Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
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Investing in a small business [on hold]
I've recently come into a financial windfall and am looking for a small business to invest in. So far I've looked at small country service stations and mobile coffee businesses.
However, before I ...
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1answer
66 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 ...
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1answer
73 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
66 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 ...
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1answer
38 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)
...
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4answers
335 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
49 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
479 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
54 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
37 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
114 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
51 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 ...
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1answer
84 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
170 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
80 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
52 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
35 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
30 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
15 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
228 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
38 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
89 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
56 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
49 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
37 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
182 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 ...
3
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1answer
60 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
480 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
votes
1answer
58 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
62 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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2answers
59 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
62 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 ...
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1answer
73 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 ...
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2answers
207 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
96 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
587 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 ...
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2answers
129 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
119 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 ...
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2answers
296 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 ...
2
votes
1answer
123 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 ...
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0answers
64 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 ...
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2answers
11k 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
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1answer
234 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
53 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
104 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 ...
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1answer
176 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 ...
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1answer
212 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
258 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
113 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 ...
