[peppy5]

what taxes are in australia?

for example:
restaraunt, shopping etc

[Crocodile]

There is a 10% GST on all services and almost all goods, with the exceptions being essentials such as non-processed food (eg fruit and vegies), bread, milk, etc.

You can claim the GST back if you buy a certain amount of goods - can't remember the level of spending, but when you go through customs there are signs up about it.

Also, by law, all advertised prices include GST if applicable - so you don't get any nasty surprises at the register.

[discobay]

I'd like to take this thread a step further. Do you have to pay capital gains on your overseas properties etc?

[Crocodile]

Originally Posted by discobay

I'd like to take this thread a step further. Do you have to pay capital gains on your overseas properties etc?

It really depends on your specific circumstances (that is my disclaimer right there!), but the short answer is yes, assuming you are still an Australian resident for tax purposes.

Try the ATO website:
"Australian residents are generally taxed on any capital gains made on overseas property and must declare the gain on their income tax return.

If the gain is taxable in Australia and you have paid foreign tax on it you may be entitled to a foreign tax credit. Refer to Taxation Ruling IT 2562 [ATO legal database link], Personal investors guide to capital gains tax (NAT 4152) and Guide to capital gains tax (NAT 4151)."

[discobay]

I saw that but it is not specific on properties bought before becoming a resident.

[Crocodile]

Originally Posted by discobay

I saw that but it is not specific on properties bought before becoming a resident.

That is where is starts to get really messy. I am not a tax expert by any means, but there might be a "deemed acquisition" of the property on the day you started to be an Australian Resident for tax purposes. The costs is calculated on straight-line increase throughout the ownership period. But I am not certain on this.

I do recommend paying for a good Accountant to get proper advice. By spending a few dollars now, you might save 10x that later (and quite a few headaches).

[discobay]

I agree. Any recommendations for Aussie tax accountants in HK?

[hottie]

australasian taxation services in central

www.smats.net

[discobay]

Thanks. Have you used them?

[hottie]

yes, service was average to good, fair price

Originally Posted by discobay

Thanks. Have you used them?