Tag Archive: Taxation

Apr 10 2017

25% Tax Penalty on Some QROPS Pension Transfers

HMRC Introduces 25% Tax Charge On Some QROPS Transfers

The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of “fairness in the tax system.”

Continue reading »

Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Apr 02 2017

Transfer British Pension to Australia

Getting Your British Pension in Australia

When you migrate to Australia from the United Kingdom, you may have some pension funds in the UK, and consideration must be given to what to do with them at some stage.
You may have two kinds of pension funds:
1: The Government Aged pension
2: Your own Employer funded or Private Pension

Continue reading »

Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Oct 31 2016

Australian Tax on Overseas Purchases

When buying goods from overseas their is a consideration for Import duty and taxes for those goods. There is also a processing charge for making an Import Declaration.
However, their is an exception for low value imports. For imports with a value of under AUD1,000, you do not have to pay duty and taxes, unless the goods are: tobacco, tobacco products and alcohol.

Continue reading »

Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Aug 01 2016

Income Tax Rates for Foreign Residents in Australia

Different Tax Rules apply for individuals who are ‘foreign residents for tax purposes’ in Australia
The 2016-17 Non Tax Resident TAX rates are:

Continue reading »

Jul 01 2016

Income Tax Rates 2016-2017

Income Tax in Australia 2016 – 2017
A resident taxpayer in Australia who earns $18,200 or under, in the year, will pay NO tax on that income.
If the annual income is $37,000 then the tax payable is $3,572. This is 9.65%.
At an income of $80,000 the tax will be $17,547. This is 21.93%.
For a higher earner at $180,000 the tax will be $54,547. This is 30.30%.

Continue reading »

Dec 03 2015

Tax on Foreign Income When Migrating to Australia

ATO Tax on Foreign Income When Migrating to Australia The Australian Tax Office [ATO] has a 183 day rule: This is a statutory test to see if you are actually present in Australia for more than half the income year, whether continuously or intermittently, to determine if you are Tax Resident in Australia. Most reading then …

Continue reading »

Nov 28 2015

UK Tax Office to get Automatic Shared data from Australia

Australia will soon be automatically sharing Financial Data with UK Automatic information-sharing between banks across the world means HM Revenue & Customs will soon be able to catch evaders almost anywhere. More than 90 jurisdictions (INCLUDING AUSTRALIA) will begin to share the financial details of British residents, including bank accounts, property and trusts, which the …

Continue reading »

Oct 27 2014

Australian Superannuation Co-contribution scheme

Australian Superannuation Co-contribution scheme The super co-contribution scheme is designed to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions during a financial year, the government will match your contribution with a super co-contribution up to certain limits. If you are a low or middle-income earner and …

Continue reading »

Oct 27 2014

Low Income Superannuation Contribution

Australian Low income superannuation contribution The low income superannuation contribution (LISC) is a superannuation contribution made on behalf of individuals with an adjusted taxable income (ATI) of $37,000 or less in an income year. The maximum contribution amount payable is $500. The contribution is designed to effectively return the tax paid on concessional contributions by …

Continue reading »

Apr 24 2014

Tax when Retiring in Australia

When a Brit retires in Australia, as a resident, and has a UK pension, either State or Private, this will be taxed in Australia. (The same as any other income). To ensure that this income is NOT taxed in BOTH countries, you must advise the British Tax Authority (HMRC) of the situation. As at April …

Continue reading »

Apr 16 2014

Income Tax Rates 2015-2016

Income Tax in Australia 2015 – 2016
A resident taxpayer in Australia who earns $18,200 or under, in the year, will pay NO tax on that income.
If the annual income is $37,000 then the tax payable is $3,572. This is 9.65%.
At an income of $80,000 the tax will be $17,762. This is 22.2%.
For a higher earner at $180,000 the tax will be $54,762. This is 30.42%.

Continue reading »

Apr 03 2014

Salary Sacrifice and Compulsory Super

Salary Sacrifice and Compulsory Super Compulsory Super is the 9.5% (from July 2014) that an employer must pay you on top of your taxable wages. Salary Sacrifice can cover among other things, a contribution to your own Super. Add the TWO together and you may create a problem, but this depends on the Employer. Note …

Continue reading »

Jul 10 2013

Medicare Levy rate to rise to 2%

Changes to the Medicare Levy in the Australian Budget 2013-14 The Government will increase the Medicare levy by half a percentage point from 1.5 to 2 per cent from 1 July 2014 to provide strong and stable funding for DisabilityCare Australia. This is estimated to have a gain to tax revenue of $11.4 billion over …

Continue reading »

Jul 10 2013

Medical Tax Offset

Medical Tax Offset The Net Medical Expense Tax Offset (NMETO) is to be phased out, and only the taxpayers who claim the offset for the 2012-2013 income year will be eligible to claim in future years. By 2019 this will be fully removed. Transitional arrangements will allow taxpayers who incur medical costs for disability aids, …

Continue reading »

Jul 10 2013

Income Tax

Income Tax in Australia 2013-2014 Tax Rates for Earners classed as Tax-Resident Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and …

Continue reading »

Jul 10 2013

Low Income Tax Offset

The Low Income Tax Offset in Australia The Low Income Tax Offset (LITO) is a rebate calculated at the end of the tax year to ensure that people on a low taxable income pay little or no tax. 2013-2014 There is no Change to the Taxation system for the LITO, and the figures remain the …

Continue reading »

Jul 03 2013

Australian Tax on a Working Holiday Visa WHV

The Australian Financial year has now ended, and many are looking at doing their Tax Returns, and claiming back whatever tax they have overpaid during the year. Those visitors on a Working Holiday Visa are no exception, especially as they have heard that they can claim back all the tax they have paid. This is …

Continue reading »

Apr 16 2013

Income Tax Rates 2014-2015

Income Tax in Australia A resident taxpayer in Australia who earns $18,200 or under, in the year, will pay NO tax on that income. If the annual income is $37,000 then the tax payable is $3,572. This is 9.65%. At an income of $80,000 the tax will be $17,547. This is 21.93%. For a higher …

Continue reading »

May 06 2012

Education Tax Refund to be Replaced by SchoolKids Bonus

A means-tested SchoolKids Bonus to replace the existing Education Tax Refund has been announced by Prime Minister Julia Gillard as a bonus for one million families with school-aged children. Parents will receive this bonus for each child in school, where an eligibility for Family Tax Benefits Part A exists. $820 per year for high school …

Continue reading »

Dec 12 2011

LAFHA – Living Away From Home Allowance – to be abolished

Living Away From Home Allowance abolished

The popular Living Away From Home Allowance (LAFHA) being claimed by temporary overseas workers in Australia is set to cease from July 2012.
The effect of this is that many people currently claiming this allowance will be in a position of paying more tax than they are used to.
No permanent resident legitimately using this tax exemption for accommodation and food expenses will lose any entitlements.

Continue reading »

Older posts «