Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
299
questions
0
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1answer
38 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 ...
2
votes
3answers
464 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 ...
0
votes
1answer
78 views
Late Vendor Invoice still pay on the day due?
One of our vendor has this habit of sending Tax Invoice late or not send at all, and expects payment from us when they sent through a monthly statement after.
For Example,
If our agreed payment term ...
1
vote
1answer
79 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
46 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 ...
4
votes
0answers
172 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
46 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
157 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
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2answers
107 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
78 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
36 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 ...
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0answers
47 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
527 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
43 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
34 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
50 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
616 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 $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid.
Do I also have to pay Capital ...
2
votes
2answers
204 views
Why are some managed funds' fees larger than their ETFs fees
In Australia vanguard offers the LifeStrategy® Balanced Fund (a blend of bonds, shares and so on), it has a management fee of 0.9% per year for the first 50,000$, 0.6% for up to 100,000$ and 0.29% ...
1
vote
2answers
157 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
55 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
173 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
3answers
590 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
92 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
207 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
109 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 ...
1
vote
1answer
76 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 ...
2
votes
1answer
81 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 ...
1
vote
2answers
88 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 ...
1
vote
1answer
92 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)
...
4
votes
4answers
410 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
votes
1answer
65 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 ...
0
votes
1answer
588 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.
0
votes
0answers
55 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 ...
1
vote
0answers
300 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 ...
1
vote
2answers
115 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 (...
1
vote
1answer
58 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 ...
1
vote
1answer
185 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
votes
2answers
181 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.
...
1
vote
1answer
103 views
Australia- Bank account for newborn
I have just acquired a newborn, and would like some advice in setting up a 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 ...
1
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0answers
81 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 ...
1
vote
1answer
53 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 ...
0
votes
2answers
69 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 ...
1
vote
1answer
51 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'...
1
vote
1answer
244 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
votes
0answers
45 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 ...
1
vote
1answer
91 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?
0
votes
1answer
145 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?
0
votes
1answer
245 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
votes
1answer
38 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 (...
