General (148)
Australia tax resident
on 2021-04-06 05:40:00
by
Claire Chang
Posted in
General
Client often ask whether they are Australian resident for tax purpose or not. Generally, if a taxpayer is an Australian resident for tax purposes, all income earned both in Australia and internationally, is declared on the tax return. If a taxpayer is a non-resident for tax purposes, only all income earned in Australia is declared on the tax return. Also, for company registration purpose, Australian Company need to have local directors, which mean one director must be tax resident and has a residential address in Australia. That’s why we write this article to explain the main concept to help you understand the tax resident mean, which is different to the permanent resident we normally refer to. Generally, Australian Tax Office (“ATO”) consider you to be an Australian resident for tax purposes if you: • have always lived in Australia or you have come to Australia and live here permanently; • have been in Australia continuously for six months or more, and for most of that time you worked in the one job and lived at the same place; • have been in Australia for more than six months during financial year, unless your usual home is overseas and you do not intend to live in Australia; • go overseas temporarily and you do not set up a permanent home in another country, or • are an overseas student who has come to Australia to study and are enrolled in a course that is more than six months long. There are four tests for residency, namely resides test, domicile test, 183 day test, and superannuation test. An individual only needs to satisfy one of these tests to be considered a resident of Australia for tax purposes. The resides test is the primary test. The other three tests are sometimes referred to as the statutory tests. Australia tax resident full article link
澳大利亚税务居民
on 2021-04-06 05:34:38
by
Claire Chang
Posted in
General
客户通常会问他们是否属于澳大利亚税务居民。一般来说，如果纳税人是澳大利亚税务居民，则在澳大利亚和全球赚取的所有收入必须在纳税申报表上申报。如果纳税人不是澳大利亚税务居民，则只有在澳大利亚赚取的所有收入在纳税申报表上申报。此外，出于公司注册目的，澳大利亚公司需要有本地董事，这意味着一名董事必须是澳大利亚税务居民，并在澳大利亚有住宅地址。这就是为什么我们写这篇文章来解释主要的概念，以帮助您了解澳大利亚税务居民的意思，税务居民和永久居民是不同的概念。 一般来说，澳大利亚税务局 （"ATO"） 认为您是澳大利亚税务居民，如果您： • 一直住在澳大利亚，或者你来到澳大利亚，并永久住在这里： • 已经在澳大利亚连续六个月或更长时间，在大部分时间里，你有一个工作并且住在同一个地方： • 在财政年度期间，您在澳大利亚居住了六个月以上，除非您的家在海外，并且您不打算在澳大利亚居住： • 暂时出国，你不在另一个国家建立一个永久的家; • 是来澳大利亚学习的海外学生，参加超过六个多月的课程。 一共有四个测试，即居住测试、居住地测试、183天测试和退休金测试。个人只需满足这些测试之一，才能被视为澳大利亚税务居民。居住测试是主要测试。其他三个测试有时被称为法定测试。 澳大利亚税务居民全文链接
Capital Gain Tax
on 2021-04-06 05:29:21
by
Claire Chang
Posted in
General
If you sell a capital asset, such as real estate, you usually make a capital gain or a capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it. You need to report capital gains and losses in your income tax return and pay tax on your capital gains. All assets you’ve acquired since tax on capital gains started (on 20 September 1985) are subject to CGT unless specifically excluded. Foreign residents make a capital gain or loss if a CGT event happens to an asset that is 'taxable Australian property'. In fact, most personal assets are exempt from CGT, which includes the main residence exemption for CGT of selling property. Main residence exemption The main residence exemption means that there is no capital gain or capital loss made from a CGT event that relates to a dwelling that is the taxpayer’s main residence. The main residence exemption will not apply where: • the residence was only a main residence for part of the ownership period, or • the residence was used for the purpose of producing assessable income. More than One Residence If a taxpayer owns more than one residence that qualifies as a main residence, they must choose which one is the main residence for CGT purposes. This choice occurs in the income year where the CGT event occurs in relation to the dwelling. Where a taxpayer has a main residence and acquires another dwelling that is to become the new main residence, then both dwellings are treated as the taxpayer’s main residence for the shorter of: • six months ending when the ownership interest in the existing main residence ends, or • the period between the acquisition of the new ownership interest and end of the old ownership interest. This change of main residence exemption only applies where the existing main residence was used as a main residence for a continuous period of at least three months in the preceding 12 months, ending when the taxpayer’s ownership interest in it ends and it was not used for income-producing purposes during that 12-month period. Generally, a taxpayer can treat the dwelling as your main residence for: • up to six years if it is used to produce income • indefinitely if it is not used to produce incomeCapital Gain Tax Full Article Link
资本增值税
on 2021-04-06 05:14:12
by
Claire Chang
Posted in
General
最近住房市场火热，有人说是买房的好时机，有人说是卖方的好时机。是否考虑到税收的问题。如果出售房地产或股票之类的资本资产，通常会产生资本收益或资本损失。这是购置资产的成本与处置资产之间的差额。您需要在所得税申报表中报告资本利得和损失，并就资本利得缴纳税款。自从对资本增值税（“CGT”）开始征税（1985年9月20日）以来，您所获得的所有资产均受CGT的约束，除非特别排除。如果CGT事件发生在“应纳税的澳大利亚财产”资产上，则外国居民也会产生资本损益。事实上，大多数个人的资产都免于CGT，其中包括出售主要居所的房产可以豁免CGT。 主要居住豁免 主要的居住豁免是指与纳税人的主要住所有关的CGT事件没有资本收益或资本损失。 主要居住豁免将不适用于以下情况：•住宅只是所有权期的一部分的主要住宅，或 •该住宅用于产生收入。 多个住宅 如果纳税人拥有超过一个符合主要居住条件的住宅，他们必须选择哪一个是CGT目的的主要住宅。此选择发生在与住宅相关的 CGT 事件发生的收入年度。 纳税人有主要住所，并购置另一套将成为新主体住宅的住宅，则两处住宅均作为纳税人的主要住所，其期限选在下面较短的时期： • 现有主要住宅的所有权权益终止后六个月，或 • 收购新所有权权益和终止旧所有权权益之间的期间 此主要住宅豁免的变更仅适用于在前 12 个月内连续使用现有主要住宅作为主要住宅至少三个月的期限，直到纳税人对新住宅的所有权权益终止，且在 12 个月内未有收入创造的目的。 一般来说，纳税人可以将住宅视为您的主要住所：• 最多六年，如果它被用来创造收入 • 无限期地，如果它不用于创造收入 资本增值税全文链接
Personal service income
on 2021-03-23 12:57:11
by
Claire Chang
Posted in
General
Client often ask whether they could reduce their income tax by diverting income received from personal services through companies, partnership, or trusts. Personal services income (PSI) is income produced mainly from your personal skills or efforts as an individual. Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise. Before deciding whether to set up a new business structure, the first thing we need to do is work out if any of your income is classified as PSI. The PSI rules (or alienation of PSI rules) were introduced to ensure that taxpayers cannot reduce or defer income tax by diverting income received from their personal services through companies, partnerships or trusts or by claiming inappropriate deductions against this income. The impact of the PSI rules, for those affected by them, is: • the PSI is included in the assessable income of the individual taxpayer whose personal efforts or skills generated the income and • there are restrictions on the deductions that may be claimed by the individual or the entity against the PSI so that they broadly correspond to the deductions available to employees. Personal services income is income that is mainly a reward for an individual's personal efforts or skills. It does not include income that is mainly: • for supplying or selling goods (for example, from retailing, wholesaling or manufacturing), • generated by an income-producing asset (such as a bulldozer), • for granting a right to use property (for example, the copyright to a computer program), or • generated by a business structure (for example, an accountant working for a large accounting firm).Personal Service Income Full Article Link