News & Tax Insights

Should I set up my new business here in Australia or go offshore?

Blog Post
There are pros and cons in all the business areas in deciding whether to set up in Australia or taking your business offshore. It’s necessary to consider the small but sophisticated domestic market, close vicinity to large Asian markets and early adoption of technology. Aspects of supply are expensive, but talented people want to live in Australia because it’s a great lifestyle. Taxes are relatively high but there is an absence of estate and gift taxes.

Warning – Your home sale may be subject to big tax if you go overseas

Blog Post
Treasury has released draft legislation to impose capital gains tax on the sale of your Australian home if you have become non-resident, punishing ordinary Australians that need to travel internationally for work. It follows an announcement made in the May 2017 Budget. If you sell your home, broadly, there is an exemption from tax on the gain you make during the period that you use the property as your main residence - the main residence exemption. Further, if you are away from your home the main residence exemption is extended indefinitely or if you rent your house out, you can…

FIFO workers now have superannuation opportunity

Blog Post
A big superannuation disadvantage existed for fly-in fly-out resources professionals working overseas for a foreign company.  The foreign company is not obliged and probably not able to make superannuation contributions and the professional was not able to make deductible personal contributions. The problem for an overseas FIFO professional was this: She is likely a resident of Australia for tax purposes The foreign employer can’t or won’t make superannuation contributions The mining professional would like to get tax deductions for personal contributions The requirement was, in effect, to be ‘self-employed’ and satisfy the 10% test That test requires less than 10%…