Questions tagged [australia]

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

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3
votes
1answer
30 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, ...
3
votes
2answers
4k views

How does GST on PayPal payments work for Australian Taxation?

I am an Australian sole trader and I have recently started publishing eLearning videos to view online at a .com website that pays into my PayPal account. Purchases are in USD and my share is paid ...
2
votes
0answers
27 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
41 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
284 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 ...
1
vote
1answer
36 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'...
2
votes
1answer
117 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
126 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
1answer
39 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
11k 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
2answers
101 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 ...
8
votes
8answers
7k views

Best way to buy Japanese yen for travel?

Going to Japan in about a week, and I'm looking for ways to buy Japanese yen. In Australia, it's pretty nuts. If you exchange money from them, they'll charge you 5-6% above the mid rate of the ...
5
votes
3answers
529 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
41 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
174 views

Can I apply for immigration if I have a house mortgage to pay?

I am planning to continue to pay the mortgage after immigration. But I don't know if the bank will allow me to pay house mortgage from another country.
1
vote
1answer
183 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 ...
1
vote
1answer
50 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) ...
1
vote
2answers
103 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
71 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 ...
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 (...
2
votes
1answer
76 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
78 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
234 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 ...
4
votes
4answers
361 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/...
5
votes
2answers
338 views

How do reserve banks influence home-loan interest rates?

On the First Tuesday of every month the board of the RBA (Reserve Bank of Australia) meets and sets the target for the cash rate. I understand that they are trying to adjust the amount of money ...
3
votes
1answer
54 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
549 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.
3
votes
1answer
571 views

Do any Australian banks allow PayWave/PayPass over $100?

I use PayPass regularly on my MasterCard. I knew there was a $100 limit on contactless transactions, but I always thought you could go above that - and you'd just have to enter your PIN to authorise ...
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
1answer
159 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 ...
2
votes
2answers
60 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 ...
1
vote
0answers
97 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
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?
1
vote
2answers
4k views

Paypal and Tax In Australia

I am a blogger and live in a country where PayPal does not exist. My relative lives in Australia. If I use his PayPal this way, will I have to pay Australian tax? (He does not have a PayPal account ...
1
vote
1answer
55 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 ...
3
votes
2answers
176 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. ...
7
votes
1answer
472 views

With the Fringe Benefits Tax, should I even salary sacrifice for a car?

In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, your income ...
1
vote
1answer
83 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 ...
0
votes
0answers
60 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 ...
2
votes
2answers
8k views

What to do with copper coins in Australia

I've got a handful of Australian 1 and 2 cent coins, which are no longer regularly used (unlike the scenario in How to get rid of spare change). Much as I like feathertail gliders and frilled neck ...
1
vote
1answer
46 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
42 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 ...
0
votes
1answer
83 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?
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 ...
28
votes
5answers
12k views

If I plan to buy a car in cash, should I let the dealer know?

Is it desirable for them if I paid in full? Should I let them know or should I keep it to myself? Will I get lower prices if I was willing to pay in full?
2
votes
1answer
623 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 ...
0
votes
1answer
138 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 ...
1
vote
1answer
117 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 ...
0
votes
2answers
694 views

Effect of company issued options on share price

A company has 100,000 shares and 100,000 unexercised call options (company issued). Share price and strike price both at $1. I assume the fact that these options exist will slow any price increases ...
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 (...