General Tax News and Information

This is where we keep all of the general tax information for individual taxpayers, along with details of important updates and changes.

Taxation of foreign income derived by Australian residents

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]

Who is assessable on interest income?

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations that […]

Are personal carer travel costs claimable? It depends

A recent court decision, and subsequent appeal, has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs that arise with regard to that carer under certain conditions. The circumstances of the […]

Can salary sacrifice work for you?

Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash – and not personally pay tax on it. Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary […]

Deceased estates: A brief guide to tying up the loose ends

After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate is commonly referred to as the executor, but could also be known as an administrator […]

When you have to deal with a natural disaster

Now that we are heading into bushfire season, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also […]

Sometimes there’s no tax on certain types of income

It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these into two different categories (or three, if you count “other” as a category). Exempt income. This is simply amounts that have been deemed to […]

Volunteering & Tax: What you need to know

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping up all sorts […]

Tips to spot a scam (and what to do)

The ATO has recently warned that it is continuing to see instances of scam emails, SMS messages or telephone calls where criminals try to steal money or information from taxpayers. These scams can be very convincing and many individuals fall victim to these each year. To avoid becoming a victim, it is important that you […]

Take an overseas jaunt, and get a tax refund

The sun, the surf, the shopping! Australia has enough temptations on offer to keep the credit card running hot. But there’s no need to stress, because there is a little known scheme that might help take the bite out of the credit card bill. The Tourist Refund Scheme (TRS) lets you claim a refund on […]