Australian Tax Offsets and Rebates

foreign-income

Taxation of Foreign Income Derived by Australian Residents

By Warren Kruger / November 6, 2017 / 0 Comments

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]

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Life Policy Bonuses and Tax

By Warren Kruger / August 21, 2017 / 0 Comments

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s assessable income, and a tax offset is available. A bonus is not assessable income if […]

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sunset over water with bridge

What is a Tax Loss and How Can it be Turned to Good Use?

By Warren Kruger / June 6, 2017 / 0 Comments

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future […]

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Active Vs Passive Assets and the Small Business CGT Concession

By Warren Kruger / February 8, 2017 / 0 Comments

The small business capital gains tax concessions are extremely valuable. For small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions must first be […]

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Fringe Benefits Tax (FBT)

By Warren Kruger / May 11, 2016 / 0 Comments

Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. If you are a director of a company or trust, benefits you receive may be subject […]

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Retirement

By Warren Kruger / April 13, 2016 / 0 Comments

Under new transition to retirement rules at the ATO, if you have reached your preservation age, you may now be able to reduce your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income stream’ from your superannuation. Previously, you could only access your superannuation […]

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