If you have two or more income sources, you could possibly fall into a trap caused by the tax-free threshold. The first $18200 of your yearly income is not taxed if you are Australian resident for tax purposes. This is the tax-free threshold. By claiming this threshold, you are reducing...

The person that makes the gift can only claim deduction for gift. To claim a tax deduction for the gift, it must meet four conditions: The gift must be made to a deductible gift recipient The gift should be voluntary transfer of money or property where you receive no material...

You need to work out if you are an Australian or foreign resident for tax purposes to understand your tax situation. The Department of Immigration and Border Protection does not use the same rules which means you can be an Australian resident for tax purposes without being an Australian citizen...

When you are lodging tax return for the first time, you might have lot of queries. The dates for lodgement are after 31 June and before 31 October for each year. If you need extension due to any reason, written notice should be forwarded to the commissioner before 31 October....

Not in most cases. You are exempted from Capital Gain Tax (CGT) when you sell your main residence. However, there remain situations where some or all of the gain arising on disposal of your main residence may be liable for capital gains tax (CGT). What is my Main Residence? The...

The deadline which employers need to issue their employees’ PAYG is 14 July. However, if you do not receive you PAYG by 14 July, there are solutions for that. You can contact your employer, sometimes, they have too many employees to handle, and they might just have missed you. Wait...

If you are leaving Australia before the end of the income year (30 June), you may be able to lodge your tax return early. However, you need to satisfy certain requirements. These include: You are leaving Australia permanently You can no longer be an Australian resident for tax purpose You will...

If you are working overseas and categorized as Australian resident for tax purpose, then you have the obligation to report all your employment income outside of Australia, both assessable and exempt income, each year on your tax return. Exemption for foreign employment income Australian Defence, Police Force or Overseas Aid...