M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

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1st July 2009 Start Dates
Education Tax Refund (ETR)
HELP (and HECS) Repayment Thresholds
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Non-commercial Losses
Superannuation Deductions Reduced
Adjusted Taxable Income
Restriction of Exemption for Overseas Employment Income
Restriction of Exemption for Overseas Employment Income
Current rules exempt from Australian tax, the overseas employment of an Australian resident individual engaged in foreign services in an overseas country for greater than 91 days, provided it is taxed in that country.

However, from 1 July 2009 onwards s23AG will generally not apply unless the employment income was derived in the following limited circumstances:-

  • Individual's employment related to the delivery of Australian official development assistance by their employer;
  • The individual's employer was engaged in specified relief or public benevolent activities in the overseas country; or
  • The individual was deployed by an Australian Government authority as a ‘disciplined force member' (i.e. defence force and police)

Foreign Income Tax Offset must now be claimed back, but the result for many taxpayers is higher tax rates and lodgement of two tax returns per year (of differing date ranges).

The cost of compliance could be substantial for many young Australians who remain residents, but work overseas for a few years before settling down.

 

 

 

 



3rd-July-2009