Personal tax questions topics

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?

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

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?

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.

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?

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!

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?

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?

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.

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

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.

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.

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?

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

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

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

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

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

account based pension

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

What is an account based pension?

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?

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

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.

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.

Hardship

Scothedot — Mon, 17 Feb 2020 06:30:20 GMT

My tax refund ato took it but is there anyway to get it applying for financial hardship

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.

Tax on Super Lump Sum

MollyMoo — Wed, 19 Feb 2020 23:04:56 GMT

My husband still works full time and has reached his superannuation preservation age. Recently he withdrew $20,000 as a lump sum payment from his super. Only a very small percentage of the payment shows as the tax free component on his payment summary from the super fund.

My question is how will the remainder of the lump sum payment be taxed when he lodges his tax return?

Foreign Tax Liability

CD — Wed, 19 Feb 2020 21:12:54 GMT

Hello
I have just been made aware of a large tax liability from the HMRC dating back 16 years. I need some help from the ATO to better understand my rights.
I looked at the contact us section, however none of the options were appropriate and I don’t know where to start.
Can you please help me by providing an email address or phone number so I can discuss the particulars of my issue.
Kind regards.

Which job is chosen as primary in taxes

marioskardaris1 — Wed, 19 Feb 2020 21:12:25 GMT

hallo,

my name is Mario and i would like to ask you something,

i am working at the time as casual in hospitality and in a week

i am gonna start woking in Constructions, as full time.

which job is gonna be my primary in Taxes and which secondary?

And also how much are gonna be the taxe rate for my second job?

thank you

Tax Residency Status

Beamish — Wed, 19 Feb 2020 19:27:44 GMT

I was wondering if someone can provide some insight into my tax residency status.

I now live in Canada, I arrived in Canada as a tourist in late 2017 to stay with my girlfriend. After a year of being a tourist, I applied for Canadian Permanent Residency via Common Law Spousal Sponsorship in late 2018 (ie. midway through the 2019/2020 Financial Year).

Using their guidelines and referencing a 2013 legal decision, I am not convinced I have severed ties with Australia enough, nor established enough ties to Canada yet, to become an Australian non-resident (ie. Foreign) for tax purposes:

https://www.ato.gov.au/Individuals/international-tax-for-individuals/work-out-your-tax-residency/

Some of the factors that can be used to determine residency status include:

physical presence = Foreign - only in Australia for approx 3 weeks
intention and purpose = I believe Foreign - intend to get Permanent Residency, intend to return Australia in a few years after achieving this.
family - I believe Foreign - All family (siblings and parents, I've no kids) in Australia, but de facto spouse with me in Canada
business or employment ties - Australian - I am still employed by, and work remotely for, my Australian employer as a casual employee. This was my only work and source of employment income.
maintenance and location of assets - Mostly Australian - I've a home in Australia that is now rented out, most of my belongings/possessions remain in Australia, I've kept my Australian phone account, all my wealth is in Australia (I've 6 bank accounts and a credit card in Australia), my home loan is Australian. The entirety of my Canadian assets include a joint Canadian bank account with approx $500, and approx 2 suitcases worth of personal items/clothing etc. All of my income (rental and employment) is Australian.
social and living arrangements - Canadian? - but not entirely. Whilst I reside in Canada with my de facto spouse, I had 'tourist' status for approx 6 months, and temporary resident for the last 6 months of the 2019/2020 FY. I own no Canadian property and am not listed on any lease, so have no actual property ties to Canada, only Australia. As I stay/live with my de facto spouse, my living arrangements I guess are Canadian, but not as strong as they could be.

The further tests - Domicile and 183 Day Test, I am obviously Foreign.

Given my remaining ties to Australia (property, family, accounts, assets, income, employment ), and failure to establish a 'home' in Canada (ie. no property, only part of one joint bank account, no other accounts - no real assets, not even a phone in my name, nor license, nor bills, nor credit card, no work or income), I am not convinced I have sufficiently passed the Residency test.

Note that from a Canadian point of view, as I have been living there, I am a Canadian resident for tax purposes, so therefore potentially a dual tax resident.

2013 legal decision regarding not severing ties to Australia and not establishing sufficient ties to other country:

http://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/aat/2013/604.html

It is possible that my situation is so complex that it actually requires an official ruling?

I was wondering what those with greater knowledge in this area think about my situation?

Thanks in advance for any insight.

Always at "Balancing account" CR/DR makes me confused

Leo-Lin — Wed, 19 Feb 2020 10:26:04 GMT

I have already lodged my tax since by 3 Oct 2019 but I haven't got my tax refund or any e-mail to noticed me what's happened. The following is my detail from my page:

Processed date 3 Oct 2019

Effective date 21 Nov 2019

Description: Client initiated amended Tax return Individuals - Income Tax for the period from 01 Jul 18 to 30 Jun 19

Balance: $76.00 CR

How can I do? Should I just wait? I need help, please! Because I have left Australia since 31 Oct 2019 and I will not go back to Australia. Can I solve this problem via e-mail? Thank you!

Inherited shares

vxcruiser — Wed, 19 Feb 2020 05:54:27 GMT

I and my two siblings are about to be left shares in my Mother's will. They were left to her in our father's will. He died 364 days before her. Does the fact that she did not own the shares for a full year have any bearing on CGT if the estate sells them before the execution of the will. Thanks for any advice

Super excess contribution

Cindy_Gou — Wed, 19 Feb 2020 05:31:59 GMT

Hi,

We are about to lodge the Super Excess Contribution Determination form. Can this form be lodged by tax agent portal? I can't locate the place for the lodgement of this form. And checked online it seems can be posted or faxed only.

Thanks

Do I need to declare rental income from my daughters long term partner.

MarkS — Wed, 19 Feb 2020 05:24:34 GMT

My Daughter is going overseas for education for about 6-9 months. Her long time boyfriend is moving into the family home. They are quiting the rental property they are in. Do I need to declare the board that he is paying as income. We are not trying to make money from his board, just cover the extra costs that will be incurred. Thanks in advance.

Working Abroad for Australian Company

jrstephenson — Wed, 19 Feb 2020 04:28:03 GMT

Hi there,

I am a New Zealand citizen and after 8 years of living in Australia my family have relocated to Canada indefinitly. I am still working for the australian company who pay me into my australian bank account.

My question is am I an australian tax resident, even though I do not reside in Australia? I understand this will impact my personal tax but also my eligibility for payments like the 'Dad and Partner Pay' (my wife just had a baby). I want to get this correct so I don't end up having to pay more tax at the end of the financial year. I have currently told my employer to treat me as a non-resident when withholding tax.

Any help appreciated.

Calculation of CGT exemption following revaluation

monty86 — Wed, 19 Feb 2020 02:48:34 GMT

Hi All

I have a query regarding the calculation of the CGT exemption for a primary place of residence subject to the 6 year rule (during which it was rented with no other main residence),

E.g. taking an example:

1. Property purchased to live in 1/1/2012 (for $300,000), lived in for 15 months

2. Rented to tenants since 1/4/2013 to current date

3. Following 6 years of rental on 1/4/2019 the house was valued at $600,000

4. If the property which is still rented sold today for $800,000, is the applicable CGT 200,000 (i.e. change in value since the valuation at the end of the 6 year CGT exemption period) or must it be calculated using the percentage of total time owned method (i.e. non exempt period vs total time period for which the property was owned).

Thanks for any help in advance

Low income Tax

Becka83 — Wed, 19 Feb 2020 01:48:53 GMT

I work 12 hours per week and also get the DSP.

My income isn't high enough to pay income tax and neither is the DSP.

Once combined, my total income is $32000 per year.

How is the tax calculated? Will I have to pay tax at the end of the F/Y?

As a home owner, I struggle every single day to survive on this money and if faced with a lump sum tax bill I do not know how I would pay it!

How can we better support those struggling?

UK Pension transfer.

Ozpromoman — Wed, 19 Feb 2020 01:37:12 GMT

Hi,

We are from the United Kingdom and have lived in Australia since 2000, I am an Australian Citizen and my wife is on a Permanent Visa. My wife is 64 and has a Private UK Pension worth approximately $40,000 (AUS) which has been dormant since 1985. She last worked briefly in Australia as a casual in the year we arrived, she has a Tax File Number but does not have an Australian Super account. She would like to either transfer the UK Pension to an Australian Super Fund or take a cash settlement for the UK Pension and bring the proceeds down to Australia. We are unsure of the tax implications of these plans, advice would be gratefully received.

VET FEE HELP and salary sacrificing

JT1971 — Wed, 19 Feb 2020 00:06:48 GMT

Hi!

I currently have a VET FEE HELP debt. The organisation I work for offers salary sacrificing, but I have heard that you can incur a tax debt if you have a VET debt and use salary sacrificing. I earn approx $65k, my debt is approx $25k.

I am not trying to avoid repaying the VET debt; rather I am trying to find a way to estimate the tax debt related to it so that I can put aside money, or manually pay in advance, to cover it instead of suddenly finding myself with a tax bill at tax time. I want to be sure that if I pay it in advance I won't have to pay again at tax time, also.

Any help would be great! Thank you!

Starting first job in january

Pedja — Tue, 18 Feb 2020 14:43:44 GMT

Hi,

I started first job in January, my anual income is 157500, but for 2019-2020 my income is going to be 72700. My husband had a job with 59360 but he will get 37200 because he ended his full time job when I started mine and he will be stay at home dad. Our taxes are witheld as per normal, 4080 monthly is mine tax deduction and my husband was 465 fortnightly.

Can you help us with taxes calculation please, we are wondering if we are going to get any tax return or maybe we are paying not enough taxes.

Thank you in advance for your help

Resuming Australian tax residency and eligibility for main residence CGT exemption

ser2035 — Tue, 18 Feb 2020 14:41:41 GMT

Hi there

I was reading https://www.ato.gov.au/general/capital-gains-tax/international-issues/Foreign-residents-and-main-residence-exemption/

It says, "Note: This change only applies if you are not an Australian resident for tax purposes at the time of the disposal (when you sign the contract to sell the property)."

What if... You are an Australian Citizen with property in Australia, but currently an overseas tax resident while you work abroad. You return to Australia, take up work in Australia again and resume your Australian tax residency. You then decide to sell your Australian property in order to upsize.

Can you claim the main residence exemption on CGT if you sell the property at the time you are an Australian tax resident? I understand from the above statement in the article that you can - please confirm?
Is there a time limit on how long you can spend as an overseas tax resident in order to still be eligible for the main residence exemption on CGT upon sale of the property?
When you return to Australia as an Australian tax resident, do you also have to return to living in the main residence in order to still be eligible for the main residence exemption on CGT upon sale of the property? If so, how long do you have to live in the main residence?

I would appreciate if you could provide futher clarity around these questions as the recent changes have created some confusion. Thank you!

work related tool deduction

fishninja — Tue, 18 Feb 2020 12:18:19 GMT

Hello there. Im a Japanese sushi/sashimi chef and thinking to buy a good sashimi knife from Japan. Can I claim it for tax deductions even if I buy from overseas? It's really good quality sashimi knife and only use it in the restaurant, not for private use. And if I can claim, do I need to translate the receipt myself or should I get certified translation or something? Thank you very much, Arigato!

Medicare Levy Question

mrakwh — Tue, 18 Feb 2020 06:52:06 GMT

Hi there,

I am a citizen and have started working 5 years ago full time in Australia, but only applied for my Medicare card last year.

Can I claim for Medicare Levy exemption for the first 4 years since I did not have a Medicare card?

Please let me know.

Thanks

Tax for Employee Shares Scheme

dc3947 — Tue, 18 Feb 2020 06:37:59 GMT

Hello experts

I have been working in a company for few years and I was allocated number of employee shares this year (Jan 2020). Then the company -I work for- was sold this year (Feb 2020) to a big company, and all employees shares (including mine) were deposited into a Unit Trust, so shares are converted into units and each employee is now beneficiary of that trust.

The big company is not paying the total sale amount this year, instead it will pay over a period of 2 years.. 50% this year, 50% next year. And when the trust receives each amount, the trust manager starts to distribute the amount to trust beneficiaries based on number of units they got.

So this year I received my 1st portion (50%) of the full amount.. So at tax return time this July, what kind of tax applies on the money I received from the trust? Is it capital gain tax? Will I be paying tax for the portion I received this year only or for the full amount I'm supposed to get over 2 years?

If I will be paying tax for the full amount ? what happens If I don't receive future payments (on cessation of employment) ? Do I get a refund from ATO ?

Thanks for your help

2 jobs - one part time and one casual

Joanne64 — Tue, 18 Feb 2020 04:36:26 GMT

I have a casual job and am looking at taking a second part time job.

what do I do when filling out my tax declaration form?

how does the tax work out in this situation,

thank you

Get an error

MojganHedayati — Tue, 18 Feb 2020 04:35:34 GMT

Hi I am not able to link my ato into mygov. It gives me below error. I called to that number and verified my TFN, DOB, and voice print but still getting this error from my gov. I don’t know what should I do because there isn’t any alive person to respond( just machine and virtual assistant Alex). I spent a lot of time on this issue but still couldn’t find out

“ A932.02 - Ineligible to link
You are ineligible to link the Australian Taxation Office (ATO) to your myGov account as the ATO has insufficient information to verify your identity.This may be information that the ATO created, or information that has been reported to the ATO by an institution that you deal with.
Phone the ATO on 13 28 61, then press 5”

Travel expenses claimable

LM79 — Tue, 18 Feb 2020 02:58:58 GMT

My questions is in regards to claiming travel between home and various places of work.

The work is in relation to caring for children with disabilities at various locations. The is no dedicated office and so all travel is from home to patients and back home. Generally each day is a different location due to visiting different patients. The patients locations can vary such as their home, school or hospital which is also dependant on the shift being either day or night.

The employer will send by email details of the patient and locations that are required to be vistied. All planning for the work ahead is done at home prior to visiting the patient.

I know travel between home and work is not deductible but as there is no permanent place of work would the travel from home to patients be considered as a deductible expense?

Cheers

Employer not paid tax, but deducted it from wages.

Mcginty1 — Tue, 18 Feb 2020 01:41:52 GMT

My ex-employer has not paid my tax, along with not providing me payslips. We sat and discussed deductions and wrote the deductions down that would come off of my gross wage. These included accomodation, food, laundry, power and tax. However, upon checking my ATO account on MyGov there are no tax payments lodged. I am fairly new to the Australian system and now know that what this employer has done is wrong. I have already been in touch with the Fair Work Ombudsman in regards to payslips. Do i report this employer to the ATO for avoiding paying tax contributions on behalf of the employee?

Main residence requirements

mangoes123 — Tue, 18 Feb 2020 00:13:09 GMT

My partner and I are seeking to take advantage of the stamp duty exemptions and capital gains tax benefits associated with buying a first home as a main residence in NSW.

We intend to live in the home for the first six months after buying it, but have work commitments that may require one or both us to travel and spend nights away from the property on a regular basis.

Is there a minimum number of nights that would be needed to be spent at the property on a weekly basis in order to meet the main residence requirement? Obviously our belongings would be kept there and utilities would be switched on etc.

Appreciate any advice!

Overseas travel allowance

stevewilson58 — Mon, 17 Feb 2020 23:50:08 GMT

I recently travelled overseas for work as a contractor for an international organisation. I was paid an allowance that covered my accommodation, meals and incidentals. I have just completed my travel diary so have calculated a travel allowance with my accommodation receipts and the ATO allowances for meals and incidentals - when completing my tax do I claim:

(1) my travel allowance; or

(2) my calculated accommodation receipts and ATO allowances.

They are fairly close although the ATO figure is slightly higher - it was impossible to get receipts in the South Pacific where I was travelling and it was quite expensive so the ATO allowances are probably more realistic.

tax on international cheque

AvrilMac — Mon, 17 Feb 2020 10:51:02 GMT

in the process of recieving an international cheque, payed 9000 at Melbourne immigration services .
when delivery officer went to pick up the cheque and all relevant paperwork the staff relieved him of his duty and assured him they wld deliver.
Now a week later and i have contacted the office and they say i must pay tax before they will release my cheque.
Is this normal procedure

Discretionary trust loan repayment

johncimble — Mon, 17 Feb 2020 09:50:52 GMT

Hi there,

I would like to know in this scenario what the tax implications are.

Trustees loan the discretionary trust an interest free loan (QLD). The discretionary trust makes money from rent, and then repays the loan back to the trustees.

What is the tax implication for the discretionary trust if the income earned is used to pay back the trustees? Does the discretionary trust have no taxable income as it has used the income to pay back the loan?
What are the tax implications for the trustees who received the loan repayment?

Generally the income gets dispersed to the beneficiaries and the tax is paid at the beneficiary level. My concern is the discretionary trust would be taxed at the max rate, if the loan repayment is not considered an expense/liability.

Thanks

Tax refund

Scothedot — Mon, 17 Feb 2020 07:05:13 GMT

If the ATO keeps your refund can you apply for hardship to get the refund given to you??

Calculate redundancy payment

Catherine11 — Mon, 17 Feb 2020 06:42:14 GMT

Hi,

I would like to be advised on how to calculate a redundancy payment. I have done research on ATO website but still unclear on how to calculate it correctly.

My aunt is 68 years old and just made redundant due to her workplace got bought out. The place offers her the below package:

- Payment in lieu of notice : $17,000

- Her unused Annual leave: $19,695.14 (inc Loading of 17.5%)

- Genuine Redundancy payment: $56,500

Eventhough they said that this is a genuine redundancy, she is already over 65 years old so i don't think that she will get concessional tax. Could anyone help me on how to calculate it correctly? She has been working there for 6.8 years. Thank you

Tax refund

Chelle — Mon, 17 Feb 2020 01:29:08 GMT

Hi there, I'm currently having issues with my tax refund. I came to Australia on a working holiday visa but couldn't get a job until 2 months before it ended, so for 2 months I worked on the WHV and since then I'm classed as a resident as I am now married to my Australian husband and await confirmation on my permanent partner visa. As I'm on this bridging visa it gives me full working rights and Medicare, but when it came time to do my tax refund (which I used a very qualified agent for) I have had nothing but issues

Firstly I was told that instead of receiving a tax refund that I owed the ATO money, when I contacted the ATO the person I spoke to couldn't tell me why and said that he didn't know and that "everyone's circumstances is different", which was not helpful at all. He said maybe I didn't work enough to receive a tax refund to which I said the people I work with have the same hours and no issues.

It turns out it was my employers fault, they never updated their system to say I went from the WHV to being a resident, so they got me to separate group certificates and I have resent them three times. First my agent resent them to which they were told that my employer had to send them, then my employer sent them as a message on the one touch business portal thing, and when they still claimed to have not received them I had them printed out and sent to the locked bag address on this website.

I have until March to pay the incredibly large sum of around $700, and since the ATO have been no help I have decided to ask the community for advice moving forward.

How do I get my two group certificates, one from being on the whv and the other from being classed as a resident, to the ATO so the amendment can be made? Is there something I'm missing? Is there an online form I can fill out instead?

Loan from individual to trustee of discretionary trust

pwnchi — Mon, 17 Feb 2020 01:10:39 GMT

Hi,

If we have created a discretionary trust to hold solely publicly listed shares i had a question about the loan to the trustee.

Consider if we are taking out a loan personally between myself and my wife and loaning to the trustee (myself).

Are we able to take out a loan in our personal names using P&I and then onlend this to the trustee at IO terms?

Will the interest repayments by the individual and the trustee be tax deductible?

Does it need to be a commercial loan from the individuals to the trustee? Is there some guidance on the requirements for such a loan?

Thanks very much.

Bringing Money into Australia

melben1987 — Sun, 16 Feb 2020 21:41:42 GMT

Hi! I am an Australian Permanent Resident living in Victoria, and have sold my property in the US. Can anyone let me know what sort of taxes (if any) I will be subject to when transferring the money into my Australian account?

Recivingg a many gift from a family member

Ash1983 — Sun, 16 Feb 2020 10:35:51 GMT

Hi if a family member living in Australia sends a large someone of money to me overseas Ireland will tax have to be paid on it?
Thanks

GST main residence exemption

Andrei_shender — Sun, 16 Feb 2020 10:33:53 GMT

Hi,

I moved to Australia as a permanent resident in June 2017 and been tax resident since then. In June 2019 I've sold my house back in Belarus and transfered money to Australia. The house was not rented out. Am I qualified for main residence exemption? As per new rules for main residence definition:

https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Your-main-residence/

"If you were not a resident of Australia for tax purposes while you were living in the property, you are unlikely to satisfy the requirements for the main residence exemption."

As per this rules, I was not an australian tax resident at the time I was living in the property back home. But public ruling https://www.ato.gov.au/law/view/document?docid=TXD/TD957/NAT/ATO/00001 is available and it tells that I dont need to pay tax. Is this public ruling still valid?

Thanks!

Downsizing

Super_Song99 — Sun, 16 Feb 2020 10:15:15 GMT

My wife and I own and live in a large 5 bed, 3 bath house and at 75 years (and our family has long gone), it is too large. About 5 years ago we saw this coming and built a small house on another property, in preparation for this event. Meantime we have been renting the small house (Airbnb) and making continuous improvments to the property in preparation for the next stage.

Can we use the Downsize tax facility and put money from the sale of the large house into Super? We will not be purchasing a new property, but will simply move into the smaller house.

I applied for an abn bot have never used it. Can I cancel it from the date I got it?

Fran — Sun, 16 Feb 2020 03:20:05 GMT

International Taxation on Super

mavego13 — Sat, 15 Feb 2020 18:16:50 GMT

Hi,

I have a current Australian permanent resident and I am living in France at the moment.

I worked for 20 years in Australia and I am turning 58 next year.

my questions are:

How would I be taxed in Australia if I claim my super while I am in France?
Do I have to pay tax in France too?

thank you

Bad debt and personal income tax deduction

Ndkaki — Sat, 15 Feb 2020 09:13:22 GMT

Hi everyone

My wife and I recently entered into a couple of loan agreements. These loans were a formal loan agreement, whereby we provided funds to businesses. We were to receive interest payment on maturity of the loan (24).

Unfortunetly the business is now insolvant and we are likley to lose our funds. The assets in the company are unlikely to cover the debt owed.

We therefore expect that the debt will be deemed bad and written off.

From a tax deduction perspective, it appears ATO states we can claim the bad debt against personal income tax as a deduction.

Any one have a view /ruling they would like to share?

Thanks!

CGT and non resident status

Mellc — Sat, 15 Feb 2020 01:10:39 GMT

I and a dual citizen of uk and Australia but long term resident of Australia. I am planning on spending some time living and working in the uk. This is a temporary move but once there I may decide to stay permanently. I own property and understand the recent change in tax law means I may be liable to pay CTG tax if I decide to sell my property from the uk. Can anyone help me understand at what point I would be liable. Put simply do I have to sell before leaving to avoid paying ctg or can I see how I feel one I’m in the uk ?

Tax on second job

ACraig — Sat, 15 Feb 2020 01:02:33 GMT

I am about to commence working as a casual on a full time basis ($36 per hour). I have been offered a second job, one day per week, also casual at $35 per hour. I am unsure with regards to tax implications whether I am better to work the first job as full time hours (i.e 5 days per week) or work the first job at 4 days a week and accept the second job one day a week, therefore still resulting in me working full time hours in total.

I have tried calculating it through the ATO website and not claiming the tax free threshold for the second job (one day per week position) and it appears that I would be better off working 4 days at the first job and 1 day per week at the second job, which was not what I expected it would be. I thought that I would be better off just sticking to the first job on 5 days per week.

Any advice that anyone could provide in regards to what I would be better off to do in relation to tax I would be very grateful.

TIA

Restricted Stock Units RSUs

RSUquestion — Fri, 14 Feb 2020 22:15:29 GMT

Hi. I was made redundant by my employer. My RSUs were vested although nowhere does it say that I have 100% control. More importantly I cannot sell them until they 'vest' over the three years. I understand I owe tax because my employment has finished. However I would argue that the intention of the ATO is to tax me when I actually have the money/shares. At this point I believe I will have a tax bill for the next 2 years of vesting RSUs even though I cannot sell them to pay the tax ie i will need to borrow money to pay tax. Is my understanding correct? Is there any case to request a different treatment? many thanks for your help.

ATO Compliance Activity SMS

Michael86 — Fri, 14 Feb 2020 11:41:55 GMT

Hi, received an SMS for 2019 tax return today. Tried calling back but the person is not available. Sms provided the same phone number for ATO Compliance in the website. Just wondering what this may be. Being a weekend difficult to get any answer at all.

Remote Area Mortgage

RRM — Fri, 14 Feb 2020 07:28:47 GMT

Just trying to find more information for the remote area mortgage interest salary sacrifice, what I can and can not do. I have bee ntold taking money out of the loan, redraw of the extra we pay each week is not allowed unless under specific circumstances, however if my pump breaks does this count or not? It seems a bit confusing and I have been given different answers from salary packaging company. Where can I find the specific information myself?

Downsizing superannuation contribution eligibility

Rennyanne — Fri, 14 Feb 2020 06:36:15 GMT

My husband and I are both over 65. We have owned a home since 1990. However, for a few years we sold 20% of the value to my brother in law and he lived with us. We bought the 20% back from him in 2011. The whole time, we were both on the title, just not 100%. As 2011 is less than 10years ago, would this disqualify us from making the 300,000 contribution to super?