Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
323
questions
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1answer
36 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
115 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
29 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
39 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
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0answers
42 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
51 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
41 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
30 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
27 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
62 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
102 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
98 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
38 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
107 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
59 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
271 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
66 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
143 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
215 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 ...
2
votes
1answer
43 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
22 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
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0answers
25 views
Australian JobSeeker Eligibility for Kiwis living in NZ running Australian sole trader businesses?
I used to live in Australia. I started a small business, set up as a sole trader, still run the company but have lived in New Zealand for 12 months now.
The new Jobkeeper fund allows for sole traders ...
0
votes
1answer
92 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
57 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
154 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
540 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
186 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
67 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
392 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
111 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
173 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
121 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
291 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
42 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
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0answers
54 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
597 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
66 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
37 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
54 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
821 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 $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid.
Do I also have to pay Capital ...
2
votes
2answers
224 views
Why are some managed funds' fees larger than their ETFs fees
In Australia vanguard offers the LifeStrategy® Balanced Fund (a blend of bonds, shares and so on), it has a management fee of 0.9% per year for the first 50,000$, 0.6% for up to 100,000$ and 0.29% ...
1
vote
2answers
199 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
67 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 ...
2
votes
3answers
180 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
votes
4answers
750 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
votes
0answers
189 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 ...
1
vote
1answer
214 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
votes
2answers
114 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 ...
