Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
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1answer
38 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
157 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
64 views
Australia- Bank account for newborn
I have just acquired a newborn, a would like some advice in setting up 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
40 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
28 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
26 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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0answers
10 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
159 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
33 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
78 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
49 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
32 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
36 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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4answers
169 views
Is it best to pay back only the minimal compulsory payments for HECS-HELP student loans in Australia?
I have a considerable amount in student loans by Australian standards. I have multiple degrees and they allowed me to get a job that pays well. With such a job, the Australian government requires me ...
2
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1answer
54 views
Tax deduction for donating to international charity
If one sponsors a child from an impoverished country through a charity like Save the Children international, can this contribution still be considered tax deductible in Australia?
3
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3answers
254 views
How is a non-resident Sole Trader in Australia taxed on freelance work?
I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
3
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1answer
51 views
Personal contributions to Super as a freelancer
My question relates to this question: Personal Contribution to Superannuation Plan , except that the scenario is that I'm a freelancer - and I'm not sure what my yearly income will be.
I've landed a ...
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2answers
59 views
Australia tax on different investment asset classes
Within a single financial year, if I make $500,000 from the stock market and I purchase a rental property with that profit, am I taxed when the property is sold (in a future financial year) or is the ...
2
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1answer
50 views
Rates and valuation notice is it equivalent to market value of a property in Victoria, Australia?
I received a rates and valuation notice from the council and the valuation of the property is approximately $80,000 less than what I paid for it 6 months ago. This is my first mortgage property and I ...
2
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0answers
59 views
Claim duty back on phone purchased via contract termination because moving overseas
6 months ago I signed up for a 24 month phone plan which included a phone at no additional cost. Today I am preparing to move from Australia to the UK for a new job and I will have to cancel my ...
1
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1answer
67 views
How to estimate for Capital Gains when investing in Vanguard Managed Funds
I am saving up money now for my daughters college education which will happen in 18 - 20 years.
My plan is to invest in vanguard ETF - "Vanguard Australian Shares Index Fund(VAS)" with an initial ...
4
votes
2answers
152 views
How is a lump sum to make up salary underpayment taxed in Australia?
I have been underpaid for a period of over two years.
If I am paid the back-pay that is owed to me as a lump sum, is that considered part of my income for the current tax year?
If so, that means it ...
2
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1answer
83 views
Property and investments in the UK but living in Australia what tax is due?
We are thinking of emigrating to Australia.
We have a property in the UK that we wish to rent and we have some investments. This income would arise in the UK.
But living in Australia would mean we ...
2
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1answer
568 views
Yahoo's finance data for dividends is flat out wrong for CBA.AX. Why is that? [closed]
I looked the the dividend history for CBA.AX
https://au.finance.yahoo.com/quote/CBA.AX/history?period1=686152800&period2=1525010400&interval=div%7Csplit&filter=div&frequency=1d
and ...
6
votes
2answers
111 views
Personal Contribution to Superannuation Plan
I am from Australia and have a question regarding retirement planning. I am trying to make a decision if I should start making after tax contributions to my Super to match my employer contribution.
I ...
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1answer
116 views
Converting British Pounds to USD or AUD [closed]
Given the current state of the economy and the future out look, what would be the best option for someone who has to move pounds to either AUD or USD? What would be the advantages or disadvantages of ...
4
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3answers
1k views
Sell anonymously on PayPal
I'd like to sell digital photos through my website using PayPal to help fund my photography hobby. Staying anonymous is important to me, so I don't want my name or address disclosed to buyers.
A ...
2
votes
2answers
289 views
Save up more money than necessary for house purchase or borrow more?
I live with my parents and thus have very little expenses and believe I am saving quite well, even have some money in shares. Have a stable job (albeit relatively low paying as I am a junior, just out ...
3
votes
1answer
121 views
How do I determine if another party has filed me for bankruptcy in Australia?
I understand here in Australia, company can file for bankruptcy on your behalf or without you even knowing if you owe them money over $5000.
How do I do a “free” search on the bankruptcy site. I need ...
1
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0answers
60 views
What's the safest/easiest thing I can add to my credit report
I'm in the excellent range on the credit score, but recently it started falling due to lack of (recent) credit report entries. Since it's only 1pt / month, over last half a year, I don't care that ...
1
vote
2answers
7k views
How to protect from fraud when giving out CVV
In Australia, it seems like a common practice that when paying for something over the phone, the guy on the other side asks for the credit card number, expiry and the CVV number ! I have never had to ...
2
votes
1answer
213 views
Tax impact of receiving a bank transfer and making a purchase for a friend?
I have a permanent residency in Australia, and I have a bank account there. A friend asked me if he can transfer money to my account and then I send it to a bitcoin exchange that he wants to work with....
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0answers
44 views
Commonwealth Bank of Australia said they don't have SWIFT 103 message for International money transfer
few days ago i posted this wondering about how long a transfer could take from Australia to Tunisia.
And today marks the 2 weeks period and i still got nothing, so i contacted my banker and he asked ...
3
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1answer
102 views
Withdrawing income from a self-managed super fund holding a rental property?
Do I need to sell my rental property (fully paid for) in my Super fund to start withdrawing from the funds on a monthly basis to live on at 60 years of age, or can I keep renting it and just access ...
4
votes
1answer
152 views
Best way to pay myself from my company when my marginal tax rate is higher than the company tax rate?
I'm working as an IT contractor in Australia and I'm about to move from a sole trader model to a Ltd company. I'm trying to work out the most tax effective way of paying myself in my own company, for ...
5
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1answer
164 views
What actions 'encumber' shares?
Reading through a shareholder agreement, I encountered the following section:
Encumbering shares
Subject to a special resolution of the shareholders to the contrary, no shareholder shall ...
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1answer
164 views
What is serviceable income factor and how its use in calculation?
I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer.
salary=4000; // ...
3
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0answers
99 views
Australian freelancing in UK
I am an Australian citizen and resident for tax purposes, but I have recently moved to the UK and planning on staying here for around 6 months. I have a valid working visa.
I have picked up some ...
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0answers
209 views
Australian Tax Digital Nomad
I am a NZ citizen working for an Australian company being paid into an Australian bank account through an Australian tax number and visiting Australia every 4-6 weeks for 3-4 days work related. I ...
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1answer
101 views
Do mortgage offset accounts typically accrue interest at high balances?
Say someone has a 100% offset account on their mortgage. This means that if they have:
Loan amount: $150k
Offset balance: $100k
...then their interest is computed as if they only owe $50k on the ...
0
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1answer
172 views
How to SWIFT transfer USD to an overseas bank receiving in USD from Australia without double fx conversion?
Say, I have some USD cash ~$2K. I want to transfer it to an overseas USD bank account in USD (must be SWIFT). However an Ozzi bank will make me first convert USD cash in AUD, then deposit into my ...
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1answer
59 views
Tax implications of elective dual US/AU citizenship
I am a US citizen born in the US to an American mother and Australian father. I am eligible to apply for Australian citizenship via citizenship by descent.
I live and work entirely in the US and plan ...
0
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1answer
265 views
Unable to receive money from MoneyGram
I'm an Indian citizen and last time my Australian friend had sent me some cash through money gram. But I was unable to withdraw. MoneyGram said that the person sending money should also be an Indian....
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1answer
40 views
How to calculate Stamp duty of North Territory in Australia?
Northern Territory
Stamp Duty - General Rate Duty is calculated on the purchase price or unencumbered value of the dutiable property, whichever is the greater, as follows:
Where the dutiable value ...
3
votes
1answer
227 views
Can I claim stamp duty as a tax deduction on my investment property?
We bought an investment property last year, and it's our first, so we're trying to figure out how to do our tax return.
Is our stamp duty and lawyer costs tax deductible? Like say, if I purchased a ...
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votes
1answer
98 views
Should I wait till after I buy my investment property to get a new job?
So I'm considering buying an investment property. We plan to borrow 100% using our existing property as a security. However, this isn't an issue with cash flow - it's just for tax purposes (we'll ...
3
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2answers
241 views
Is it a good idea to get an principal and interest loan for an investment property?
At the moment, we have an investment property where we're paying 4.5% interest on an interest only loan.
I'm considering moving to another bank which offer 3.88% fixed for 2 years but it can't be ...
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2answers
373 views
“Missing” Apartment Rent Payment
So I'm currently renting an apartment through real estate agent. I've been paying monthly. They claimed that they didn't receive the May payment and there is no unclaimed money in their account. I ...
0
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1answer
112 views
Low Value Pool and Investment Properties
If I have some investment properties which are being negative geared and I buy some new capital items such as a dishwasher or an air conditioner for the properties, what are the advantages and ...
0
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2answers
190 views
Transfer to Bank of America from Australia
I made an online transfer to Bank of America from Australia. The SWIFT code, routing number, name and address of the receiver are correct. However, I made a mistake in one digit of the account number. ...
