ATO: Australian residents & non-residents to disclose all foreign income or face stiff penalties.

ATO: Australian residents & non-residents to disclose all foreign income or face stiff penalties.

All Australian residents who receive overseas income, or non-residents receiving Australian income, ought to ensure that they report such income to the local tax authorities to avoid stiff penalties. The Common Reporting Standard (CRS) legislation that sets the bar for foreign tax residents regarding the exchange, collection and reporting of financial account information came into effect on 1 July 2017.

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Dilemma Whether to Hold on to Your Investment Property or Let go?

Dilemma Whether to Hold on to Your Investment Property or Let go?

Just last week, one of our very valued clients came over to discuss if to hold on to his investment property or sell it.

The couple, like many others, had made an informed decision to invest in property market as a stable retirement plan. Back then, it was lucrative as the property market was booming. But now, with an all time low housing market in WA, he is faced with a dilemma of whether to hold on to his properties and expect a turnaround or to let it go.

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