Income tax
#1
Forum Regular
Thread Starter
Joined: Oct 2008
Posts: 37
Income tax
I am negotiating a total income of $150k. I anticipate at least 50k would be for accomodation. Is there any way I could get a tax break for this?
Alternatively, if my employer paid me less and effectively paid for my accomodation, would I have to pay tax on the total rental?
Thanks.
Alternatively, if my employer paid me less and effectively paid for my accomodation, would I have to pay tax on the total rental?
Thanks.
#2
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: Income tax
We need a few more clues, tamaja.
Will you be on a 457 or PR, for starters? If you are on a 457, you need to ensure your employer sets up LAFHA for you; it's worth a fair bit, tax-wise.
Search the site for previous discussions.
Will you be on a 457 or PR, for starters? If you are on a 457, you need to ensure your employer sets up LAFHA for you; it's worth a fair bit, tax-wise.
Search the site for previous discussions.
#3
Forum Regular
Thread Starter
Joined: Oct 2008
Posts: 37
Re: Income tax
I would prob be on PR visa. I was on the impression that LAFHA would not be applicable because I am voluntarily leaving my employment in UK to take a new employment in Sydney.(?)
#4
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: Income tax
If you are on a PR visa, you are correct - no LAFHA - but coming voluntarily is not relevant, just the type of visa.
Sorry I don't know anything about tax breaks as PR - I'm sure people in a similar position will comment but your best bet is to employ a good tax accountant as it really is all about minimising it here.
Sorry I don't know anything about tax breaks as PR - I'm sure people in a similar position will comment but your best bet is to employ a good tax accountant as it really is all about minimising it here.
#5
Re: Income tax
I am negotiating a total income of $150k. I anticipate at least 50k would be for accomodation. Is there any way I could get a tax break for this?
Alternatively, if my employer paid me less and effectively paid for my accomodation, would I have to pay tax on the total rental?
Thanks.
Alternatively, if my employer paid me less and effectively paid for my accomodation, would I have to pay tax on the total rental?
Thanks.
When you select a vehicle apply the same logic ie annual lease of say $3k per month $36k lowers the $100k to $64k
Also review FBT implications, but I am sure your prospective employer will provide more specific details on this.
#6
Forum Regular
Thread Starter
Joined: Oct 2008
Posts: 37
Re: Income tax
As my employer does not usually make overseas appointments, I'm not sure how much advice I will get from them.