Questions tagged [australia]
For questions that relate to the laws, practices, and products of Australia.
289
questions
2
votes
0answers
31 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
28 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
512 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
35 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
29 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
45 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
591 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 $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid.
Do I also have to pay Capital ...
2
votes
2answers
198 views
Why are some managed funds' fees larger than their ETFs fees
In Australia vanguard offers the LifeStrategy® Balanced Fund (a blend of bonds, shares and so on), it has a management fee of 0.9% per year for the first 50,000$, 0.6% for up to 100,000$ and 0.29% ...
1
vote
2answers
145 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
3answers
167 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
552 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
53 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
192 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
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
74 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
78 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
81 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
64 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
370 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
56 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
563 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
163 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
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 ...
1
vote
1answer
179 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
178 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
86 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
68 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
49 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
48 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
37 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
237 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
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?
0
votes
1answer
114 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
173 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 (...
5
votes
4answers
196 views
Is it best to pay back only the minimal compulsory payments for HECS-HELP student loans in Australia?
I have a considerable amount in student loans by Australian standards. I have multiple degrees and they allowed me to get a job that pays well. With such a job, the Australian government requires me ...
3
votes
1answer
69 views
Tax deduction for donating to international charity
If one sponsors a child from an impoverished country through a charity like Save the Children international, can this contribution still be considered tax deductible in Australia?
3
votes
3answers
806 views
How is a non-resident Sole Trader in Australia taxed on freelance work?
I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
3
votes
1answer
63 views
Personal contributions to Super as a freelancer
My question relates to this question: Personal Contribution to Superannuation Plan , except that the scenario is that I'm a freelancer - and I'm not sure what my yearly income will be.
I've landed a ...
0
votes
2answers
68 views
Australia tax on different investment asset classes
Within a single financial year, if I make $500,000 from the stock market and I purchase a rental property with that profit, am I taxed when the property is sold (in a future financial year) or is the ...
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 ...
2
votes
0answers
62 views
Claim duty back on phone purchased via contract termination because moving overseas
6 months ago I signed up for a 24 month phone plan which included a phone at no additional cost. Today I am preparing to move from Australia to the UK for a new job and I will have to cancel my ...
1
vote
1answer
97 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 ...
4
votes
2answers
304 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
votes
1answer
144 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 ...
