Questions tagged [australia]

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

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2
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2answers
130 views

How do I determine the performance of my retirement fund with regular monthly contributions?

My retirement fund [Australian Superannuation fund] can be checked at any time. The fund invests in shares, which can go up - or down. Money is going IN regularly [monthly]. At any given time, how do ...
2
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1answer
2k views

Does a falling dollar mean doom for real estate?

The Aussie dollar has started its downward trend and is predicted to go down to USD 70 cents. I was planning on purchasing a property for myself to live in. However, members in public forums are ...
2
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1answer
317 views

Residence vs investment property in Australia?

I find the Australian property tax laws really confusing. If you live in a house that you own, then it is your residence. In which case, you cannot claim the interest as a tax deduction. However, you ...
2
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2answers
124 views

Should you check to make sure your employer is paying you the correct superannuation amount? [Australia]

Most people just assume their super is correct and is put in and I bet most people don't even check, but how do you really know if it's being paid? Is there heaps of checks and balances that ...
2
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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 ...
2
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1answer
75 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 ...
2
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1answer
64 views

Superannuation drawdown for non-resident

I'm an Australia citizen but not a resident. I worked there for ~10 years and have a considerable amount of money in my (compulsory) superannuation account. It's consolidated and relatively low fee, ...
2
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1answer
114 views

What do the proposed changes to FOFA mean for consumers obtaining Financial Advice?

The Australian Federal Government is proposing to make changes/rollbacks to some of the new FOFA (Future of Financial Advice) legislation for Financial Planners. If the changes get through parliament, ...
2
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1answer
63 views

In Australia how are medical costs calculated?

I have a young family and my wife and I are under the assumption that if a major surgery needed to take place that costs are covered by the government. I would like to understand what the situation ...
2
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1answer
1k views

Can I transfer my investment property into a SMSF?

I have two existing investment properties which I am looking to hold for the long term, basically to provide me with rental income in my retirement. If I set up a SMSF can I transfer these properties ...
2
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2answers
197 views

Which international credit card would fit my requirements?

I am currently looking at getting a credit card for myself. However, as per this question, I would like to get a credit card from an international bank / credit provider so that when I move countries ...
2
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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% ...
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 (...
2
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1answer
127 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 ...
2
votes
1answer
265 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....
2
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2answers
153 views

How do I bring money overseas?

I am Australian and am going to Malaysia in a few weeks. Now obviously I would like to bring some money with me so I can buy things like food and the such. What would be the best way to go about ...
2
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1answer
61 views

Australian Tax Rates for overseas residents?

I am an Australian living in Turkey. My old boss in Australia wants me to do some policy work for him. What's the tax issues if I do it?
2
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1answer
135 views

How do I work out which part time arrangement is better financially?

Next year my boy is going into child care and my wife is returning to work. We plan to put him in child care for three days a week and two days a week stay at home. I'm currently trying to figure ...
2
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1answer
105 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 ...
2
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1answer
157 views

Income tax loss credit after depreciation on negatively geared property

In Australia, my personal taxable income for a particular financial year before calculating depreciation on an investment property is very low (close to but above $0). This is after adding all rental ...
2
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1answer
725 views

What does it mean when a company will be conducting a non-renounceable entitlement offer?

Recently, a company (ASX:CTM) released a non-renounceable entitlement offer. What does it mean in general, and what does it mean for a shareholder like me? There seems to be a problem with the ...
2
votes
1answer
522 views

How to properly understand international wire transfers?

I am having a ridiculous time with international (inwards, to Australian account) wire transfers. They have about a 50% chance of succeeding, and I don't know who is being honest with me when things ...
2
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1answer
109 views

Can I transfer my West Australian rock lobster quota units into my SMSF?

Is it possible to transfer my pre-owned Western Australian Rock Lobster fishery quota units into my existing SMSF?
2
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2answers
9k views

How much time does one have to pay an invoice in Australia?

How long, legally, does one have, to pay an invoice? I have done extensive research on this, and there are too many contradictions on the Internet and a lot of it seems, to me, to be hearsay. I cannot ...
2
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4answers
4k views

Deposit a cheque in an alternative name into a personal bank account (Australia)

I'd like to be able to deposit cheques payable to a business name into my personal bank account. I do not have a company (Pty Ltd) and at this stage it's probably more trouble than it's worth to set ...
2
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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 ...
2
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0answers
42 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 ...
2
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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 ...
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 ...
2
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0answers
122 views

Investing in DHA property in Queensland

I was interested in investing in DHA (Defence Housing Australia) properties in Queensland. Does anyone who may have any DHA investment properties within Queensland know how these properties have ...
1
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2answers
15k 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 ...
1
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1answer
1k 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 ...
1
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4answers
286 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
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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 ...
1
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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 ...
1
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2answers
402 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 ...
1
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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
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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
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2answers
149 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
108 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 ...
1
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1answer
409 views

What is the psychology behind the Dead Cat Bounce Pattern and how can it be traded?

With the turmoil that hit most markets in the last two weeks followed by a small recovery late last week, are we seeing a classical Dead Cat Bounce appear infront of our eyes? Looking at the charts ...
1
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2answers
212 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 ...
1
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2answers
334 views

Online brokers with a minimum stock purchase lower than $500

Right now I am considering starting investing in stocks on my own and using the Commonwealth Bank Comsec to do it. What's stopping me is not the $20 brokerage to buy, and then another $20 to sell. ...
1
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3answers
619 views

Where can you find dividends for Australian Stock Market Shares (ASX) for more than 2 years of data? [closed]

I've been using yahoo to get in some cases ten years worth of historical stock prices for stocks. I'm interested in the dividends that the stocks pay if any. Yahoo Finance don't show dividends. But ...
1
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3answers
550 views

What implications does having the highest household debt to disposable income ratio have on Australia?

I hear that Australia has the highest household debt to disposable income ratio in the world. What does that mean? What implication does that have for the economy, for the stock market and for the ...
1
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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
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1answer
163 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 ...
1
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1answer
121 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 ...
1
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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 ...