US IRAs receive favourable tax treatment under the US tax system. But for Americans who immigrate to Australia, the taxation of US IRA’s under Australian tax law can be thwart with complexity. This article is the second article in a series on foreign retirement investments and foreign superannuation – last Read more…
Canadian RRSPs receive favourable tax treatment in Canada. However, for Canadians who immigrate to Australia, the Australian taxation of Canadian RRSPs can be a complex and confusing area. Furthermore, the Canadian Revenue Agency frequently informs the ATO of withdrawals from Canadian RRSPs which has resulted in the ATO treating 100% Read more…
SMSF trustees that were paying Transitional to Retirement Income Streams (TRIS) or an account based pension (ABP) with a balance of more than $1.6m should review the SMSF’s CGT position in light of the transitional CGT relief rules. Summary of the New Superannuation Laws Below is a summary of the Read more…
The application of Australian Capital Gains Tax (CGT) and UK Inheritance Tax (IHT) can lead to an aggregate tax rate of 87% following the death of a loved one. Such a high tax rate should cause with clients who have lived in both jurisdictions to obtain specialist advice before they die to implement effective tax planning. (more…)
As part of the Government’s strategy to promote innovation, from 1 July 2014, the Research and Development (R&D) Tax Incentive was improved. However many eligible businesses are still not claiming the R&D Tax Incentive. One of the reasons is that many businesses do not know that they qualify for the Read more…
Everyone knows that the home is exempt from capital gains tax (CGT), and always will be – no politician would be game to meddle with that part of the social contract or what is often referred to as “Australia’s sacred cow”. However, the rules that make the home exempt from Read more…
Many people are unaware of what happens to their superannuation on death. Unlike other assets, the balance of your member account in your superannuation fund does not necessarily pass to the beneficiaries under your Will. (more…)
Many superannuation providers offer the option of purchasing life insurance through your superannuation fund. Self-Managed Superannuation Funds are also able to purchase life insurance within the fund. However, many people do not fully understand the advantages and disadvantages of purchasing life cover through their superannuation fund. This article explains the Read more…
Fortunately in Australia we do not have inheritance tax. But you may be surprised to learn that if you die in Australia holding UK situated assets, your estate still could be caught by UK inheritance tax. This article is the first in a series about UK inheritance tax. The UK Read more…
DO YOU HAVE FOREIGN SUPERANNUATION OR PENSIONS? If the answer is ‘yes’, we can help you understand the tax implications now that you are living in Australia. In Australia, foreign superannuation policies (sometimes known as “personal pensions”), do not attract the same tax efficient status as Australian superannuation funds. This Read more…