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Questions tagged [australia]

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

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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 ...
-1
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1answer
42 views

How to calculate Stamp duty of North Territory in Australia?

Northern Territory Stamp Duty - General Rate Duty is calculated on the purchase price or unencumbered value of the dutiable property, whichever is the greater, as follows: Where the dutiable value ...
6
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5answers
343 views

Does it make sense to switch from a 30 year 6.99% loan to a 6.89% loan (Australia)

I have recently bought an apartment and have an outstanding loan for $200K. I looked around but the bank I presently bank with somewhat surprisingly offered me the best rate at 6.99% (discounted off ...
3
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1answer
265 views

Can I claim stamp duty as a tax deduction on my investment property?

We bought an investment property last year, and it's our first, so we're trying to figure out how to do our tax return. Is our stamp duty and lawyer costs tax deductible? Like say, if I purchased a ...
-1
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1answer
102 views

Should I wait till after I buy my investment property to get a new job?

So I'm considering buying an investment property. We plan to borrow 100% using our existing property as a security. However, this isn't an issue with cash flow - it's just for tax purposes (we'll ...
4
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3answers
830 views

Will I have to pay taxes for Australia if I have an Australian bank account?

I live in New Zealand. I'm doing freelance work for an Australian company. They are not very open-minded in relation to new transfer money methods, they only do it with PayPal or international money ...
9
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5answers
5k views

Borrowing money to buy shares for cashflow?

I currently have lots of equity in my house in Sydney. I am holding 2 investment properties that are negative and really draining my cash flow as we have young kids and wife only works part time. I ...
-2
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1answer
135 views

Investment fund or ETF sanity check / ideas

I'm interested in moving some of my savings to either a managed fund or ETFs. Around 50k AUD in total + ongoing additions. Now I'm trying to decide whether to find a managed fund, or use Vanguard ...
1
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2answers
157 views

Why be a nominal shareholder in an ASX listed company?

I bought a copy of the share register for an ASX listed company today, and I was surprised to see around a hundred entities holding some nominal number of shares (usually one). In fact, I found about ...
1
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1answer
156 views

If I live and do work in the United States but am paid to a bank account in Australia, where do I pay income taxes?

I live and work in the US (I am a resident here for tax purposes) I was paid to a bank account in Australia, but don't live there (I'm not a resident in Aus for tax purposes) Where do I pay income ...
1
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1answer
64 views

Capital Gain Tax calculation - Australia

This question is related to Australian CGT. I purchased an off the plan with the intention to move in and live. My situation has changed, moved interstate and the price has gone up by 15%. How do I ...
3
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2answers
190 views

Can I sell my own house? Australia

Are there any laws regarding this. I'm not an agent or anything but I have marketing and salesman experience. Will I be able to list my home privately on websites such as Realestate.com?
4
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2answers
218 views

Home loan for Granddaughter

Can I use collateral of my $325000 home which I own in Australia to help my granddaughter buy a house in her name. Can the repayment be structured as Interest Only for initial few years. She is ...
1
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0answers
68 views

Do I need loans for a good credit score? [duplicate]

I've never required legal loans from banks/businesses (eg: home loan, car loan) Will this affect my credit score if i've never been in debt but later on in life decide to get a loan? Edit: Also, ...
15
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3answers
2k views

How to choose a good tenant as a private landlord?

I have 2 rental houses and am sick of the real estate agents providing such bad service. I have changed real estates 3 times over the past 5 years and I have come to the conclusion that I am the best ...
3
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1answer
393 views

Will we get taxed on money transferred from my spouse's savings in USA to Australia?

My husband is an American citizen while I'm an Australian. We intend to move to Australia in few years. We reside in the USA at the moment. If I transfer my husband's saving to my Australian bank now, ...
0
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2answers
39 views

Offsetting losses on share sales with annual tax returns in Australia

I currently hold stocks on a company that has lost 50% of its share value from the time I purchased, can I sell this and offset the loss while claiming tax for this financial year. (The shares were ...
1
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1answer
2k views

Is there a problem with withdrawing large amounts at a bank? Australia

If I want to withdraw $50,000 out of my bank. I know i'll be met with some suspicion at the bank and that they'll have to file reports. What are the symptoms of doing this in Australia. Will I enter ...
4
votes
1answer
154 views

Accepting a deposit into my mortgage from a third party and paying them interest

I'm a net borrower with a variable interest rate mortgage secured against my house. Let's say there is $200,000 owing and I'm paying 5% interest to the bank. It has a redraw at-will facility and I'm ...
0
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1answer
66 views

When is a sole trader liable for a tax refund?

In what situation do businesses receive tax refunds for their business in Australia? What are the requirements of a sole trading business to be liable for a tax refund?
1
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1answer
53 views

Does Australia impose estate tax on foreigners investing in the Australian stock market?

Suppose a non-Australian, say a Singaporean, owns AUD $100k worth of Australian stocks and dies suddenly. Will estate tax be imposed on him? If yes, roughly how much?
3
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4answers
55k views

If I pay the balance due, will I pay no interest in that month?

Here's what I have : Total Balance : X Balance Due : X-500 Minimum Payment : 50 If I pay X-500, will I pay zero interest on that month? Or will I pay interest for the remainder of what'...
1
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1answer
253 views

When is a higher return not desireable in a Retirement Fund?

I have been back-testing some share investment strategies for my SMSF (self managed retirement fund) and have narrowed it down to two strategies that have consistently performed the best over a 3 year ...
3
votes
1answer
269 views

Buying an apartment block one apartment at a time

Suppose, a person buys an apartment in a small apartment block. At some point of time, other apartments in the block also become available for purchase, at an attractive enough price. So the question ...
4
votes
1answer
654 views

How to start buying shares with small amount of money?

I am a new immigrant in New Zealand (NZ) who brought some money (not much though) from back home. Those money are resting in my bank and doing nothing. I want to invest some of them in stock market ...
6
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5answers
463 views

My university has tranfered me money by mistake, and wants me to transfer it back

I am a PhD student. I have a scholarship, which pays out a stipend each fortnight -- it is not employment. Sometimes the university might transfer me money as reimbursement. Sometimes, separately to ...
3
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3answers
340 views

What would be a wise way to invest savings for a newly married couple?

My wife and I were married about a year ago and, between us, have just over $150,000 (AUD) in our joint bank account. We're both in our late-twenties and work full time, but have fairly average ...
5
votes
2answers
930 views

Advantages of Shareholder over Director in new Company

I am forming a small company with a few others (in Australia). I can elect to be a director if I wish, or merely a shareholder. In either case, the shares will be evenly distributed between us. I ...
1
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1answer
181 views

Buying an investment property in Australia - what are the advantages and disadvantages of building a house vs buying an existing one?

Currently, considering purchasing an investment property. We want it to be a passive investment so don't want to buy anything too old which may need to be fixed up etc. So we are thinking of either ...
3
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3answers
266 views

Why is the highest quintile the only quintile whose wealth exceeds its income? [closed]

Based on this study, the highest quintile of the population is the only group whose wealth is greater than its income. Why might this be? Is it because they are more likely to inherit wealth from ...
5
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1answer
112 views

What solar panel subsidies does Australia have right now?

I'm thinking about buying solar panels for my house. Only thing is I'm not sure whether to wait. I've been told that the value of solar power in Australia has remained largely the same - this is ...
7
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1answer
2k views

If I'm an independent contractor in Australia, doing small jobs for a company in NY, do I pay taxes to Australia or The US?

I'm an Australian citizen, living in Australia. I've started doing some writing work for a company in NY on a project-by-project basis. The C.O.O asked if I could send him a W2 form. Having done a ...
4
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4answers
156 views

How to measure how the Australian dollar is faring independent of the US dollar

When I watch the finance section of ABC (the Australian one) news, they talk about how the Australian dollar is faring against the US dollar plus a handful of other currencies. The problem is, I don't ...
1
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1answer
133 views

International Stockbroker

I live in Australia, but have shares in the UK. I inherited the shares so have no experience in buying/selling. How do I find a stockbroker who could sell the shares for me? My father left me several ...
-1
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2answers
717 views

Is getting paid monthly better than getting paid weekly?

I live and work in Australia and I've been offered a contract that pays $1000 a day (including super) and the contract says I would be paid weekly. I've always used http://www.paycalculator.com.au/ ...
4
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1answer
196 views

Investing savings in the UK vs Australia

I have been living in Australia for 4 years now, and although I don't intend to live here forever, I will be here for the foreseeable future. I have savings in the UK and here in Australia, and am ...
0
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2answers
2k views

Which denominations do ANZ Bank ATMs in Australia dispense?

ANZ is one of the major banks in Australia. I can't seem to find on their website or via Google which notes their ATMs dispense. In particular, if I have a balance below $20 will I still be able to ...
0
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1answer
58 views

Interest on American dollars in Australian bank account

I have American dollars in an Australian bank account, which doesn't accrue any interest. Is there a way of getting interest on it?
1
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1answer
109 views

Can I fully deduct capital losses against discounted capital gains?

I have shares in 2 Australian stocks that I am thinking of selling (at least partially). I am an Australian resident for tax purposes. Let's call these stocks; Stock ABC Stock DEF I have owned stock ...
2
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1answer
106 views

How should I research Super funds?

My current super fund is closing down so I need to choose a new one. How should I choose a new one, and what resources can I use? If it matters, my current account is small (under $50K), and I'm not ...
3
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1answer
643 views

New super account does not show up on Tax office info

I have an old super with a fund which we will call FOO, I was generally dissatisfied with their performance and service, so when I started a new job, I change to their preferred super-annuation ...
7
votes
3answers
3k views

Do “crossed checks” work in the United States?

I grew up in Australia, and learned that when I write a check, I should generally cross it with two diagonal lines with Not Negotiable written between them. The idea being that this signifies that ...
4
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1answer
221 views

Is it better to hold cash in a mortgage offest or term deposit account long term?

I am refinancing a variable rate mortgage (current rates are low and expected to fall further in the next 12 months - currently 4.25%). I have a cash sum equivalent to about 20% of the full loan ...
10
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4answers
3k views

I'm moving to another country. Where should I keep my money?

I've been working in the US for a number of years, and am shortly to return to Australia. My cash is in an online bank based in the US. Would you recommend I move it to an Australian bank, or leave ...
0
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2answers
64 views

(Why) are all Australian mutual funds REITs or bond funds? [closed]

I wonder why Australia does not promote the big and global fund houses to introduce mutual fund schemes for people to have an option to invest in, instead of just the property/related choices. The ...
3
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5answers
956 views

What should I do with my money?

I'm a final year University student with about 50k (AUD) in the bank earning interest at 2.8%. I have nearly finished my paid full time placement which is why I have a lot of money currently as I ...
3
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1answer
174 views

How much CGT due after moving and renting out primary residence in Australia?

I currently live in my primary residence with an outstanding mortgage, but will be moving out and relocating for work in a few months time. The initial post is for 2 years but may be extended ...
1
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2answers
215 views

Credit Cards and Home Loans

I am based on Sydney Australia. Looking to buy a house here. Customer of one of big 4 banks. Long story short, 6 Months back Talked to my bank about buying a house and discussed about my borrowing ...
6
votes
3answers
6k views

I'm in Australia. What should I look for in an online stock broker, for trading mostly on the ASX?

I'm currently with ETrade, and just from doing a little research, I think they're a little expensive. They're about $25 a trade where as other places are $15. I was wondering, when finding an online ...
3
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3answers
1k views

Does girlfriend have too much savings, time to invest?

My girlfriend is quite frugal and has successfully maintained an emergency fund of about $15,000 with an "incidentals" account that sits around $3,000. She does not earn a lot of money, about $35,...