by Ya Zhang | Dec 7, 2019 | Business
When making a Will you need to be aware of special rules that apply to gifts to non-resident beneficiaries. These rules can even apply to gifts to Australian citizens who have lived overseas for a long period.
The general rule is that the beneficiary is taken to have acquired the assets on the day the testator died, and any capital gain or loss relating to a Capital Gain Tax (CGT) asset owned by the deceased is disregarded. That means-
• no CGT is payable from the estate
• no CGT is potentially payable by the beneficiary until he or she actually sells it; and
• the beneficiary will usually have access to a range of CGT concessions when he or she actually sells.… Read More
by Ya Zhang | Nov 16, 2019 | Employment
If your business need skilled workers that are in short supply, a good option for your business is to employ skilled migrants who are already in Australia on a skilled visa such as subclasses 189, 190 or 489/491. Many skilled migrants have high-level qualifications and years of work experience. You may find them valuable to the operation and development of your business.
In regional areas, the most common skilled visa held by migrants is 489 visa (to be replaced by 491 visa as from 16 November 2019). The 489 visa is also called Skilled Regional (Provisional) visa. Typically, under the invited pathway of 489 visa a skilled worker is nominated by an Australian state/territory or sponsored by an eligible relative and is then invited to apply for the visa.… Read More
by Ya Zhang | Oct 19, 2019 | Business
Before answering this question, we should first understand what agricultural land is. Under the foreign investment framework, agricultural land means land in Australia that is used, or could reasonably be used, for a primary production business. The meaning and scope of a primary production business can be found in the Income Tax Assessment Act 1997. It includes, for example, cultivating or propagating plants, fungi or their products or parts, maintaining animals for the purpose of selling them or their bodily produce, or manufacturing dairy produce from raw material that you produced.
If your land falls into the category of agricultural land, then the foreign buyer must get approval for the proposed acquisition from the Treasurer if the threshold of $15 million is exceeded.… Read More
