admin

In the 2016-17 Budget, the Australian Federal Government announced that from 1 July 2017 all individuals under age 75 will be able to claim an income tax deduction for personal superannuation contributions. Currently only individuals who derive less than 10 per cent of their income from employment sources can claim this tax deduction. These amounts

From 1 July 2017 the Australian Government is proposing to lower the Division 293 tax threshold from $300,000 to $250,000. This means that if you have an adjusted taxable income of $250,000 or above, Division 293 tax will be charged at 15% on your concessional contributions above the $250,000 threshold from the 2017/18 financial year

With the self assessment tax return filing and payment deadlines approaching on 31st January, 2016 here is a quick note to confirm how to pay self assessment tax that is due. HM Revenue & Customs (HMRC) recommends that taxpayers pay electronically by: Debit or credit card online Direct debit BACS Direct Credit, Faster Payments by internet/telephone

In the 2015 Federal Budget in Australia legislation was passed to require Australian graduates living overseas to make repayments of debts arising under the Higher Education Loan Programme (HELP), or a Trade Support Loan (TSL) based on their income in the 2016/17 tax year if they earn above the HELP/TLS income thresholds. Previously repayments have

In addition to the late filing penalties for UK tax returns discussed on our separate blog post, any tax that remains owing to HM Revenue under the Self Assessment system can be expected to generate late payment penalties, as follows: Payment made more than 30 days late – 5% of the tax owing More than

With a month to go before the deadline for the electronic submission of 2015 UK tax returns here are a few words to concentrate your thoughts if you have not yet lodged your 2015 UK return. The penalties for filing a tax return late can be significant, with penalties of £1,600 or more a possibility

A question we are asked regularly by those who are moving to Australia, or who are moving to the UK from Australia is: “Do I need to lodge a UK tax return?” HM Revenue & Customs – or HMRC – issues tax returns to individuals who are already actively in the UK Self Assessment tax

When an Australian resident individual chooses to leave Australia to live overseas permanently – or even for several years – s/he is usually classified as a non resident for Australian tax purposes from the time of departure. A significant Australian tax consequence can arise under what is called CGT Event I1 when that individual departs

A question we are asked regularly by clients moving to Australia – whether as migrants or as returning Australians – concerns the need to account for GST on work that is done remotely for a client (often a former employer) that is based outside Australia. In Australia GST is to be applied at the rate