Australia has what is called a Medicare Levy. It currently applies to the taxable income of an individual who is an Australian resident for tax purposes. Ordinarily this would mean that an expat on a 457 Visa, who is classified as a temporary resident for tax purposes, would be liable for the Medicare Levy of [...]
Expats – Expatriates
SMSF and Outgoing Expat
You are excited. You have just been offered a position working offshore and are looking forward to new opportunities, learning a new culture and living in a new location. You are at a barbeque with friends one weekend and someone mentions that you have might have problems with moving offshore if you have a Self [...]
Expat Tax Australia – Working Outside Australia
Changes to Section 23AG have had a significant impact for expats in Australia and expats who are residents of Australia for tax purposes but working overseas. Implications (assuming Australian tax residency maintained): Foreign earnings will generally become/remain taxable in Australia PAYG obligation may apply for payer FBT will generally apply on assignment benefits Where foreign employment [...]
SMSF and Outgoing Expats
Australian’s working offshore has presented some challenges since the last budget. In the last Federal Budget, the government made changes to s. 23AG which used to exempt the employment income of Australian tax residents working offshore for more than 90 days from Australian income tax. That income is now taxable – albeit with a foreign [...]
Living Away from Home Allowance – Rent
A living-away-from-home allowance exists where it is reasonable to conclude from all the surrounding circumstances that some or all of the allowance is in the nature of compensation to the employee for additional expenses incurred, or additional expenses incurred and other disadvantages suffered, because the employee is required to live away from his or her [...]
Expat Taxation – Australia
Taxation for expats having moved from overseas to Australia is a complex area but also provides some fantastic tax planning opportunties. Omega Partners Accountants in Sydney have dealt with a number of expat issues and can help with yours and for your organisation in ensuring that your expats taxation affairs are managed as effectively as [...]