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Taxation of foreign income derived by Australian residents

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any … Continue reading

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Is that a travel allowance or LAFHA?

Travel allowances are paid to employees where in some cases the period away from home is less than 21 days, and in others, more than 21 days. With travel allowances, typically employees are: paid standard travel allowance for accommodation and … Continue reading

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Can you claim a deduction for home to work travel?

Did you know that you may be entitled to claim some of the expenses you outlay while travelling between your home and your regular workplace, or even to your alternative workplace? While claiming such work travel tax deductions are certainly … Continue reading

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How a mortgage offset account works

“Mortgage offset account”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. … Continue reading

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