25% Tax Penalty on Some QROPS Pension Transfers

HMRC Introduces 25% Tax Charge On Some QROPS Transfers

Written by Anthony Blythe of Transfer My UK Pension The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK… Read the rest

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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… Read the rest

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Australian Tax on Overseas Purchases

How Much Tax is Paid when Buying from Overseas

When buying goods from overseas there is a consideration for Import duty and taxes for those goods. There is also a processing charge for making an Import Declaration. However, there is… Read the rest

How Much Tax is Paid when Buying from Overseas

When buying goods from overseas there is a consideration for Import duty and taxes for those goods. There is also a processing charge for making an Import Declaration. However, there is… Read the rest

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Income Tax Rates for Foreign Residents in Australia

Income Tax Rates for Foreigners not Tax Resident 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:

32.5c for each $1 on incomes up… Read the rest

Income Tax Rates for Foreigners not Tax Resident 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:

32.5c for each $1 on incomes up… Read the rest

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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… Read the rest

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… Read the rest

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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,… Read the rest

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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… Read the rest

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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… Read the rest

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Low Income Superannuation Contribution

Australian Low income superannuation contribution

[important]This has now been SUSPENDED following changes to the Minerals Resource Rent Tax Repeal and Other Measures Bills in September 2014 [/important] The low income superannuation contribution (LISC) is a superannuation contribution made on behalf… Read the rest

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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… Read the rest

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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… Read the rest

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… Read the rest

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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… Read the rest

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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… Read the rest

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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… Read the rest

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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… Read the rest

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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… Read the rest

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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… Read the rest

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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… Read the rest

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… Read the rest

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