rss.livelink.threads-in-node

Travel allowance query

CDH_1978 — Thu, 27 Feb 2020 12:05:14 GMT

I am currently performing 2 roles with the same employer - the role relating to the position that I own plus a secondment in another role in another area of my organisation. Both roles are based in different offices a fair driving distance apart. Some days I am travelling between the 2 offices to work part day at each, other times I just go to one of the offices and perform duties for both roles from there. My question is - can I claim travel allowance for all of my travel since I am doing my usual role as well as another? Or can I just claim for travel to/from one of the offices?

Compulsory repayments

lolren — Thu, 27 Feb 2020 10:18:10 GMT

I am currently making compulsory student repayments through PAYG. However, I am also making voluntary repayments to pay it off sooner.

What happens to the money witheld from PAYG from the 2019/20 financial year if i pay off my debt in one go before the next financial year? Can it be refunded?

For example, person X owes $20,000 for the 2019/20 financial year. Throughout this financial year, money has been witheld through PAYG. Person X decides to pay off the $20,000 in full prior 2020/21 financial year.

Hope this makes sense.

CSP, HECS and TFN

OzzyGuy — Thu, 27 Feb 2020 15:23:39 GMT

Question withdrawn - I don't think anyone can answer it here.

Trade support loan

James3589 — Thu, 27 Feb 2020 07:22:10 GMT

I have recently noticed I have a credit against my trade support loan in my ATO profile on my.gov how do I claim this back into my account or do I just wait until next tax return

TAX AMENDMENT

ali786 — Thu, 27 Feb 2020 07:03:54 GMT

I DID MY AMENDMENT FOR THE YEAR 2014-2015 AND 2015-2016 IN YEAR OCTOBER 2019.

DOES THIS AMENDED INCOME IS SENT TO CENTERLINK FOR REVIEWING MY FTB FOR THAT YEAR

OR ATO DOES NOT SEND INFORMATION TO CENTERLINK IF AMENDMENT IS PAST 2 YEARS.

My NOA was issued on 24 October 2019 for these 2 years. I called centerlink for any Top up FTB Payment for that year, so they send my uploaded NOA from humservices website for data matching. But uptill this date no data match has been done or any new of the FTB payment arrived.

I just want to know does ATO releases information to centerlink if amendment is for past 2 years.

Periodic AirBNB for the whole of own home and CGT

Ray_Dee — Thu, 27 Feb 2020 06:08:41 GMT

Dear ATO Community,

I own my little home and am away on business travels around half of the time in stretches of 1 month or so. If I let all of my place to short-term renters via say AirBNB when I am away anyway, do you think the 6-year rule will let me not consider any CGT consequences when I need to sell the place? Just to be clear, I am not going to dedicate part of my place to be rented out. I'd like to let AirBNB guests use all of it when I am away anyway, and when I am back I have all of my place to myself.

The alternative of having the place professionally valued before and after each AirBNB rental is clearly not practical. I really liked it how ATO was able to accommodate the phenomenon of ride-sharing such as Uber into a clear and unambiguous guide. I hope there will be a guide for the typical cases of AirBNB letting too some day.

With thanks,

Ray

Retirement earnings

Kimlovee — Thu, 27 Feb 2020 01:53:07 GMT

I retired last year but now want to work - if I work the last three months of the tax year but I have taken money out of my super (I am 63) will I get a tax bill based on my earnings and super withdrawal? Thanks in advance

Capital Gains Tax

nzbigglesau — Thu, 27 Feb 2020 01:31:39 GMT

Hi,

We inherited an investment property in 1995. What is the ato procedure for assessing the cost base? Also if their value is lower than my esitmate what steps should I take to resolve the difference? The cost base that was suggested to me (by family) is twice what I was expecting.

Thanks

Mark

Lump Sum in Arrears Payment Tax Offset

Backpayment — Thu, 27 Feb 2020 00:25:32 GMT

Hi, can anyone please direct me to where I can find the calculations the ATO uses to work out what a Lump Sum in Arrears Payment Tax Offset should be? I have determined that my LSIAP meet all eligibility requirements. I would however like to know how this is worked out so I can check if the amount the ATO has come to is actually correct. Without knowing the formula used, it is really impossible to determine whether a figure is correct or not to allow for an objection. Thanks in advance, hoping someone can help.

Tax deduction eligibility for personal super contributions

Wongman — Thu, 27 Feb 2020 00:03:42 GMT

Hi, I'd like to clarify the answer to the following situation:

Person is 61 years of age working full time (income approx. $90,000 pa) and has sold one of their investment properties recently. Wishes to make a lump-sum contribution (non-concessional) from the sale proceeds into their complying superannuation fund.

Will they be able to claim a full tax deduction for this lump sum super contribution after submitting a notice of intent to claim form to the super fund? I've read the rules and believe it's ok but want to be 100% sure.

They are not over 65 and the sale is not their own home so it's not a downsizer contribution (I know these contributions do not qualify).

Your advice would be appreciated. Thanks

Loan from family ocerseas

Gurtej — Wed, 26 Feb 2020 23:48:28 GMT

Hey, i have a car loan here in australia and the interest rate is bit much, so i’m thinking to pat my loan off by the help from my family living overseas and i’m gonna return their money slowly without interest. Do i have to pay tax on the money i receive in my bank account from overseas or have to answer or inform anyone about it?

Main Residence Exemption

Agni — Wed, 26 Feb 2020 22:57:36 GMT

Hi All

I have a residential property where I had been living till 2015, and since then I have let out the property from October 2015. Now I wish to dispose it and claim the CGT Main Residence Exemption. My question is : when is the last date that I can dispose off the property?

Many Thanks.

Private Health Insurance Suspension while travelling abroad

Sunshine99 — Wed, 26 Feb 2020 19:59:02 GMT

I am planning to travel and live abroard for a year. During that time I will earn little to no money but will retain my resident status in Australia for tax purposes. I am considering putting my private health insurance on hold during that time, as it wouldn't work while abroad, and get travel insurance for my time abroad.

I shouldn't be hit by the medicare levy in my tax return because my income will be under the $90,000 income threshold. However I would like to know if suspending my private health insurance for a while could have disavantages or consequences I should be aware about for my future tax returns.

Capital gains tax and prior year income tax losses

MrG — Wed, 26 Feb 2020 16:57:33 GMT

Hello and thanks in advance for your responses.

I have some prior year individual non-primary income tax losses and prior year CGT losses.

I'm looking at a future CGT event which will result in a capital gain. So at this point this is hypothetical and I will use some random numbers to help me understand under two different scenaries; one with underlying taxable income and the other without.

I'm trying to determine:

(a) At what point in the capital gain calculation are the prior year CGT losses expunged; (before or after discount?).

(b) When the calculated capital gain is added to taxable income, can prior year income tax losses be used to reduce the "combined" taxable income and potentially a lower marginal rate tax band.

Prior years CGT losses: $30,000

Prior years income tax losses: $80,000

Notional capital Gain: $400,000

Net Capital Gain (50% disc) $200,000

Scenaro 1: Taxable income for the year: $200,000

Scenaro 2: Taxable income for the year: $ Zero.

Thanks for your assistance.

forms

regoh — Wed, 26 Feb 2020 12:47:11 GMT

does anybody know where i would find a form for Refund of franking credits for individuals 2015-16

Taxation Payable on Superannuation Withdrawal

BobBrown999 — Wed, 26 Feb 2020 06:36:06 GMT

Hi,

I am considering moving overseas and living there for 10-15 years - I am 68 and receive the Age Pension. I also have a Super fund that is a fully taxed fund (not an untaxed Govt fund) and I withdraw lump sums as required to top up the pension. I am thinking of living overseas full-time for a while, and together with with Age Pension to withdraw funds from my Super account as required into my Australian bank account and then transfer the funds overseas.

My question is : As a non-resident do I have to pay income tax on any lump sum withdrawals I make from my Super fund.

Trust

Sue83 — Wed, 26 Feb 2020 05:32:37 GMT

Hello,

Can someone please help to answer a question regarding Trust Distribution please?

I know a corporate trustee can also be a beneficiary of the trust; if some income of the trust is distributed to the trustee as a beneficiary, does the trustee pay corporate tax on the distribution received for the year? And then can use the after tax money to buy property for the trust? I got asked this question from a friend and my instinct answer is no, but I cannot find hard evidence to argue with him.

Can somebody please advise? thanks!

Log Book App

Kristian — Wed, 26 Feb 2020 04:58:56 GMT

Can you use a log book app instead of a hard copy log book?

TFN Declaration errors

CharlieH — Wed, 26 Feb 2020 04:38:25 GMT

One of our employees made an error in the tax file number on their tax file number declaration form. Will they need to submit a whole new form or is it possible to amend it somehow before sending to the ATO?

Employee share scheme

vjuvarajan — Wed, 26 Feb 2020 04:32:19 GMT

Hi there,

Say I acquired shares at market rate (so discount reportable) under an employee share scheme and I sold the shares after they vested. What will the acquisition date be in determining if I am eligible for the 50% CGT discount? Would it be the allocation date of shares (while they were still restricted) or vesting date?

Any help would be appreciated. Thanks!

Second job

Tammy — Wed, 26 Feb 2020 03:48:28 GMT

My son wants to take up a second job, can he claim tax-free threshold if BOTH incomes combined will be below the amount set?
Thank you

Shares capital gains tax while held in trust

taxman123 — Wed, 26 Feb 2020 03:43:02 GMT

Hey,

trying to work out my capital gains tax on shares i sold.

The shares were held in my fathers name in trust till they were passed onto me in 2015

i sold part of them in 2018 how do i work out the CGT?

Is the base cost from when i was passed on the asset in 2015?

ASX Price in 2015 - sold price = CGT?

do i pay GST

Lingling — Wed, 26 Feb 2020 02:01:42 GMT

I am going to take a job offer, which I need to provide the company my ABN to get paid $100,000 annualy. If I take this offer, I will pay my own income tax and super; and I need to use my own tools for the work. Do I need to pay GST as well?

Redundancy Payment for employee over 66 years of age

Clarez — Wed, 26 Feb 2020 01:17:40 GMT

What would redundancy payment for an employee over 66 years of age get processed as, Excluded ETP or Non - Excluded ETP?

Thanks

ATO Clearance Certificate

Sarah05 — Wed, 26 Feb 2020 00:16:57 GMT

Clients name is spelt Marie on all legal documents and Certificate of Title however clearance certificate has come back with name spelt as Maree. We have drafted a stat dec to say that she am one and the same person, is this ok and can I seek that the purchaser accept this?

Australian permanent resident - Investments and asset in Home country

captainmathew — Tue, 25 Feb 2020 23:51:54 GMT

I am an Australian Permanent Resident. I have some assets and investments in my home country. Should I declare them when I file taxes in Australia?

Reporting loss on cryptocurrency from the past

doskoi — Tue, 25 Feb 2020 20:19:27 GMT

Hi everyone,

I'm just a little confused about what I need to do. So I do understand the loss from the cryptocurrency (investment purpose) can be carried on to the next years to take down the capital gains. On Tax Year 2017, I've lost $2982.80 and on Tax Year 2018, I've lost $1752.03.

During that time, I didn't think that cryptocurrency was going to be taxed, and forgot about it ever since and did not report it to ATO till now.

I do my taxes myself, and I want to figure out whether I'm supposed to amend the previous years and include those losses, or wait till the 2019-2020 tax report time, and report it then. I am quite lost on what category I must add this to if I was to amend the past reports.

Expertise and insight from someone who knows a lot about this would be greatly appreciated!

Refinance interest from paid off property

Miamia — Tue, 25 Feb 2020 18:20:15 GMT

Hello, I have a question, is I pay off my mortgage for my current property, in the future, if I use this property to get mortatge from bank again, can the interest be used for deduction? Say if this property generates rental income of 20k and the interest is 10k and depreciation is 5k, how much tax do I need to pay?

Thank you!

Family Loan

MJ2020 — Tue, 25 Feb 2020 15:19:40 GMT

My parents have kindly agreed to lend me money to buy my first home. The plan is that they will give me the full amount of the property purchase price so my cash offer is more competitive. I will then get a mortgage to pay back half of the loan interest free so my siblings can also benefit. The other half may never get paid back and no interest will ever be charged. What are the tax issues for me and my parents?

Are advice fees for Income protection advice deductable?

SANLaw — Tue, 25 Feb 2020 11:03:59 GMT

Financial advisers have traditionally received commissions for the advice they give to establish and manage personal income protection policies. By way of an example, for a client income protection premium of $5,000, advisers receive commissions, $3,000 upfront to establish and $1,000 ongoing to manage the policy. In this case, the client is able to claim a tax deduction for the full $5,000 income protection premium which includes the commission payment to the adviser.

For an adviser who charges a fee for service rather than receiving a commission - the premiums for the same income protection policy as above without commissions would be $3,500. The adviser would charge an advice fee of $3,000 to establish the policy and $1,000 ongoing.

My question is are the advice fees associated with (1) the establishment and (2) the ongoing management of a personal income protection policy tax deductable.

Depreciating assets

Alba — Tue, 25 Feb 2020 08:32:16 GMT

Hello Community,

I have a question in regards to purchasing a depreciating item, for instance if I buy an item of $400, can I claim only $300 immediate deduction, because is less than $300 and not claiming the other $100, rather than depreciating the item for its useful life. Any help with this would be very appreciated.

Tax on sale of UK property

weaseltron — Tue, 25 Feb 2020 07:31:32 GMT

Hi there.

I purchased a property in the UK in 2007 for 200k GBP. It was my residence in the UK until 2011 when I moved overseas and it has been rented out ever since. I am now thinking of selling.

The property has been valued at 200k and, assuming it sells for this amount (I.e. there will be no Capital gain) what would my potential tax liability look like in Australia?

Thanks in advance

TAX AMENDMENT

ali786 — Tue, 25 Feb 2020 07:19:34 GMT

I DID MY AMENDMENT FOR THE YEAR 2014-2015 AND 2015-2016 IN YEAR OCTOBER 2019.

DOES THIS AMENDED INCOME IS SENT TO CENTERLINK FOR REVIEWING MY FTB FOR THAT YEAR

OR ATO DOES NOT SEND INFORMATION TO CENTERLINK IF AMENDMENT IS PAST 2 YEARS.

I just want to know does ATO releases information to centerlink if amendment is for past 2 years.

request TFN from overseas

Angellica — Tue, 25 Feb 2020 07:13:13 GMT

Hello Community, I'm currently overseas and on my way of getting my work visa via sponsorship. My sponsor has suggested starting applying for the TFN while the visa is issued.

1. I understand I can request it from overseas. Can this be online (email) or just via postal mail?

2. If by postal mail: I have to send other documents to Australia, can I send this to a friend and ask her to send the corresponding documents to apply for the TFN?

Kind regards.

Wages & self employed

Alice17 — Tue, 25 Feb 2020 03:09:20 GMT

Hello, for the last finincial year I have been part time employed on wages and have worked part time as 'self employed' (sole trader). I am trying to work out how much tax I will be up for with my self employed income. Looking at ATO guides for self employed it says there is no tax for the first $0-$18,200. Will this still apply to me as I would be claiming the tax free threshold from my wages job (i've been working there for two years). I will have made over $18,200 so will be in the next bracket.

Does my wages income affect what tax I will have to pay on my self employed income in any way? Or will they be dealt with separately?

Thank you in advance

Back payment of leave on redundancy

rxqueen60 — Tue, 25 Feb 2020 02:16:13 GMT

Hello there, I was made redundant a few years ago and have recently been notified by my employer that the payout of my leave was understated and that I'll be receiving an additional amount. Will this be taxed at the concessional redundancy rates? Or marginal given it was a few years ago? Thank-you!

Re-loaning from individual to a trustee of discretionary trust on P&I terms

pwnchi — Tue, 25 Feb 2020 00:54:44 GMT

Sorry i have another question regarding trustee loans.

We are looking at creating a discretionary trust with myself as trustee. My wife and I (the individuals) are going to borrow against our owner occupied home, split 100,000 loan on P&I terms, paydown and redraw to onlend to the trustee on P&I terms.

Few questions
1. I am confused in regards on how to word a loan to reloan the funds to the trustee, so that the individual would pay the same amount of interest to the bank that they receive from the trustee. If the loan to the trustee was 'on the same terms as receieved by the lender' would this suffice, so that each year the individuals net interest would be zero??
2. I am also confused if the onlending loan is made later in the life of the loan, would this wording still be okay? As the principle and interest calculations would be different to the first year of a loan, I'm not sure this affects anything.
For example if the loan was made on the second year of the loan
- individual pays $4000 interest, $2000 principle
- trustee pays the individuals the same amount, and the $4000 interest is deductible?

3. Would a loan on such terms be sufficient without any security? I believe the loan would need be on arms reach, and onlending at P&I terms with the same rate without any security may not be what you would do to a stranger?

Thanks i hope that makes sense.

HELP Debt

dussumieri — Tue, 25 Feb 2020 00:22:55 GMT

Hi, I want to check my current HELP debt as I am pretty sure that since the end of the financial year my compulsary repayments have exceeded what the balance was at the end of the 2018/2019 financial year. I keep seeing that you can check your current debt via myGov, however I can only see what the balance was at the end of the financial year. I want to find out what the current balance is so I can update my details with my employer if needed.

Cheers!

Self-education deduction for childcare, and the childcare rebate/childcare subsidy

Jennifer1 — Tue, 25 Feb 2020 00:14:12 GMT

Hi,

does the childcare rebate/childcare subsidy impact my ability to claim childcare as a self-education expense?

Thanks, Jennifer

Self-education deductions and unpaid maternity leave

Jennifer1 — Tue, 25 Feb 2020 00:07:18 GMT

Hi,

I was working at a job and went on paid, and then unpaid maternity leave to have a child.

During this time I undertook study which met the criteria for being self-education expenses as I improved specific skills and knowledge in my current employment. I have successfully claimed self-education expenses back for this education.

My question is - if I studied this while being on unpaid maternity leave - still with the same employer and less than 12 months in duration and immediately after taking paid maternity leave - am I able to claim self-education expenses?

Many thanks, Jennifer

Multiple novated car leases

Shane14711 — Tue, 25 Feb 2020 00:04:52 GMT

Hi everyone,

Im looking at taking a novated lease on a a second vehicle. I want to know if the pre-tax deducations for both vehicles are combined or is there a threshold/cap to what can be deducted "pre-tax"?

Thanks

Tax refund cheque lost in mail

kgcheung — Mon, 24 Feb 2020 23:53:47 GMT

Hi there,

I recently moved after I filed my taxes with a new accountant. Usually I get my refunds electronically, but for some reason this new accountant filed it for a cheque. Subsequently the cheque was lost in the mail.

How do I go about replacing it? Do I order a replacement cheque or can I ask them to refund electronically into my account?

Thanks very much.

Target redundancy + new job salary within the same FY

mightybob — Mon, 24 Feb 2020 22:35:56 GMT

Hi,

I received a redundancy payout as part of a targeted redundancy at my last place of employment. 2 months later I have managed to secure new employment (all within the same Financial Year). In total, inclusive of the payout + new salary, it looks like it would theoretically push me over in to a new tax bracket for the remainder of this Financial Year.

My question is how will my earnings be taxed for this Financial Year (given that I received the payout)? I'm just trying to understand so I can take the appropriate action to ensure I don't get caught come Tax time.

Thanks.

my.gov, filing overseas and accessing tax info

Punished — Mon, 24 Feb 2020 22:02:34 GMT

I live in the US, I've been living overseas since 2013, but briefly stayed in Australia in 2019, during which I worked the election.

I have not recieved any documents from the AEC, but am trying to file my taxes.

I cannot access the my.gov website as I do not have an Australian mobile phone number.

I have tried contacting the ATO, livechat services and even my member of parliament to no avail. Each shunted me on to another department or address, all leading back to logging in to my.gov, which I am still unable to do.

Any suggestions for a way around all of this tape? I just need the income data and I ought to be able to file via post, but this seems an utterly unreasonable process for what likely will result in a reimbursement of less than 100AUD in my favor.

Cgt for foreign residents

Miamia — Mon, 24 Feb 2020 19:05:57 GMT

I know that from July 2020, foreign residents will no longer be able to apply 6-year exemption rule, so if I sell or transfer my former home in Sydney, will I be taxed on the capital gain based on the original purchase price, or the market value when it was first rented out?

And how many months will a valuation report valid for? I mean if I am going to transer title on June, when is the earliest time I can get the valuation report? Can I use the same report for stamp duty evaluation for cgt?

Thank you so much!

Asset disposal closing business

nicolas974 — Mon, 24 Feb 2020 10:24:51 GMT

Hi,

I m a sole trader and own a caravan under my business name. I m closing my business and would like to give the caravan to a relative. I have claimed GST credits when I puschased the caravan a year ago. Will I be liable to any GST for this donation?

Thank you

NM

Cryptocurrency capital loss offset capital gain from property sale

Lplau — Mon, 24 Feb 2020 09:46:41 GMT

Hi all

Can I use the captial loss from my cryptocurrency to offset the captial gain from the sale of my investment property?

Transferring Money from the UK

Caithann — Mon, 24 Feb 2020 06:46:34 GMT

Hi, My husband has sold a house in the UK. We plan to transfer the money to our Australian Bank Account to put towards a house purchase in Australia.

I am an Australian Citizen while my husband is on a woking visa. The house was registered under his name alone.

What are the tax implcations for transferring a large amout of money from a UK account to an Australian account? Are there any financial implications if the funds are being used to purchase a property here?

Thanks advance if you can answer any of these questions.

bring large amount of money from overseas

sislammontu — Mon, 24 Feb 2020 04:45:33 GMT

Want to bring large amount of money from overseas to buy a property.

Car expenses - depreciation

sherlynneoh — Mon, 24 Feb 2020 04:23:58 GMT

Hi

I am a sole director and employee of the company. I have been using my own car for business purposes and reimburse my car operating expenses like fuel, petrol, registration, insurance for business % (around 50%) from my company. (Based on the log book % that I have recorded)

I am planning to buy new car under my personal name and still using them for both business and private purposes. Can I claim depreciation of the car in my personal tax return based on log book method business use % and continue reimburse all the operating cost such as fuel, insurance, registration and etc from my company?

Thanks

Visa Change

jayshree_butler — Mon, 24 Feb 2020 00:28:06 GMT

Hi,

I have recently moved from a working holiday visa to a partner visa (482). My employer is aware of my visa change however, I was wondering if I needed to notify ATO or my employer about my change in residency for tax purposes?

Thanks

Jay

Gift for house deposit

sammoh29 — Mon, 24 Feb 2020 00:19:44 GMT

Hiya!

Just wondering if someone can help me, my brother from New Zealand is wanting to help me with a house deposit but I am worried about any tax implications that this might have, and whether I have to declare it in my tax return.

I was initially going to put him on as a 10% owner of the property I purchase, but would that mean it is no longer considered a 'gift'?

Thank you!

capital gains/loss

brendan2 — Sun, 23 Feb 2020 23:46:06 GMT

hello,

I am an individual taxpayer not business related. In 2017/18 I made a capital gain of app $5000 through some shares I purchased and sold during that financial year and was taxed accordingly. This current finanacial year it looks as though I may make a capital loss of app $3000, again in shares. Can I offset this loss against my gain of 207/18?

thanks

Deduction

Koko2202 — Sun, 23 Feb 2020 23:21:15 GMT

I work in a warehouse that gets quite hot and has general poor air quality. Am I able to claim a deduction for my water bottle which is double insulated that I bought to use at work?

Missing to fill spouse info

Sabetniam — Sun, 23 Feb 2020 23:14:46 GMT

Hello,
I am writing to inform you last night when I wanted to fill in the blank for TFN I made a mistake and I didn’t add my spouse information in the blank! And now I have my reference NO.
How can I add my wife info into it?

getting money from overseas, to an Australian bank account

ahmedzaf — Sun, 23 Feb 2020 22:54:12 GMT

I have a property in Pakistan (around AUD 60000 in value) which I am about the sell to a Pakistani resident in UAE (United Arab Emirates). I want this amount to be used in buying a home here in NSW.

The buyer wants to transfer the amount to my Australian bank account, directly from UAE (and not Pakistan - the country where the actual property is located).

I wanted to know if this is legal (and if the transaction would be taxable?), considering the fact that the buyer is working in UAE and it is more convenient for him to do UAE -> AUS transaction (instead of UAE -> PAK -> AUS transaction).

Would there be any issue with ATO or any other government agency later in the coming years, asking me why I got money from UAE for selling a property in Pakistan?

Thanks in advance!

Main residency and transfer title

Miamia — Sun, 23 Feb 2020 21:09:11 GMT

Hello, we would like to transfer our apartment title from husband's name to wife's name, it is our only home when purchased and under husband's name, we moved overseas for a job after 2 years and rented it out, if we do the transfer now, will the 6 year rule still apply when the wife sell the property? I.e will it still be able to considered as main residency since we are overseas at the time of transfer? Although we moved in at the time of original purchase?

I am not sure which is better, a 100% or 95% transfer? The property should be under the wife's name for other reasons, it was a mistake to put it under the husband's name at the first place.

Thank you so much for the help!

Centrelink —- is it income? If it’s a car accident payout?

Oma — Sun, 23 Feb 2020 10:01:16 GMT

If I've received funds for a car accident and have lodged all appropriate forms with Centrelink, are the funds then classed as income?

NZ Citizens on the SCV 444 - CGT on shares?

SteadyBrownFox — Sun, 23 Feb 2020 09:03:17 GMT

Hi,

Are NZ citizens (special category visa 444) required to pay the capital gains tax on shares which were bought and sold while in australia?

As I understand, NZ citizens on the SCV 444 are considered 'temporary residents' who are not entiled to the 50% CGT discount for propery sales, but I am wanting to understand what the specific rules are for us NZers who are wanting to buy and/or sell shares aquired while in Australia?

Many thanks,

Katie

Refinancing Investment loans

Kazi — Sun, 23 Feb 2020 03:29:39 GMT

Hi ATO,

I and my wife have two properties jointly owned. One of which is owner occupied and the other has been used as investment. We receive rental income from the investment property. We have four mortgaged loans against those propeties as different figures and bank interest rates. To my best knowledge none of the loans specifies which properties they are atached to. We are thinking of refinancing the four loans to convert into two representing two properties to receive better interest rates.

Is it allowed in ATO's perspective to combine any two loans (out of 4) into one against the investment property and declare the interest payments in our future tax returns?

Payment instalment schedule

James9 — Sat, 22 Feb 2020 23:02:17 GMT

Hi,

The instalment status of my ATO account hasn't been updated since last December regardless I have made some payments.

Is there any way to contact to ATO rather than by phone call ?

Cost base for cgt of inherited shares

Jheagney — Sat, 22 Feb 2020 22:54:25 GMT

I inherited shares on 20th Sept 2017. The shares were all purchased on or after 21/1/2001. If I was to sell any of these shares is the cost base for CGT the date of the share being originally purchased e.g. 21/1/2001 or is it the date of transfer to me 20/9/2017? In both cases I understand that I can apply the discount method for calcualtion of CGT as in both cases the sahres have been held for over 1 year.

Tax on CGC

Parastoomousavi — Sun, 23 Feb 2020 03:28:58 GMT

Hi everyone
I received some money from deed of release. Is it taxable?
Thanks

Tution fees

josephkannath84 — Sat, 22 Feb 2020 13:33:08 GMT

One of my friend coming for study in Australia. He want me to pay his tution fees about 18000AUD . He will be returning this amount by next month. Do I need to pay tax for this transfer from India to Australian account ?

overseas transfer

josephkannath84 — Sat, 22 Feb 2020 13:12:24 GMT

I would like to transferAUD 40000 from Indian account to Australian account to buy a house. Do i need to pay any tax for this sum when its reached in Australian account??? This is my 3rd year in Australia recently changed to 489 visa from 457.

Independent Living

123leg — Sat, 22 Feb 2020 11:42:15 GMT

Hi wondering if someone can help. I am a host family for independent living under the NDIS/NDIA system. I am a contractor who receives an income from hosting and providing a healthy and supported environment for a disabled person.

There have been some recent changes to who I contract to (the company) who have now changed the system because of NDIS recommending and agreeing that supported independent living is better than group homes. There is now a set rate for the day same across the board for all days.

My question is as this is a host family situation whereby normally the money you receive under host family for students is non-taxble so is this now classified as non-taxable income as it covers the living and support for this person in my own home.

Tax on overseas pension

Rahul2 — Sat, 22 Feb 2020 07:38:28 GMT

Hi,

I came to Australia in early 2017 on a work visa. I became a Permanent Resident only in July 2019.

I have a Pension Account in Malaysia through my previous employer. Contributions to this account stopped when I moved to Australia. I have been earning interest on it till now but also paying 30% tax deducted at source. I now plan to withdraw my entire lumpsum pension and transfer full lumpsum to my savings bank account in Australia.

Questions:

- When I transfer my full lumpsum pension amount to Australia, do I need declare it as assessable income?

- If yes, do I pay tax only on interest earned or full pension lumpsum corpus?

- Do I declare interest I earned on my pension after July 2019 (when I became a PR), or since 2017 (when I first moved to AU on work visa but was an Australian tax resident but not PR?)

- If I have already been paying tax on the interst earned in Malaysia, do I still pay tax in AU?

Thanks

Leasing Rural Farm Land

Frances — Sat, 22 Feb 2020 06:32:19 GMT

Fences that have to be replaced on rural Land that is leased to a farmer for cattle grazing, can the owner of that land claim the fencing as an immediate write off?

I know that primary producers are able to claim fencing as an immediate deduction, in the case of the landowner does this have to be depreciated at a rate of 2.5%.

Thank You

Proof of capital loss

Mika — Sat, 22 Feb 2020 06:16:58 GMT

I have recently collated thousands of CGT events over many spreadsheets for my crypto trading. It will impossible for me to trace back though this to work out every individual event due to split orders, price fluctuations etc.

What I can prove as of this date is that I have a definate capital loss with my trading/ investments. Ie, my current portfolio is LESS than the money I've put into it.

Is there a way I can make a declaration of my holdings to the ATO as of this date (including my raw trading data), then either a) not make any more CGT events between now and EOFY or, b) provide accurate bookeeping for any further events.

Or are there any other options available?

Thankyou.

tax file number application

tfp — Sat, 22 Feb 2020 05:16:49 GMT

My son fell into the trap of applying for his tax file number via taxfilenumberaustralia.org He paid $69 for a FREE tax file number

When he told me that he had paid for the TFN application, I quickly sent an email asking them to stop the application and to refund the money. I am still waiting for a reply.

The home page says "Disclaimer: www.taxfilenumberaustralia.org facility is provided by the Australian Taxation Office through its comprehensive site." indicating that this is part of the Australian Taxation Office. I would think that the ATO does not own, provide or endorse this website nor it's exorbitant service.

This site is a rip-off and the ATO should make them put a sign on their home page stating that they are not endorsed nor are they part of the ATO.

Do I need an ABN ??

katey34 — Sat, 22 Feb 2020 05:02:28 GMT

Hi everyone,

I have a regular PAYG job. Have been asked by a friend to clean their business office once a week. I would use cleaning equipment/products located at the office. They will pay me by putting money in my bank account. Am I an employee? Do I need an ABN & invoice them ? Is this PSI income ? I've tried the PSI test but it didn't say for sure. I've love the extra income just not sure how to declare income/ manage tax. It would only be 150/week. I earn under 40k from my PAYG job.

I can't find an example from ATO site that is clear about this situation.

Any clarification gratefully received !

Thanks

Late Tax Return

ImogenBeth — Sat, 22 Feb 2020 02:06:54 GMT

Hi, I only just now found out from googling about various tax stuff that you need to submit a tax return even if your business only earned a dollar and it's well past October and I haven't heard anything from the ATO. I am wondering if I should try to lodge or not as I have an ABN and I made about $6 from my business as a sole trader in the last financial year, and if I would face a penalty for not realising. In fact I read somewhere a while ago that the tax free threshold for sole traders is $18,200 just like it is for individuals so am wondering if this is still true and if I still need to lodge a tax return? If I don't need to lodge, is it really necessary to file a non-lodgement advice as I have never submitted a tax return before. Also if I earn $0 but still have an ABN next financial year do I lodge a tax return or file a non-lodgement? And if I lose my ABN is there a way to advise this on a tax return so the ato knows I'm not a sole trader anymore if that were to happen? I would appreciate any help regarding this. I am also struggling to find information about whether receiving a government allowance increases that amount that you are taxed for your income or if your income is treated the same as someone who doesn't receive a government allowance? Thanks.

Lump Sum Part E

paulking192 — Sat, 22 Feb 2020 01:28:01 GMT

Hi, on just having my tax done, seems that my PAYG payment summary has my Lump Sum ( $1856 from three years ago) included in Part E and in the gross payments as well. I checked my payslips and it seems that im being taxed twice for this lump sum E. Is this right? from the ATO website part E should be seperated from the gross payments, but the wording doesnt seem clear cut to me. Can someone help me out.

Cheers

Paul

gifting money to my children so they can purchase a place to live

andersonfamily — Fri, 21 Feb 2020 20:57:22 GMT

I wish to, in the coming months, gift money approximately equal to the deposit for a place to live, rather than them paying rent. The amount would be in the vicintiy of $50K for each child. My wife and I are recently retired and now have a income account with our superannuation firm but the gift would come from an inhereitence, the money my wife and i dont really need but would like to simply pass onto our children. It is unlikely that we would ever need to receive a part-government pension due to our circumstances. The question then is: Is there a tax liability for giving my children assistance in procuring a place to live? Cheers Murray hopeful of some accurate and valid advice.

Need advice cancel TFN

Nathe_2020 — Fri, 21 Feb 2020 13:34:07 GMT

Hi,
Can somebody give me advice on how do i cancel my TFN ?
I had TFN from aug 2019 and i didn't working at all, stay at home wife and pregnant.
What should i do?
Thank you in advance

Downloading MyGovID

mpestorius — Sun, 23 Feb 2020 22:45:21 GMT

OK [MYGOVID DOWNLOAD DOES NOT FIT IN YOUR STUPID CATEGORIES]

So far 4 hours spent

Tried to download on my very functional Android Marshmallow - 6 SMART Phone

Didn't work. Has to be NOUGAT or above. That is a smart phone less than 3 years old. ONEPLUS2 is not upgrading to Nougat.

Flew to Brisbane

Set up the IPAD with my personal identity because it is IOS 10 and above - it says Version IOS 10.3.3

I could use that I thought - Keep trying. Keep trying. Don't get discouraged. You can do this.

Didn't work

Found the other person complaining here that 10.3.3 doesn't work - It proclaims that it might be "a settings issue" but no further information is provided. I"m happy if you buy me a new Nougat+++ phone or a 11+++ IOS IPAD. But don't waste my time please.

Two payslips with same employer

Dougie — Fri, 21 Feb 2020 06:23:21 GMT

Hi there,
Last FY I received two Pay summaries from my one govt employer. I was seconded to another role part time but still had the same bosses and only working a total of a 40 hour week. As a result of this I received two summaries at end of year and was met with a hefty tax bill and did not utilise any voluntary tax payments. So my question is, can I dispute this bill with the ATO in order to reduce my bill as I believed I was still with the same employer?
Many thanks.

ATO Statement of account in Credit??

Jonb1760 — Fri, 21 Feb 2020 05:30:18 GMT

In January I amended the last two years Tax returns. Both have been processed and appear on my Statement of Account. However one years amended refund was paid into my bank account but the second years refund is just sitting in my account as credit.

Will this amount be paid out? or do I have to request it. Seems weird one was paid out and not the other.

TIA . Jon

Instant tax write off

Harris1 — Fri, 21 Feb 2020 02:46:08 GMT

Hi all,

My quetsion is around the SME instant tax write off. I am fully employed at my day job and started a business (recently), nature of both jobs is different.my business is registered as a soletrader and ABN linked to my TFN.

My question is how will tax write off work? Given that I have 2 income streams now.

I have no substantial revenue from the business to deduct for example a vehicle for $15,000. Will my tax liability be combined, i.e salary and revenue from business (given that I am an individual and soletrader)? let's say total of salary (90K) and revenue (10K) is $100,000, will in this case my assesable income for tax be $85,000?

Novated lease

niroop — Fri, 21 Feb 2020 01:18:50 GMT

Hi,

I have a Novated lease with my employer now and it is coming up for re lease. I want to get a new car and this current car. I have enough funds $4k in my Salary packaging account(budgeted costs were more than my actual cost) built up in the last 5 years. Can I use this fund for my new lease or do this need to be returned back through payroll(to be taxed) and start from zero for my new car?

Any help would be great, thanks

Niroop

Crypto Trading & CGT

Mika — Fri, 21 Feb 2020 01:02:48 GMT

Hi, I'm trying to understand my at obligations for my crypto trading this year. In your example,

Example

On 5 July 2017, Katrina acquired 100 Coin A for $15,000. On 15 November 2017, through a reputable digital currency exchange, Katrina exchanged 20 of Coin A for 100 of Coin B.

Using the exchange rates on the reputable digital currency exchange at the time of the transaction, the market value of 100 Coin B was $6,000. For the purposes of working out Katrina's capital gain for her disposal of Coin A, her capital proceeds are $6,000.

Based on your definition, If I was to purchase 10 coin A @ $10each ($100 value),

Trade 5 of Coin A (Now $11) for 55 Coin B @ $1 = ($55 value)

Trade 55 Coin B (Now $1.2) for 5 Coin A (Now $10) = ($66 value)

I now have $116 woth of Coin A and $106 "capital proceeds" by your definition correct? When I've only gain the $10 in value.

Add another level, the proceeds surpass the orginial investment amount. Basically making it impossible to trade?

If the value of trading Coin A to B at any time is always of equal value at the time, why is this a taxable event if there is no realised gain on the investment, until it has been returned to AUD.

Thanks.

account based pension

monserella53 — Fri, 21 Feb 2020 00:44:37 GMT

What is an account based pension?

Cgt on selling house that was investment then my PPOR

HM1 — Thu, 20 Feb 2020 23:02:00 GMT

Hi all, after selling a house is any cgt to be paid on a house that is increased value that was rented out, but then became my PPOR? If so, how to work out how much?

Investment becoming PPOR

HM1 — Thu, 20 Feb 2020 22:55:04 GMT

I’ve got an investment property that’s been rented out a while and since increased in value. How do we change PPOR from our current house to the investment property? How long do we need to live in it before it becomes our PPOR?

Tax on Working Holiday visa in 2013 - 14

MH — Thu, 20 Feb 2020 17:19:12 GMT

Hello.

My son (from UK) worked in Australia from March to June 2014 and had tax witheld. I realise that 15% is now charged on such workers but I also understand that this did not apply to the dates my son worked there and that he should be able to claim a refund. Is that correct?

HELP balance query

KendallJones — Thu, 20 Feb 2020 15:02:55 GMT

Hi experts, I have a question about an unexpectedly high HELP balance. I studied an undergraduate degree from 2009-2012, and paid off all my charges up-front, so had a HELP balance of zero. I then did an honours degree in 2013, and had accrued a HELP debt of $4,180.00 at the end of semester 2, 2013 (as shown on the financial statements from my uni). I then undertook a PhD which accrued no HELP debt.

When I log onto the ATO website I can see that my total HELP debt was $9,714.00 as of July 2014 (the earliest date that the ATO site goes back to). Indexation doesn't account for an increase from $4180 - $9714 betwene the end of 2013 and the middle of 2014. Does anyone have any ideas what the cause of this increase could be?

Thanks in advance for any help or advice.

Cheers

Payment plan

Chelle1 — Thu, 20 Feb 2020 14:41:20 GMT

I have been paying off an activity statement bill with a payment plan which is automatically taken out fortnightly via bpay with the PRN assigned to the payment plan. I didn’t set an end date and the payments have continued to come out after the completion of the bill being paid out. Will that money be credited to my account and returned at tax time? Or will it bounce back eventually? Does the PRN for a payment plan become void once the plan is paid out?
Thank you

Genuine Redundancy Tax

niknewland — Thu, 20 Feb 2020 14:41:06 GMT

Can I claim tax on something that was bought for me which I then paid back?

tomcde — Thu, 20 Feb 2020 13:08:30 GMT

So I started a new job which requires a laptop as I travel for meetings with people. I didn't have the money at the time to buy one, so my girlfriend bought me the laptop for me to pay her back a couple of weeks later.

If I bought the laptop myself I 100% could claim it on tax, but can I still do so in this situation?

Is there a tax calculated for the CGT incurred on the sale of real property in the Philippines

angelstil — Thu, 20 Feb 2020 12:42:44 GMT

Based on Australian Treaty Series 1980 No 16 (http://www.austlii.edu.au/au/other/dfat/treaties/1980/16.html), Australia has a double tax agreement with the Philippines.

If an Australian resident for tax purposes, owned a real property 11 years before becoming an Australian permanent resident and will be sold after 19 years of ownership, a CGT will be paid in the Philippines for the sale. Also prior to the sale, the property will be converted from residential to commercial use. Does article 13 para 3 of the DTA apply to this scenario such that the CGT is not taxable in Australia? If not, how is the Australian CGT going to be calculated?

Received a messsage from myGov regarding positive balance.

simshixian — Thu, 20 Feb 2020 08:06:15 GMT

Hi, I just received a SMS from myGov this afternoon but not sure was it a legit or scam message.

It says "We've noticed you have a positive balance xxx AUD from last financial years. Please verify your information to receive the funds"

Can I know what does it mean as I've never applied for any funds?

Thanks.

Obtaining a Linking Code from the ATO for a My GOV Account

simshixian — Thu, 20 Feb 2020 06:38:36 GMT

Hi, I am trying to obtaining a Linking code from the ATO for myGov account.

When providing information for verifying, should I provide my old passport number or my current passport number? I registered the TFN account with my old passport number.

Thanks.
ShiXian

Buying a property when married

Mabel — Thu, 20 Feb 2020 06:26:09 GMT

Can my husband buy a property on his name and claim 100 per cent of the rental income?
Mabel

6 year rule

Miamia — Thu, 20 Feb 2020 05:49:38 GMT

Hello, I have a question, I am a PR of australia, I purchased a home in Sydney in 2013, lived there for two years then moved overseas for a job, I purchased a home here and rented out the Sydney Propertt, but I am not an PR or citizen of this country, I would like to come back to Australia but not sure when.

If I sell the sydney property now, can I treat it as my main residence to avoid the cgt? The examples provided on ATO website seems to allow us to nominate one of our two main residences at a time, regardless which one we live in, but just want to make sure! Thanks

Security Licence Renewal Fee Tax Deduction

nadeemabbas04 — Thu, 20 Feb 2020 04:13:03 GMT

Hi,

I hold security providers licence and have recenlty renewed it and can I claim tax decution of renewal fee even I am not working in security industry.

Travel Expenses

Doc — Thu, 20 Feb 2020 01:49:26 GMT

Hi, I'm a medical practioner working as a sole trader on ABN. I live in Brisbane and worl one day a week in a Brisbane hospital as a PAYG employee. Once a fortnight i travel to Bundaberg to do a private clinin (paid through ABN). Just wondering that am i able to claim the tax deductions for my travel to/from bundaberg and accomodation/meal expenses while i'm in Bundabery every fortnight?

DVA White Card and Medicare exemption?

TonyG1 — Thu, 20 Feb 2020 01:48:50 GMT

Our new Tax agent has DVA White card holders as clients who he says are exempt from paying the Medicare Levy.
He believes I qualify for a Medicare Levy exemption, based on the fact that I “receive a tax-free pension and have a DVA file”.
I’ve looked at the ATO website and this exemption is only for Gold Card holders, Blind Pensioners, Foreign resident or not entitled to Medicare benefits. Has anyone heard of White card holders receiving exemptions?

Taxation of unused leave

macfarl99 — Thu, 20 Feb 2020 01:40:00 GMT

Hi, I have a question about taxation of unused leave payments on termination of employment. I understand that if I am made redundant and am paid my unused LSL and rec leave as a lump sum upon termination that it will be taxed at 32%. Will I receive part of that tax back in my tax return if the marginal rate of taxation on my gross income for that financial year (including the unused leave payments) is less than 32%?

Cheers.

Old Tax Records

rozzaaaa — Thu, 20 Feb 2020 00:03:05 GMT

Does the ATO have records of PAYG statements from employers from upto 20 years ago?

Tax for tutoring

Evie123 — Wed, 19 Feb 2020 23:52:25 GMT

I was approached by a parent of a child in a class I completed a placement in about tutoring her son for 2 hours a week.

I recieve approximately $80 a week from this, but am unsure of whether I will need to declare it for tax (and if yes how I must go about this).

I don't have an ABN, don't advertise and don't intend to do any more tutoring than I am now.

Thank you