Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 Transitional rules allow […]
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From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must […]
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The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were […]
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The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24 May 2018 until 23 May 2019, […]
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The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.” This does not […]
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