Find here Important tax information for you and your community, ready to share.
What you’ll find in this article:
- Know the rules about accessing your superannuation
- Quarterly business activity statement (BAS)
- Foreign residents and the 50% capital gains tax (CGT) discount
- Preparing for Online services for foreign investors
Know the rules about accessing your superannuation
You can only access your superannuation in certain circumstances, such as when you retire. If you illegally access your super, you not only risk your retirement savings, but you may also face severe penalties. The ATO has translated information that talks about the dangers of illegally accessing super, and what you should do if you are approached by a promoter of an illegal scheme.
Read more about the rules for accessing your superannuation here:
Quarterly business activity statement (BAS)
Join millions of other businesses and lodge your BAS online. It’s quick, easy, secure and you may receive an extra 2 weeks to lodge and pay.Here is some information to help make lodging your next BAS easier:
- check that you’ve entered the figures for your obligations at the correct label
- enter whole dollar amounts – leave cents out and don’t round up to the next dollar
- if you need help, you can contact the ATO or your registered tax or BAS agent.
Find more information about business activity statements in your preferred language:
Foreign residents and the 50% capital gains tax (CGT) discount
If you’re a foreign resident and have sold your home, you might be able to claim the 50% capital gains tax (CGT) discount for part of your capital gain, if any of the following apply:
- you acquired the property on or before 8 May 2012
- you had a period of Australian residency after 8 May 2012.
If either of these apply, you can work out the discount based on the number of days you were an Australian resident after 8 May 2012.
Learn more in English about the CGT discount for foreign residents on the ATO website.
Preparing for Online services for foreign investors
From 26 June 2023, the ATO will be starting their new online service. To prepare for the online service the ATO have provided guidance on their website for foreign investors and their representatives, including:
- what’s changing
- accessing the new service using myGovID
- how to prepare
- how to get help