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Questions tagged [australia]

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

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0
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2answers
705 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
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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 (...
6
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2answers
256 views

How does the US Estate Tax affect an Australian with investments domiciled in the US?

The Australian Stock Exchange lists several popular Exchange Traded Funds that provided exposure to the US market (e.g. IVV and VTS). Some of these are CHESS Depositary Interests (CDIs), described in ...
5
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4answers
194 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
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1answer
68 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?
2
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1answer
136 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 ...
3
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3answers
766 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 ...
4
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1answer
723 views

Overpaid Rent Owed By Real Estate

Over the course of my last lease I had overpaid around 2 weeks rent to the real estate. I was notified of this when I moved out, but despite chasing them up about it they have failed to refund me the ...
1
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2answers
407 views

“Missing” Apartment Rent Payment

So I'm currently renting an apartment through real estate agent. I've been paying monthly. They claimed that they didn't receive the May payment and there is no unclaimed money in their account. I ...
3
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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
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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
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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 ...
35
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4answers
4k views

Should I invest when in debt?

I have just consolidated my debt and am thinking where I want to be in the future. My payment plan is to be debt-free in three years. It is not an extremely aggressive plan; I still want to have a ...
4
votes
2answers
199 views

How to protect an exchange rate advantage while studying abroad?

I'm an American university student studying abroad in Australia for the next 6 months. Since I've arrived, I've been covering expenses with my US credit card (which has no foreign transaction fee) and ...
1
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1answer
94 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 ...
1
vote
1answer
905 views

How to calculate foreign tax credit relief for salary arising in Australia when resident in UK?

I have been scratching my head over this one for hours... I've read more than I ever want to about double-taxation treaties and HS263 etc. Unfortunately, I'm still none the wiser about what to put on ...
4
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2answers
297 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 ...
0
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1answer
122 views

Low Value Pool and Investment Properties

If I have some investment properties which are being negative geared and I buy some new capital items such as a dishwasher or an air conditioner for the properties, what are the advantages and ...
11
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5answers
1k views

If I have all this stock just sitting there, how can I lend it out to people for short selling?

Short sellers need to borrow stock in order to short sell. I understand they typically get this stock through a broker though some sort of arrangement where they pay interest. I was wondering, how ...
0
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2answers
209 views

Transfer to Bank of America from Australia

I made an online transfer to Bank of America from Australia. The SWIFT code, routing number, name and address of the receiver are correct. However, I made a mistake in one digit of the account number. ...
6
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2answers
139 views

Personal Contribution to Superannuation Plan

I am from Australia and have a question regarding retirement planning. I am trying to make a decision if I should start making after tax contributions to my Super to match my employer contribution. I ...
3
votes
2answers
253 views

Is it a good idea to get an principal and interest loan for an investment property?

At the moment, we have an investment property where we're paying 4.5% interest on an interest only loan. I'm considering moving to another bank which offer 3.88% fixed for 2 years but it can't be ...
1
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1answer
123 views

Converting British Pounds to USD or AUD [closed]

Given the current state of the economy and the future out look, what would be the best option for someone who has to move pounds to either AUD or USD? What would be the advantages or disadvantages of ...
4
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3answers
2k views

Sell anonymously on PayPal

I'd like to sell digital photos through my website using PayPal to help fund my photography hobby. Staying anonymous is important to me, so I don't want my name or address disclosed to buyers. A ...
3
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1answer
2k views

Do premiums go up after making an vehicle insurance claim?

Partner had a minor accident in the car. No one was hurt – basically scraped the side of a concrete wall so there are a few small dents and ugly scratches everywhere along the front of my car. I'm ...
2
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2answers
298 views

Save up more money than necessary for house purchase or borrow more?

I live with my parents and thus have very little expenses and believe I am saving quite well, even have some money in shares. Have a stable job (albeit relatively low paying as I am a junior, just out ...
2
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1answer
127 views

How do I determine if another party has filed me for bankruptcy in Australia?

I understand here in Australia, company can file for bankruptcy on your behalf or without you even knowing if you owe them money over $5000. How do I do a “free” search on the bankruptcy site. I need ...
1
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1answer
656 views

Why an inner suburbs small apartment considered a risky investment

Recently I was looking at some properties available in large cities inner suburbs (in this case Sydney and Melbourne). What I found is that there are many small apartments available for rather ...
1
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0answers
65 views

What's the safest/easiest thing I can add to my credit report

I'm in the excellent range on the credit score, but recently it started falling due to lack of (recent) credit report entries. Since it's only 1pt / month, over last half a year, I don't care that ...
1
vote
2answers
16k views

How to protect from fraud when giving out CVV

In Australia, it seems like a common practice that when paying for something over the phone, the guy on the other side asks for the credit card number, expiry and the CVV number ! I have never had to ...
2
votes
1answer
269 views

Tax impact of receiving a bank transfer and making a purchase for a friend?

I have a permanent residency in Australia, and I have a bank account there. A friend asked me if he can transfer money to my account and then I send it to a bitcoin exchange that he wants to work with....
3
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4answers
5k views

Are there any disadvantages to DHA Investment Properties?

In Australia, Defence Housing Australia (DHA) sells a selection of their properties to private investors under a leaseback arrangement in order to supplement housing supply for the Australian Defence ...
1
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0answers
65 views

Commonwealth Bank of Australia said they don't have SWIFT 103 message for International money transfer

few days ago i posted this wondering about how long a transfer could take from Australia to Tunisia. And today marks the 2 weeks period and i still got nothing, so i contacted my banker and he asked ...
2
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1answer
76 views

Australia SMSF - using it to offset the interest owning on my personal home-loan

I'm quite sure I know the answer to this question however, I need to ask to confirm my own findings. Can I use my SMSF to offset the interest owning on my personal home-loan? Obviously, I can't ...
3
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1answer
104 views

Withdrawing income from a self-managed super fund holding a rental property?

Do I need to sell my rental property (fully paid for) in my Super fund to start withdrawing from the funds on a monthly basis to live on at 60 years of age, or can I keep renting it and just access ...
4
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1answer
186 views

Best way to pay myself from my company when my marginal tax rate is higher than the company tax rate?

I'm working as an IT contractor in Australia and I'm about to move from a sole trader model to a Ltd company. I'm trying to work out the most tax effective way of paying myself in my own company, for ...
4
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2answers
9k views

How can I deposit USD money in my Australian checking account while incurring as small a fee as possible?

I'm moving to Australia next month (from France) and am receiving monthly US dollar checks (from some affiliate marketing activities I have in the US). In Australia, I will have an Australian checking ...
3
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0answers
142 views

Australian freelancing in UK

I am an Australian citizen and resident for tax purposes, but I have recently moved to the UK and planning on staying here for around 6 months. I have a valid working visa. I have picked up some ...
0
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1answer
698 views

Australian superannuation funds holding bitcoin? [closed]

I'd like to move some of my Australian superannuation into a fund which allows investing in cryptocurrencies such as bitcoin. Do any such funds exist? If no, how would I minimise the auditing fees ...
5
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1answer
292 views

What actions 'encumber' shares?

Reading through a shareholder agreement, I encountered the following section: Encumbering shares Subject to a special resolution of the shareholders to the contrary, no shareholder shall ...
-1
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1answer
97 views

Benefits And Tax Deduction For First Home In NSW Australia

Hi I purchased a house for which the settlement was on 01/07/2016. Just wondering any benefits or tax benefits I can claim for the period until 30/06/2016. I'm aware of the First Home Owner Grant (...
0
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1answer
291 views

What is serviceable income factor and how its use in calculation?

I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer. salary=4000; // ...
1
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1answer
100 views

Tax implications of share transfer to family member between UK and Australia

What are the tax implications of an Australian residing in Australia working as a director on a board of a small private UK company transferring shares to a family member in Australia. The shares ...
1
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0answers
238 views

Australian Tax Digital Nomad

I am a NZ citizen working for an Australian company being paid into an Australian bank account through an Australian tax number and visiting Australia every 4-6 weeks for 3-4 days work related. I ...
5
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3answers
2k views

Why is mortgage interest deductible in the USA for a house you live in?

In Australia, if you have a mortgage on the house you live in the interest and other expenses are not tax deductible, unless you rent out one or some of the rooms or run a business from your home, in ...
15
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7answers
1k views

Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation?

I'm in Australia. My prediction is the economy isn't going to fare very well. I also think that the property market is going to drop. I also think there will be high inflation to come. I can explain ...
0
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1answer
270 views

How to SWIFT transfer USD to an overseas bank receiving in USD from Australia without double fx conversion?

Say, I have some USD cash ~$2K. I want to transfer it to an overseas USD bank account in USD (must be SWIFT). However an Ozzi bank will make me first convert USD cash in AUD, then deposit into my ...
1
vote
1answer
63 views

Tax implications of elective dual US/AU citizenship

I am a US citizen born in the US to an American mother and Australian father. I am eligible to apply for Australian citizenship via citizenship by descent. I live and work entirely in the US and plan ...
0
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1answer
435 views

Unable to receive money from MoneyGram

I'm an Indian citizen and last time my Australian friend had sent me some cash through money gram. But I was unable to withdraw. MoneyGram said that the person sending money should also be an Indian....
0
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2answers
57 views

Calculating tax when a promotion or reduction has been applied to the sale amount in Australia by a third party?

I am working on an app that resells a service in Australia. To encourage use of our app we want to provide promo codes to the end user. The money to fund this promotion comes from our marketing ...