Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
328
questions
2
votes
1answer
64 views
Beginner capital gain tax on shares in Australia
I am thinking about depositing some of my money (500-800 AUD) into eToro and buy some shares, just for building good money habits. But I am unfamiliar with the tax implications that I have to face (if ...
0
votes
2answers
319 views
What does income inclusive or exclusive of super mean?
In Australia when a job add says the income is inclusive or exclusive of super what does that mean?
e.g. What is the difference between a job that says 55K inclusive of super vs 55K exclusive of ...
2
votes
1answer
199 views
Does a non-US-citizen leaving US and returning to Australia avoid capital gains tax?
I am an Australian citizen who has lived in the United States for over 10 years on work visas, filing with the IRS and paying taxes. During that time I purchased shares in a US company, and those ...
31
votes
7answers
13k views
How can I gift $41,000 to my friend anonymously? (Australia)
We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his ...
1
vote
2answers
163 views
What to look for when opening a brokerage account for a beginner?
I am John and I am 18 years old. I am looking to open a brokerage account in Australia. My question is what characteristics should I look for when opening a brokerage account as a beginner?
1
vote
2answers
146 views
What are the risk types for a large amount of savings in an index fund
I'm curious what are the possible things that can go wrong with storing half of savings in a single index fund. Specifically, I mean things other than the market going down - these are long term ...
2
votes
1answer
159 views
What is the tax status of assets recovered via bankruptcy proceedings?
Say someone held some non-cash assets (shares, cryptocurrency, etc.) with a third-party business that went bankrupt. They become a creditor in the bankruptcy proceedings, lose access to whatever ...
0
votes
1answer
133 views
What kind of professional should I speak to regarding protecting a house from auto defacto?
I am currently building a house for myself. My partner is moving in with me; first into a rental property, then once the house is built we will move into the house together. I have read a lot of ...
1
vote
1answer
44 views
Link Australian and Canadian bank accounts
I used to live in Australia and still have my bank account active there
Now I am in Canada and have Canadian bank account
I want to add my Canadian bank to my paypal.
Paypal allows to add US bank with ...
2
votes
0answers
48 views
Norway Merkur market from Australia?
I'm having troubles trying to find a way to buy shares from the Norway Merkur market as an Australian. The Australian banks I contacted are not offering Norway shares.
I'm struggling, and failed to ...
0
votes
0answers
61 views
Focus on mortgage or keep investing
I'm 24 and recently purchased a property. I'm wondering whether or not I should keep my investment account open or focus solely on bringing down my mortgage.
I have been investing with Raiz (I think ...
-1
votes
1answer
116 views
Parse JSON data from ASX into Google Sheets for Exchange Traded Products - not companies
I had asked this question on the StackOverflow website - but no luck.
I am trying to develop a Google Sheets-based portfolio tracking sheet that is able to retrieve daily prices for the securities in ...
2
votes
0answers
88 views
Passing a property from parent to (adult) child in Australia (NSW)
My father is retiring and would like to pass on the family home to my sister and me. We are both adults now and do not live in the home. I should also so mention, we are based in Sydney, Australia.
...
23
votes
5answers
7k views
Why do small merchants charge an extra 30 cents for small amounts paid by credit card?
Jurisdiction Australia, but could apply globally for all I know.
Looking at major Australian bank websites, their EFTPOS contracts mention nothing about transaction fees being different for small ...
1
vote
0answers
43 views
Has Sharesight calculated my dividend's foreign source income correctly?
I recently received my first dividend from the ASX:IVV S&P 500 ETF. In the Components of Distributions announcement it says that the Foreign Sourced Income is 99.9998% of the cash distribution.
I ...
2
votes
0answers
34 views
Super contributions splitting
I came across contributions splitting recently. So my employer contributions go into my super account and I believe they’re taxed 15%.
If I choose to contributions splitting which is max 85% of ...
3
votes
1answer
83 views
Why does the ATO have "unclaimed super", should I do something about it?
I am an Australian Citizen currently living in the UK.
I logged on to the Australian Tax Office (ATO) website today an the ATO tells me i have unclaimed super.
It's about $3000, and is exactly equal ...
2
votes
1answer
229 views
Can an individual use the Open Banking APIs in Australia, or must you go through an Accredited Data Recipient?
I've been excited to learn about Australia's Open Banking initiative. In particular, I had hoped that I would be able to use my own bank's APIs to automatically access my bank transactions, so that I ...
1
vote
1answer
177 views
Off-market transfer of shares in GnuCash
I use GnuCash for my personal accounting and for tracking investments in shares through my self-managed superannuation fund (SMSF). Recently I wound up the SMSF and transferred the shares into my ...
1
vote
0answers
43 views
What are Fringe benefit employee contributions?
While preparing my company tax return, i came across this curious phrase in the Australian Company income tax return guide (link here)
Fringe benefit employee contributions
Employee contributions ...
2
votes
0answers
116 views
AMT ISO deferrals for nonimmigrant. Sold shares after leaving US
I lived in the US from 2013 and 2016 on an E-3 nonimmigrant visa.
As part of my full-time employment contract, I was granted ISO shares in a pre-IPO company.
I exercised most of the vested shares in ...
3
votes
0answers
81 views
What are the implications of an Australian-domiciled S&P 500 ETF?
So I'm considering investing in the Australian IVV S&P 500 ETF. In 2018 it was converted from a US-domiciled fund listed on the ASX using depository receipts to an Australian-domiciled fund. I ...
2
votes
1answer
278 views
Forced closure of retirement fund: Best use of lump sum
I have been working in Australia for several years, with a temporary residence visa. I expect to soon be returning to my home country (UK). At this point, my superannuation account will be closed, ...
1
vote
2answers
97 views
Donating to a 501c charity from Australia
I make monthly donations to various open source projects via Open Collective which is a 501(c)(6) organisation.
I live, work and pay tax in Australia.
Are these donations tax deductible in Australia?
0
votes
2answers
279 views
Tax and CFDs - is income on withdrawal or at trade execution? Australia
I wonder if for tax purposes, is income realised when funds are withdrawn into a bank account or when a profitable position has been closed?
From what I understand so far, it is probably the latter. ...
2
votes
1answer
308 views
Can Directors issue themselves shares during raise?
I was wondering if it is legal for company directors that also work and operate the business to gift themselves shares during a capital raise in order to retain their controlling interest in the ...
3
votes
1answer
71 views
Optimising super contributions, with intent to buy a house
I want to check if my understanding here is correct:
Here's my situation:
I earn $135K + super, my wife earns basically nothing, she gets a scholarship which is not taxable income.
I am a NZ ...
1
vote
0answers
30 views
Tax implication for a Temporary Resident in Australia while in another country?
I am a student in Australia (making me a Temporary Resident for Tax Purposes), and an Indian citizen. I work as a sole trader / self-employed individual (web development freelancing), and according to ...
0
votes
1answer
118 views
Waiting for a refund that was approved 4 months ago. Company stalling and not getting back to me. Can I charge them interest on the sum they owe me?
As the title says, I booked a ticket with an airline (Condor Air) August, 2019. On December, 2019, I was granted a refund because their parent company went bankrupt and the airline stopped operating ...
2
votes
0answers
65 views
Property conundrum - UK vs Australia
I'm an Australian living in the UK and have been here for 5 years. I've saved up lump sums on both sides of the world. They are both enough to put forward towards a deposit on a property.
Currently, ...
0
votes
1answer
193 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 ...
3
votes
3answers
553 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 ...
2
votes
3answers
209 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 ...
1
vote
0answers
100 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 ...
7
votes
2answers
426 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
votes
1answer
138 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
votes
1answer
183 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 ...
1
vote
2answers
134 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 ...
1
vote
2answers
451 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
votes
0answers
46 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 ...
1
vote
0answers
68 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 ...
3
votes
9answers
613 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
votes
1answer
103 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
votes
0answers
41 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
votes
1answer
62 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 ...
1
vote
4answers
975 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 $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid.
Do I also have to pay Capital ...
2
votes
2answers
231 views
Why are some managed funds' fees larger than their ETFs fees
In Australia vanguard offers the LifeStrategy® Balanced Fund (a blend of bonds, shares and so on), it has a management fee of 0.9% per year for the first 50,000$, 0.6% for up to 100,000$ and 0.29% ...
1
vote
2answers
215 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 ...
0
votes
2answers
76 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
votes
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 ...
