Why You Might Not Get a Cost Base Uplift When You Rent Out Your Former Home Many Australian property owners assume that when they move out of their main residence and begin renting it, they can simply get a valuation at that time, and use that value as their new cost base for capital gains […]
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Deemed Disposal on Ceasing Residency: Should You Trigger a Capital Gain Now or Defer It? When you leave Australia and become a non-resident for tax purposes, one of the most consequential — and misunderstood — tax decisions you’ll face is whether to trigger a deemed disposal of your CGT assets under section 104-160 of the
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Does the 6-Year Absence Rule Apply if You’re a Non-Resident? Sorting Fact from Fiction For Australians living abroad, one of the most misunderstood elements of capital gains tax is the main residence exemption — specifically, the 6-year absence rule. Many expats assume they can simply move overseas, rent out their former home, and sell it
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Clearing Up the Confusion Why Non-Resident Sellers Shouldn’t Be Applying for Clearance Certificates When it comes to selling Australian real estate, one of the most misunderstood issues for non-resident individuals is whether they need a clearance certificate to avoid foreign resident capital gains withholding (FRCGW). Well-meaning conveyancers and real estate professionals unfamiliar with the
Australian Tax Residency for Yachties: What You Need to Know If you work on a yacht or cruise ship, understanding Australian tax residency for yachties is crucial for how your income is taxed. Australian tax residents face taxation on worldwide income, while non-residents are generally taxed only on Australian-sourced income. Key Factors in Tax
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Do I Still Need to Complete a Tax Return as an Expat? As an Australian expat, one of the most common questions is whether you still need to complete an Australian tax return. If you are not an Australian tax resident, your tax obligations in Australia generally apply only to your Australian-sourced income. However, there
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ATO Focus Areas for Your 2024 Tax Return: What You Need to Know As the 2024 tax season approaches, the Australian Taxation Office (ATO) has released its focus areas. It has highlighted key items that may attract additional scrutiny. If you’re filing your tax return, especially as an expat or property owner, it’s essential to
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Understanding the Australian Tax Residency Test Determining your tax residency status in Australia is crucial, as it directly impacts how you are taxed on your income and investments. Whether you’re an Australian living abroad or a foreigner working in Australia, understanding the Australian Tax Residency Test is essential to avoid unexpected tax liabilities. The
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Can An Expat Contribute to Their Australian Superannuation? – The ability of Australian expats contributing super whilst living overseas is something we’re often asked about. There continues to be a great deal of misinformation and uncertainty on the subject and so we have prepared a short guide to dispel some of the myths and to
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How An Australian Expat Appoints a Tax Agent for a Return Extension – Australian expats living abroad often find themselves caught up in the complexities of filing their Australian tax returns. Individuals who do not have a tax agent will have a tax return lodgement due date of 31st October, which is a mere 4
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