Articles

Gold bullion or scrap gold? Tax implications

Under the GST Act the supply of gold bullion is input taxed.  In layman terms this essentially means that the supply and purchase are GST free.  BUT, the supply of scrap gold attracts GST.  So it is critical that an entity trading in gold understands…
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Sharia law and Australian taxes

Muslims complying with Islamic principles, including Sharia law, have a different approach to the lending of money than Australia’s traditional approach. The Islamic financial system promotes risk-sharing and under Sharia law, Muslims are prohibited from entering into a loan agreement that requires interest to be…
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Expats: Australian income tax rates

Expats do not pay tax on their foreign income.  But they must still pay tax on any income derived in Australia such as bank interest, dividends, rental income etc. Expats pay a different rate of tax on their Australian income to that of an Australian…
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Superyacht crew – are they liable for tax in Australia?

Aussies crewing overseas on a superyacht may be faced with a big tax bill if they are audited if they cannot show that they are a non-resident of Australia.
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Are superyacht crew liable for tax in Australia?

Aussies crewing overseas on a superyacht may be faced with a big tax bill if they are audited if they cannot show that they are a non-resident of Australia.
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ATO: Tax debt: Garnishee Orders

The ATO may issue a garnishee order if you fail to meet your tax debt payment obligations.  However you must be left with reasonable living expenses.  What are reasonable living expenses will be determined by the type of garnishee that has been issued. There are…
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Section 23AG – Exempt foreign service income

Under section 23AG of the Income Tax Assessment Act 1936 (ITAA) Foreign employment income is exempt from tax if all of the following applies: you are an Australian resident you are engaged in continuous foreign service as an employee for 91 days or more your foreign service is…
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CGT main residence exemption

  If you sell your home you are entitled to a CGT exemption known as the main residence exemption.  There are some restrictions on when you can claim the main residence exemption – one of these is where you for rent out your property while…
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