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COVID-19 and central control and management residency test for companies Determining a company’s residency depends on a combination of where it was incorporated or where it is centrally managed or controlled and where the voting power of its shares is controlled. For non-residents of Australia with a company incorporated overseas, COVID-19 could po...
Read MoreThe forgotten residency test – Commonwealth super test When you think of Australian tax residency tests, most people will remember the ‘183 day’ test, some ‘the resides’ test and others ‘the domicile’ test. But often forgotten, and usually not considered, is the ‘Commonwealth super’ test. This test is relevant to contributing members of the...
Read MoreAustralia doesn’t have death taxes – right? - The potential trap of CGT event K3 Generally, where assets pass to beneficiaries through an estate, capital gains are disregarded – as Australia does not have death or inheritance taxes. The one exception is where assets of an estate pass to a tax-advantaged entity such as: an exempt entity; the trustee...
Read MoreProviding your employees with a car – what are the FBT implications? A way of incentivising employees is by providing them with ‘benefits’ in addition to their salary and wages. One of the most common benefits provided by employers is a car for private purposes. As a result of providing this benefit, they may be taxation
Read MoreSuperannuation is the money set aside for your retirement. When you move countries, it is important to understand what happens to your superannuation. In Australia, superannuation amounts from foreign super funds may be accepted to either a complying Australian super fund or you personally – however there are traps along the
Read MoreDo I still have to meet the Work Test? - Budget 2021-2022 Announcements Following years of advocacy form superannuation professional bodies, the Government has announced in the 2021-2022 Budget that from 1 July 2022, individual aged between 67 and 74 will no longer need to meet the work test to make superannuation contributions. This is a very posi...
Read MoreChanges to superannuation guarantee obligations for employers – Budget 2021-2022 Announcement Compulsory superannuation payments as part of salary and wage remuneration help build superannuation balances to support individuals into retirement. Currently, not all employees are entitled to superannuation – including those receiving less than $450 per...
Read MoreChanges to Superannuation Residency Rules – Budget 2021-2022 Announcement For individuals with a self-managed superannuation fund (‘SMSF’), the Government has announced several changes to the residency requirements of maintaining a SMSF, which will ensure that more SMSF’s maintain their complying status whilst members are overseas.
Read MoreChanges to Self-Education Expenses – Budget 2021-2022 Announcement Currently, the first $250 of eligible self-education expenses are non-deductible. Currently, individuals can offset non-deductible self-education costs against the $250, which still required substantiation. The Government’s announcement is to remove the non-deductibility threshold o...
Read MoreChanges to Individual Residency Tests - Budget 2021-2022 Announcements Following recommendations from the Board of Taxation, the Government has announced in its most recent 2021-2022 Budget changes to the current individual residency tests. The modernisations of the changes is intended to take the complexity out of determining your residency status...
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