, she gets $50 - if Bob does the job, he ...
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1answer
53 views

US permanent resident, AUS citizen federal retirement benefits

I have a relative who is an Australian citizen. They moved to the US at age 25, became a US permanent resident, worked and paid federal US taxes for ~30 years. At no point did they pay Australian ...
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2answers
69 views

When ANZ bank replaces a lost or damaged ATM card, will the new card be a duplicate or an entirely new card?

My bank here in Australia is currently ANZ bank. If I ask them to replace a damaged or lost card, will the new card be an exact duplicate or is a brand new card issues? Specifically, will the new ...
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1answer
51 views

What are my options for cashing out or consolidating my Kiwisaver and Australian Super?

I am a New Zealand citizen who has been contributing to Kiwisaver for the last five years in New Zealand, and have since moved to Australia, where I am making Australian Super contributions here. I'...
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1answer
244 views

Saving for a house/saving in general vs putting my money in Super vs paying off my student loan

I'm at a point of my career where I'm starting to earn decent money and can put decent chunks away. The question I have is mostly around whether I should max out my superannuation contributions in ...
2
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0answers
45 views

Transferring inheritance in Australian dollars to the US

Should I transfer inheritance in Australian dollars to the US, where I live as tax resident? The exchange rate is currently so low, but is this better to lose money on the exchange rate rather than ...
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1answer
91 views

In a loan, how does account/admin fees work? [closed]

For a loan, how does monthly/yearly account fees work? Do they get added to the loan balance and will then affect the interest?
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1answer
145 views

non-resident: Shares trading in Australia

How can I trade shares in Australia while being a non-resident for tax purposes? Are their any special considerations just for not being in Australia?
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1answer
245 views

How to contribute to my super account while a non-resident for tax purposes?

I'm an Australian who's residing overseas and I'm a non-resident for tax purposes who's sole source of income in Australian is interest on a savings account. I want to contribute to my super account ...
2
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1answer
38 views

How to pay Australian GST for an overseas journal fee?

I have to pay open access publication fees for a journal in Hong Kong. The payment is supposed to be transferred via swift. Apparently, according to new rules, I should pay GST for this service (...

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