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

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23 views

Australian with investments home now living in the UK

I'm an Australian living in the UK. I've been here for about 3 years. Recently, I have moved most of my Australian savings into a Vanguard Index fund in Australia last year. I am planning on staying ...
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1answer
52 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 ...
3
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2answers
78 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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0answers
52 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
551 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
96 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
104 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
673 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
277 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
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1answer
110 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
48 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
2k 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
190 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
33 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
votes
1answer
99 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
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1answer
140 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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0answers
25 views

Concession Calculation Victoria State Australia Stamp Duty

Is any calculation method available to calculate stamp duty concession in Victoria, Australia between $600,000 - $750,000? I did a lot of research but unable to find the formula to calculate the same. ...
5
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1answer
101 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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0answers
47 views

How to calculate a Borrowing capacity for homeloan

Create a Calculator for How Much I can borrow?.I can't get an Idea how can I get priciple amount.I have following things with me. Salary (Net) = 4000/Monthly Expense = 1200 Monthly Saving =...
0
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1answer
103 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
75 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 ...
1
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0answers
160 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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0answers
65 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 ...
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0answers
58 views

Calculating stamp duty transfer fee in QLD, Australia?

I want to calculate a stamp duty for QLD, AU state. I have counted mortgage fee and stamp duty but still having issue with transfer fee. Property Value=420000 chargableamount=420000-350000; // 70000 ...
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1answer
111 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
54 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
138 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
35 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
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1answer
190 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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1answer
93 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
232 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 ...
1
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2answers
352 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
105 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
178 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. ...
9
votes
5answers
5k views

Borrowing money to buy shares for cashflow?

I currently have lots of equity in my house in Sydney. I am holding 2 investment properties that are negative and really draining my cash flow as we have young kids and wife only works part time. I ...
1
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1answer
143 views

If I live and do work in the United States but am paid to a bank account in Australia, where do I pay income taxes?

I live and work in the US (I am a resident here for tax purposes) I was paid to a bank account in Australia, but don't live there (I'm not a resident in Aus for tax purposes) Where do I pay income ...
1
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2answers
102 views

Why be a nominal shareholder in an ASX listed company?

I bought a copy of the share register for an ASX listed company today, and I was surprised to see around a hundred entities holding some nominal number of shares (usually one). In fact, I found about ...
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0answers
65 views

Do I need loans for a good credit score? [duplicate]

I've never required legal loans from banks/businesses (eg: home loan, car loan) Will this affect my credit score if i've never been in debt but later on in life decide to get a loan? Edit: Also, ...
3
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1answer
263 views

Will we get taxed on money transferred from my spouse's savings in USA to Australia?

My husband is an American citizen while I'm an Australian. We intend to move to Australia in few years. We reside in the USA at the moment. If I transfer my husband's saving to my Australian bank now, ...
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1answer
106 views

Investment fund or ETF sanity check / ideas

I'm interested in moving some of my savings to either a managed fund or ETFs. Around 50k AUD in total + ongoing additions. Now I'm trying to decide whether to find a managed fund, or use Vanguard ...
1
vote
1answer
506 views

Is there a problem with withdrawing large amounts at a bank? Australia

If I want to withdraw $50,000 out of my bank. I know i'll be met with some suspicion at the bank and that they'll have to file reports. What are the symptoms of doing this in Australia. Will I enter ...
1
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1answer
247 views

Why an inner suburbs small apartment considered a risky investment

Recently I was looking at some properties available in large cities inner suburbs (in this case Sydney and Melbourne). What I found is that there are many small apartments available for rather ...
0
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0answers
30 views

Subsidised full-time course vs paid internship with student-debt?

My wife is looking at doing a teaching degree and is trying to decide between a standard two-year full time government-subsidised course which costs $6K/year and a three-year "internship" course where ...
0
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2answers
37 views

Offsetting losses on share sales with annual tax returns in Australia

I currently hold stocks on a company that has lost 50% of its share value from the time I purchased, can I sell this and offset the loss while claiming tax for this financial year. (The shares were ...
4
votes
2answers
209 views

Home loan for Granddaughter

Can I use collateral of my $325000 home which I own in Australia to help my granddaughter buy a house in her name. Can the repayment be structured as Interest Only for initial few years. She is ...
3
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0answers
115 views

What method gives the best conversion rate for moving large AUD TO USD? [closed]

I want to move a lump sum of 100K-1M from Australia AUD to USA USD. Assuming time is not a factor, what way will give the best FX rate? Research so far: 1 AUD is approx 0.75USD (let's assume that) ...
0
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1answer
63 views

When is a sole trader liable for a tax refund?

In what situation do businesses receive tax refunds for their business in Australia? What are the requirements of a sole trading business to be liable for a tax refund?
4
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3answers
604 views

Will I have to pay taxes for Australia if I have an Australian bank account?

I live in New Zealand. I'm doing freelance work for an Australian company. They are not very open-minded in relation to new transfer money methods, they only do it with PayPal or international money ...
4
votes
2answers
174 views

Can I sell my own house? Australia

Are there any laws regarding this. I'm not an agent or anything but I have marketing and salesman experience. Will I be able to list my home privately on websites such as Realestate.com?
2
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1answer
50 views

Does Australia impose estate tax on foreigners investing in the Australian stock market?

Suppose a non-Australian, say a Singaporean, owns AUD $100k worth of Australian stocks and dies suddenly. Will estate tax be imposed on him? If yes, roughly how much?