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Found 661 results

  1. Hi Not sure if anyone is able to advise on this, but I have been advised by a friend in NZ to move all assets over from the UK to Oz within 4 years, otherwise we could be taxed up to 40%, is this just for New Zealand or Oz as well. Thanks
  2. http://news.yahoo.com/insight-automakers-race-lose-weight-125246850.html Now if only this were happening in Australia...
  3. Guest

    Australian income tax

    Hi all. I'm thinking of a move to Australia. I'm a diesel fitter. I'm looking into jobs in the mines. I hear of salaries of 100k-170k per year. I'm single, has anyone any idea of how much tax I would have to pay if I was on $100k per year?
  4. Could someone please advise where possible, how my employer would be able to pay me in Australia. I work for a UK company but I will be going out to Australia soon on a 457 visa. The company will pay me from their UK bank account monthly into my Australian bank account and want to be able to deduct Oz tax from my salary. This will happen until they generate revenue in Australia and subsequently set up an Australian Company. What do they need to do for this? Please advise if you need more info Thanks in advance
  5. Hi all Can anyone help with advice regarding the following scenario? Subclass 457 Visa, Overseas company sponsoring an overseas employee. Basically this means a UK Company is sending one of their employees over to Australia to work. Visa is approved. Employee is residing in Australia Uk Company pays salary to employee. Do they deduct tax first and if so, do they deduct UK tax or Aussie tax? If Aussie tax, how do they do this? :confused: Have spoken to Australian Tax Office but no answer from them yet. Many thanks
  6. Guest

    Hi new in Aus Tax

    Hi can someone please tell me how i can apply for a tax number for my husband. Also as i am a non working housewife do I also need a tax number? please advise, sorry if this is a repetative question, we have looked on line and asked questions but the replies we get keep on referring us back to the same website. :embarrassed:
  7. I know, this has raised its head in various forms on here before, mostly for PRs. So... we are moving to Oz at the beginning of Dec on a 457 visa. I understand we are classed as "resident for tax purposes" in Oz. Does this mean we have to declare our UK rental income (from our house) in Oz? Also, what about the UK - will we be liable for tax there (though we will be below the personal tax allowance rate of £7475)? Help gratefully appreciated.....
  8. mark roberts

    tax breaks

    I have a military pension being paid into my UK account, which is being taxed at 20%, I have been told that I shouldn't be paying tax in both countries. However if I notify the Australian tax authorities of my UK income,(which I have to do to claim my tax back in the UK) does that mean that they will then add that sum to my taxable income here, and then tax me on the full amount, if so I may as well keep my mouth shut and just pay the 20% in the UK. Am I wrong, any advice anyone.
  9. Can anyone help pleae? I have been an Australian citizen for some years. I recently inherited a house with my sister in the UK which has been rented since last year. When completing my Oz tax return I declared the income and have paid tax on it. I recently received a letter from the UK tax authorities stating that I was required to complete a UK tax return. As this seems a bit daft as the only income I have in the UK is a paltry sum from the rental of the house, is there a form I can send them from the Oz tax authorities to show tax has apready been paid here?
  10. Guest

    TFN (tax file number)

    Hi I am travelling to Australia on my partner visa (subclass 309) in 4 weeks and i was wondering, i have a TFN from when i travelled to Australia on a working visa back in 2008, is this still valid or will i have to re-apply for a new one? Any help would be great :biggrin:
  11. Guest

    Tax File Number

    Hi We are led to believe that you carnt apply for your TFN until you are in Australia [Perth] and this can take up to 28 days to receive your Number to enable you to be paid from your employer. Does anyone know if there is anything stopping us Working prior to receiving Our TFN numbers. And then receiving our salarys?
  12. ok, I know we've done carbon tax to death and I am a non-believer, but that aside, it's going ahead now so I think we need to understand how it's all going to work. The punch line is that "we're going to tax the big polluters". Sounds good, but what's the nitty gritty of it, how is it going to help to reduce CO2 emissions? Taxing the big polluters - who are they? I'm guessing something like coal power stations or large factories or processing plants. So will taxing them on CO2 make them change their ways and start using solar panels and wind farms? Will they actually be hurt by the tax, act morally and make these changes or just pass on the additional costs to us and continue as normal? If they are taxed, doesn't that give them even less money to use for investing in greener solutions? Who is monitoring the big polluters and making sure they invest their money in green schemes, reduce their emissions and don't just pass on the cost to us? How about the big polutters who are getting off without paying because they bring in too much money for the country (steel industry?). Who are they and how high up on the polluters list are they? In fact, is there a list of companies/industries with emissions on there? What are the government forcast models based on? All these taxed companies being morally just and doing the right thing? Is that what the government is also using to forecast the average Joe public being better off? What are all the taxes raised from this going to do? Will the money be ring fenced only for spending on green projects? Will we see this, will it be transparent to us? Or will it go on other frivolous items? What is carbon emissions trading? I've seen it mentioned that 80% or so of our emissions savings will be through emissions trading? How does that work? Are we really reducing emissions or trading the emissions not reduced by paying for them (with the tax raised through taxing emissions)? As Australia has low emissions compared to a lot of other more densly populated countries and our emissions reductions are going to have a small effect, is the hope that other countries will follow suite and have much high carbon taxes in the future? As the effect of the emissions reduction could be immeasurable and we're relying on the tax being the right thing to do and better than nothing, who's looking at whether the right things are being done ie. green projects are going ahead and taking the place of high emissions energy production/usage? I'm hoping that someone with a lot better understanding of the scheme than I do can explain how it's all going to work please. The TV ads, brochures, radio broadcasts the govenment have been great to give me a high level overview of this great scheme, but the engineer in me wants to know how it's actually going to work!! I know there are many supporters out there, so hopefully plenty of explanations of the scheme too.
  13. Apologise if this has been covered elsewhere in the site. I am about to do my final UK tax return and first Australian one. I am renting out my UK house (rent not covering the mortgage), but need to know which tax return I declare this. Hope someone can help, or give me a link to another discussion.
  14. http://www.gmtax.com.au/wp-content/plugins/download-monitor/download.php?id=2 Hopefully of interest to some. Best regards.
  15. derham

    Car Import Tax

    Has anyone any experience of shipping their car to oz and was the import tax excessive? Also need info on the actual transport costs if possible. I am unsure if it would actually be worthwile taking our car or buy when we get there?:confused:
  16. Guest

    Amount of tax

    Hi, I'm just trying to figure out how much I would be bringing home each month. I will be moving to Sydney in Feb 2012. Would I be classed as a foreign resident? ..... If so, the website says: FOREIGN RESIDENTS Taxable income Tax on this income 0 - $37,000 - 29c for each $1 $37,001 - $80,000 -$10,730 plus 30c for each $1 over $37,000 Whereas the normal rates for Aussies are: 0 - $6,000 -Nil $6,001 - $37,000 - 15c for each $1 over $6,000 $37,001 - $80,000 -$4,650 plus 30c for each $1 over $37,000 I want to know how much I would be taking home on a salary of 50k. Would anyone like to do the maths for me please ? :unsure: Cheers stereo
  17. Guest

    tax question

    This might be obvious but its confusing me..... I migrated to Australia permanently on a partner visa in feb, my partner returned to australia after living in the uk for a number of years. We are completing the tax return for the first time. Am I right in thinking that the ATO is only interested in income/capital gains from the time that I became a tax resident (feb), and from the date my partner returned to australia to retake residency Any income earned in the UK previously (and already taxed over there) is excluded? Would appreciate any advice Ed
  18. Dear Everybody, I hope everything goes fine to you. I am Mario and I ma writing from Italy. I won an ANU University position (Research fellow) for 2 years and the superannuable salary per annum is $85,733 + 17% of Supetannuation. I got a 457 Visa and I have a de facto relationship (she also got the 457 VISA). I have a question on my 457 VISA status and also some questions regarding Australian taxation, Superannuation, RHCA (Reciprocal Health Care Agreements) and LAFHA (Living Away From Home Allowance). 1) 457 VISA Health Insurance My and Lucia' 457 VISA has been granted from 31 August 2011 and it will be valid for 2 years. Since for some problems we are still in Italy and we will be in Australia at the end of the year, I would stop to pay our Private Insurance. I read on the DIAC web site on this link (http://www.immi.gov.au/skilled/457-h...isa-holder.htm) that: "The condition requires visa holders to maintain adequate arrangements for insurance for the duration of their stay in Australia" So this means that if I am NOT IN AUSTRALIA I can stop to pay the insurance, restarting it, when I will be in Australia? Is my understanding right? If not, can I do something different like do not cancel our Health Insurance but request to be moved on a latter date in a way to move also the payment? I am really sorry to bother you also with other questions, but as you could understand all this certainties are important for our staying in Austalia. So i need your help. Please help me, trying to clarify my doubt. 2) LAFHA As I told you, I got the 457 VISA just for 2 years (from 11 August 2011 to 31 August 2013) and I know from the ANU that I can apply for getting the LAFHA. My maximun LAFHA will be (85,733-47,480)=$ 38,253, right? So this menas that all the tax that eventually I have to pay (Salary Tax, MediCare and my part of 7% of the Superannuation), will be applied on this $47,480, right? See calculation below. Suppose that i will then get an extension of my ANU position for other 4 years, will be possible to get a new 457 VISA and so the LAFHA? 2) RHCA My understanding was that i just had to have a private Health insurance for getting the 457 VISA, but once I will be in Australia, I can get for sure the MediCare card for the RHCA. Moreover I read that the MediCare is sufficient to meet the health insurance required by the 457 VISA and so it should not be necessary to make the private health insurance. Is it right? Moreover, a friend of mine is working in Melboune, not with 457 VISA because he is working in Australia but not paid by the Australian, and he said that he got the card for FREE just going to the Medicare office, since Italian. When he leaves Australia and return he can ask for another MidiCare card. He just went to the MediCare office and asked for a Card. If so, my doubt is, SHELL I have to pay the 1.5% of the Medicare levely or since the RHCA i can get it for free? What about my de facto relationship? She got the 457 VISA too, thanks to my one, but she is without INCOME. Do she will pay the Medicare levys? Is for the Austalians the definition of a family also a couple in a de-facto relationship? Because if it is like this, i read that, even if I have to pay the Medicare levys (that I still did not understand), since our two incomes are given just by my one ($85,733) and since is less of $160,000, i do not have to pay the 1 % for the surgery. Is it right? If I should pay the MediCare levels (1.5% + 1%), Could I do a private health insurance and avoid to pay them? 3) Australian Taxation With the 457 VISA and with 2 years position, I am an Australian resident for taxation purposes (http://www.ato.gov.au/content/12333.htm)? And then, if I will stay longer (4 year ANU extension)? 4) Superannuation Suppose that I stay with the 457 VISA in this 2 years (and for the 4 year ANU extension), can I claim (bring with me) my superannuation benefits (both the university (17%) and my one (7%))? Which part is taxed at 35%? Will be the university one (17%) calculated on the $ 85,733 gross salary or on the $47,480 if i will apply for the LAFHA? What about the 7%? Can I decide to reduce my 7% to 0%? And then, if I will get the 4 year ANU extension, it will be the same? In any case I should not apply for getting an Australian permanent resident, otherwise I will be not able to claim them, right? SO FOR SUMMARIZE, let me estimate my salary without the LAFHA: Gross salary: $85,733 Tax: $19,671 (If Australian resident for taxation purposes) Net salary: (85,733-19,671)= $66,062 -> $ 5,505 per month. - If with MediCare Net salary – 2.5% of Gross Salary: (66,062-(0,025*85,733)= $ 63,918 -> $ 5,326 per month - If with my superannuation of 7% Net salary – 7% of Net Salary: (66,062-(0,07*66,062) = $ 61,437 -> $ 5,119 per month - If with my superannuation of 7% and MediCare Net salary - 7% of Net Salary – 2.5% of Gross Salary : (66,062 - (0,07*66,062) - (0,025*85,733) )= $ 59,294 -> $ 4,941 per month - If with a Private INSURANCE (estimate $1100 per year) Net salary – 1100 = $64,962 -> $ 5,413 per month SALARY with LAFHA: New Gross salary $ 47,480 Tax on $ 47,480: $7,794 Merdicare 2.5% on $ 47,480: $1,187 Superannuation of 7% on (47,480-7,794) : $2,778 SO the Net salary will be (85,733 - 7,794) = $ 77,939 -> $ 6,495 per month. or SO the Net salary will be (85,733 - 7,794 - 1,187 - 2,778) = $ 73,974 -> $ 6,164 per month Could you tell me which of them will be realistically my Salary? My gross salary when i have recieved my contract (before the 7/07/2011) was at $82,834, but now the rate is increased to $85,733. Shell I have to make all the calculation on the new rate ($85,733), as I did ? I apologise for those questions but they are really important to me and LUCIA. My warmest regards Mario
  19. Maria1970

    Australia Tax Return question

    We lived in Australia in 2007/2008 and filled in Australian Tax Returns for our time there. Should we also have filled in Australian tax returns whilst we have lived in the UK. Just a bit worried we are going to be given a tax bill when we return to Australia for not putting in tax returns. TIA
  20. Finally, now perhaps we can have something else in the news to read about and perhaps things can settle down. I believe we have to do something to help our world for future generations and hope this is a step in the right direction. A stitch in time saves nine
  21. Hey guys, I came out to Adelaide with my partner in June, she had a 457 visa, I was on working holiday. I found a job fairly easily and started on a 3 month temporary contract and they said they'd have no problems sponsoring me for a 457 visa. Happy days. However, me and my partner split up last month and I have decided to head back to the UK. So I've just been looking into Tax refunds/claiming Super back, etc, and have realised that I declared myself as a resident for tax purposes when I started my job (as I fully intended to be settled in Adelaide for a minimum of 2 years) and now I'm thinking I probably should have been paying non-resident tax rates. I reckon it means I've underpaid tax by around $1000 and on top of flights home and stuff its eating into the little savings I had which I was hoping to use until I get myself up and running at home again! Anyone have any advice? If i just leave the country without saying a word about it would there likely be any repercussions? I know a way to get round it would be to stay until I have been here 6months and have the 457 visa, but to be honest after what's happened I just wanna go back home and see my family and mates. I also wouldn't want to let my work pay for my new visa and then leave a month or 2 later. Any opinions would be great, ta.
  22. Please clarify? Is it from the day I land in Oz? The day I start working in Oz? (which might be 6 months to 1 year later) The day I leave England? ( what if I go travelling for a while elsewhere in the world?) Reason I ask is once the house is sold in the UK I dont want to feel forced to transfer funds while FX rates may not be favourable? Help appreciated.
  23. Guest

    Quickest way to get tax number?

    Hi guys, We have a PR visa and understood that we apply online for a tax number when we get to Australia. However someone suggested today that the best way to get one was to queue up in the local tax office and you will get a number there and then - this advice was based on a holiday visa experience 10 years ago however (!) so a lot could have changed since then. Has anyone applied recently and could you let us know your experience? Thanks very much, Kate.
  24. Hi all I opened up an account with NAB prior to relocating to Australia and was told that "a non-resident withholding tax is calculated at a rate of 10%" on the interest earned. Has anyone successfully managed to get this waived until gaining full residency? (I realise it would need to be declared in the UK though) Thanks!
  25. boganbear

    PAYG tax on savings interest

    I've just received a strange letter from the ATO and even phoned them and am none the wiser. It was like talking to a robot. Basically, I have to pay tax on my savings in advance, paying every quarter about $250 at a rate of 32%. I don't earn megabucks and neither do I have millions in the bank. It's just my savings for a house deposit. They won't let me sort it out and pay off any money if I owe them any when I do next year's tax return. No one at work has heard of this so has anyone here received a similar letter or can explain it in plain English!!!