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Moving to another country, whether temporary or permanent, will come with a range of challenges. From a personal perspective, there is a natural assumption that the tax affairs will change, but how does that impact your business?

Do you have a business and are you going through a difficult time financially - caused by the ongoing lockdowns?

With major data sharing developments in recent years by the Australian Taxation Office (ATO) and other Government departments, the ATO has access to more data than ever before. It receives data from a variety of sources, such as employers, financial institutions, other government departments, e-commerce platforms, online payment and trading gateways and so on.

At the peak of a busy US tax season, we have received many queries about the third round of stimulus payments by the IRS. Many of our clients want to know whether or not they should await the third round of stimulus payments before lodging their 2020 return.

The earliest development of cryptographic currency (crypto) dates back to 1983. Since then, it has greatly evolved, and particularly in the past 10 years it has significantly gained momentum.

Over the last decade, many Australians have taken up work in other parts of the world. We receive many queries in relation to ongoing taxation requirements of Australian expats that have been living abroad for a number of years.

When transferring Dutch real estate, Real Estate Transfer Tax (Stamp Duty) is levied upon the transfer. Transfer of real estate also includes the transfer of shares in a company whose assets consist for at least 30% of Dutch real estate, any limited rights to Dutch property and the transfer of beneficial ownership.

Until the COVID outbreak, the international labour movement into Australian skilled professions was ever-increasing. In the 2019/20 financial year, the Migration Program outcome delivered 140,366 places of which 95,843 Skill stream places. The effects were dampened due to COVID in comparison to the prior year, when the Migration Program outcome delivered 160,323 places, of which 109,713 Skill stream places. COVID has caused an international rethink of the workforce where working from home became popularised, and a remote, international workforce thrived in service industries.¹

A political party in the Netherlands (GroenLinks) has prepared a report with the (loosely) translated title "Scientists employed by Dutch Wall Street". The report comments on the dual role tax and business law lecturers play when they are also employed in private practice on the Zuidas, which is known as Amsterdam’s Wall Street.

Whether you’re a business owner, an expat, a migrant, or have never left Australia, from 1 July each year tax season starts again and you will need to lodge an income tax return. As experienced tax professionals, we’ve drafted a list of 5 tips to help you with your taxes.

Living in a different country as an expat or a foreign citizen may get stressful when you are supposed to meet certain obligations. It may look easy at the start, but may get complex if you don’t keep a track of the ongoing regulations. For example: maintaining your ‘Individual Taxpayer Identification Number’ (ITIN).

The Victorian Government is offering up to $1,200 as a rebate to local businesses who purchase business software. The Small Business Adaptation Program covers the cost of 12-month subscriptions to accounting software, such as Xero and Quickbooks. Register before 28 February 2021.

Our team at Taxably focuses on providing the best support to our clients. This includes providing additional information regarding taxes and anything related. In this article, we shed some light on the smaller details you might not be aware of as a taxpayer.

An Australian/US dual citizen who is an Australian tax resident is employed by a multinational company, and received a US Economic Impact Payment. The US Tax Accountant advised that it doesn’t need to be reported as taxable income in Australia. It is very common that dual citizens receive income from their country of origin whilst living in Australia permanently. Often, we can address the tax treaty between these two (2) countries to determine which country has taxing rights to this income. Frequently it is the country of tax residency.

Now that 2020 has passed, it is time to start thinking about your US income tax return. In this blog we bring you up to speed with the latest changes from the IRS regarding the 2020 tax year. If you have any questions, get in touch with our US tax team today!

In a world without boundaries, the cryptocurrency is a very interesting vehicle. It is also an investment vehicle that provides challenges in taxation across the world. The cryptocurrency is not limited to a certain country (as for instance investments in shares in a company), neither is it tangible on the account of a financial institution, who mostly are governed by specific authorizations in their country of residence. It does not provide interest or dividends, but is providing capital gains when selling a portion of the currency or when trading the currency for goods or services.

Learn more about the meaning of the 30% ruling and how this can benefit you.

The in's & out's of USA FBAR filing.

Taxably's Managing Partner, Marlena Lancette-Smit talks to SBS Dutch about Australia's economic response to COVID19. She urges those who have applied for the JobSeeker or Jobkeeper payment to double-check their eligibility and the tax implications. The criteria for these benefits are used loosely and before you know it you have to return everything. This podcast episode is in Dutch.