Inheritance and capital gain tax

Q:

My aunt passed away. I inherited stock shares from her. Do I need to declare it on my tax return?

A:

Inheritance is not the CGT event. However, when you sell the share, the sale is CGT event and you need to declare in your tax return whether it is gain or loss. The key dates are date of acquired and date of selling.

Uber Driver and GST registration requirement

Q:

I am start working as Uber driver. ATO asked him for ABN and GST registration. ABN is already registered by myself. But I am not sure whether I need GST registration or not?

A:

Uber drivers must register GST as per ATO requirement. Normally, GST registration is only needed if your yearly income is more than $75,000. However, Uber driver need to register GST eventhough you earned one dollar only because Uber driving is under the category of the taxi service.

Uber drivers must

• register ABN and GST
• record your expenses related to Uber driving
• lodging and paying BAS at the end of each quarter. BAS due dates are 28 Oct, 28 Feb, 28 Apr, 28 Jul. Add your income. Add your expense. Calculate GST (GST on income = income x 1.1, GST on expense= expense x 1.1).
• Kept log book
• at the end of financial year, after 30 th June, declare your income and expense (excluding GST) on your tax return. 

Receipts to Keep

• Fuel, Insurance, Car servicing, repairs and maintenance, batteries, tyres
• Interest paid on your car loan (if applicable)
• Receipt of purchasing your car
• Cost of becoming Uber driver
• Odometer reading at 1st July and 30 June or Uber driving period 

Stop uber driving, should ABN & GST cancel?

GST should be cancelled immediately. ABN can be hold if you wish to hold.

Of course, you should consider for cancellation if you are not using it anymore because you are liable to do BAS as long as you hold GST account. 

Medicare levy exemption for temporary residents

Q:

I am working in Australia with 457 visa, and I don't have any medicare card for me and family. No medicare benifits but medicare levy was deducted in my tax return.

A:

Australian residents need to pay 2% of taxable income for medicare levy (1.5% before 2015). If you were temporary resident and you are not entitled any medicare benefits, you may entitle to exemption. You can ask "medicare levy exemption certification application form" at nearest medicare service center and apply for your exemption. If you exempt from medicare levy you will save a lot of money in your tax return.

You may be eligible for Medicare levy exemption if you:

• do not hold an Australian permanent resident visa and have not applied for a permanent resident visa.
• did not reside in one of the following countries prior to entering Australia – the United Kingdom, Northern Ireland, Italy, Malta, Sweden the Netherlands, Finland, Norway, Belgium or Slovenia. These countries have a Reciprocal Health Care Agreement with Australia.
• are an Australian citizen residing overseas for 5 years or more (this excludes diplomats, defence force personnel or an employee of the Australian government).
• are a New Zealand citizen that has been residing in Australia for less than 6 months.

Leaving Australia, can I withdraw super?

Q:

Can I withdraw all my super once i leave Australia and not coming back. Is there any tax ?

A:

If you are PR, you can not access your super until preservation age ( 60 yrs if you born after 1964). But, Temporary residents can withdraw if he/she leaves australia permanently.

Q:  

Thank you. So, super money will be stuck in Australia even I would like to surrender my PR visa. 

A: 

Yes, DASP (departing australia super payment) is only for Temporary Resident.