Transitioning from Temporary Residency to Australian Residency
Increased international labour mobility and the use of skilled temporary workers by Australian companies have resulted in a growing number of foreign nationals entering Australia. These people generally hold a temporary visa for immigration purposes. It is important to recognise that holding a temporary visa does not automatically qualify a person for temporary resident tax […]
Beware Super Funds Offering Incentives: ASIC
The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding about a default super fund for employees (eg fees, investment options, fund performance and insurance). ASIC also encourages employers […]
Five Changes That Will Make You An Exceptional Leader
WHEN IT COMES to leadership roles in business, accountants and finance professionals have an edge over other professions. Their insights and acumen are highly prized by the corporate sector, says Dr Byron Hanson, an associate professor at Curtin Graduate School of Business in Perth. “The language of business matters now. If you can’t speak finance, […]
Q&A: Interest and Other Expenses Where Property Is Negatively Geared
Q. I have recently purchased a house for approximately $800,000. I intend to redevelop it as a family home. Ninety per cent of the purchase price was financed by a loan. In due course, I will engage an architect to draw up plans for a new house and then lodge a development application with the local […]
Taxation Issues on Release of a Company’s Unpaid Present Entitlement
Taxation Determination TD 2015/20, released by the ATO on 25 November 2015, explains the Commissioner’s view on whether a release by a private company of its unpaid present entitlement (UPE) constitutes a “payment” under the Div 7A shareholder loan rules, contained in Pt III of the Income Tax Assessment Act 1936 (ITAA 1936). The TD […]