Wen Wen, Author at W Wen & Co | Chartered Accountants & Business Advisors

Tax Exemption Removed For Government Employees Working Overseas

Tax update for Australian residents working overseas In the 2015-16 Federal Budget, the government announced that it will amend the law to remove the income tax exemption available to government employees who work overseas to deliver Official Development Assistance (ODA). Under current arrangements, the income of Australian residents who work overseas for more than 90 […]

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ATO Recent Reviews And Warnings

ATO warnings on rental properties The ATO (Australian Taxation Office) is increasing its focus on rental property deductions and is encouraging all rental owners to double-check their claims before lodging their tax return. The ATO says: It is important for all property owners to keep accurate records. This helps to ensure they declare the right

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Rise In the Preservation Age For Preserved Super Benefits

Transition to retirement income stream rules Before an SMSF starts paying a transition to retirement income stream (T.R.I.S. or) to a member, the member must have reached their preservation age. Preservation age – the new rules Preservation age is the minimum age that a member can access their preserved super benefits without satisfying another condition

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Foreign Investment In Real Estate

Australia is open for foreign investors … With more overseas entities and people coming to Australia to buy property, we hope this information will be helpful. Foreign persons should notify the Government and get prior approval to acquire an interest in certain types of Real Estate. An ‘interest’ includes buying Real Estate, but can also include

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Are you eligible for the 'going concern' GST exemption? - image

GST “Going Concern” Exemption

What is the ‘going concern’ GST exemption? The “Going concern” exemption for GST purposes has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such. The GST exemption has its

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Tax Complaints?

Talk to the Inspector-General, not the Ombudsman! The way in which people complain about the Tax Office and the Tax Practitioners Board (TPB) has changed as from May 1, 2015. Most tax complaints will need to be directed to the Inspector-General of Taxation. Tax complaints – old process The previous arrangements saw individual complaints from

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