We refer to visas and the current rules for temporary migrants, but we emphasise that we are not government officials or migration agents and you should confirm the details of this article with the relevant authority before cancelling or changing insurance. The author owns shares in a health insurer. Health…
If you lodge a tax return and you owe tax, you may be asked to pay ATO PAYG instalments. ATO PAYG instalments are down-payments towards your estimated future tax. Who has to pay ATO PAYG instalments? You have to pay ATO PAYG instalments if: You have repeating income e.g. rent,…
The question of whether study expenses are tax-deductible can be a complex one. Claiming a deduction under the “self-education” section of your tax return involves fitting into strict criteria and deduction thresholds apply. ATO self-education deduction rules The following summary is from the ATO website: Self-education expenses You can claim…
The 50% CGT discount no longer applies to foreign residents who make a capital gain on taxable Australian property. This change became law on 29 June 2013. Foreign or temporary resident individuals must meet certain eligibility conditions to apply the CGT discount. From 8 May 2012, the application of the…
If you have private health insurance, you may be eligible for the Private Health Insurance Rebate. The rebate is means tested against your single or family income (i.e. if you have a partner, the family income test applies to your combined income). Incomes and rebate percentages are summarised below: Single…
By Jarrod Rogers CPA This article should not be read as personal advice and does not apply to every situation. Should you need advice specific to your circumstances (employer or work) we invite you to become a client. Do you have an ABN? Tens of thousands of people do and…
ATO email scams - How to stay safe Spam email is a fact of life, and there are many financial scams around. But it seems that ATO scams are on the increase. I've received scam emails myself, and I've been getting more questions from clients about ATO email fraud. …
HECS (HELP) changes looking likely The government looks set to remove the HELP voluntary repayment bonus. While the changes have not gone through parliament, the bill has been introduced by the current government. It's unlikely to be blocked by the opposition, because it was their idea in the first place.…
Tony's tax tinkering - the new government's plan for the tax system The new government is finally getting down to business, and the sad circus of parliament has resumed, meaning that tax rules are bound to change. Here are some of the changes that are expected. None of the changes…
The Australian Tax Office has warned it is about to get tough with SMSF trustees for failing to comply with the strict compliance rules. If your SMSF or DIY super fund has fallen behind, don’t panic. The most serious penalties are reserved for cases of fraud. But you need to…