Deposit

Instrument

Instrument - Bills of Exchange

Used in international trade to pay for goods or services

Instrument - Promissory Notes

本票 / 期票

• A written promise
• 拥有法律效力
• 本票与欠条的区别在于，前者承诺一定付款，后者仅仅只是承认债务的存在。

Expat

• Tax resident

  • Pros

    • CGT exemption or discount
    • No land tax on primary residence

  • Cons

    • Medicare levy
    • Medicare levy surcharge

• Non tax resident

  • Pros

    • No medicare levy
    • No medicare levy surcharge
    • Tax deductions from investment property

  • Cons

    • No tax-free threshold, therefore more tax from taxable income
    • No CGT exemption or discount

FITO

• How to avoid being taxed twice on your overseas income
• DFAT - Japan-Australia Economic Partnership Agreement (opens in a new tab)
• ODIN Tax - Australia-Japan Double Tax Treaty (opens in a new tab)

Tax

• Passing the domicile test means you are an Australian tax resident.
• Renting out the house means you don't have a permanent place of abode in Australia, therefore not passing the domicile test.

Income tax

• Tax rates – Australian resident (opens in a new tab)

Financial Support

• HECS-HELP

Financial Support - Study

• Loan

  • HECS-HELP (opens in a new tab) (Commonwealth supported place, CSP)

    Loan from the Australian Government that you can use to pay your student contribution amount

  • FEE-HELP (opens in a new tab) (Full fee-paying place)

    Loan from the Australian Government to pay all or part of your fees when you study a higher education course at an approved higher education provider

  • SA-HELP (opens in a new tab)

    A loan from the Australian Government to help you pay your higher education provider’s student services and amenities fee (SSAF)

• Resources

  • HELP Publications (opens in a new tab)

Insurance

Private Health Insurance

• Summary

  • Only get private patient hospital cover with an excess <= $750.
  • Don't add any extra
  • Use concession card (Low Income Health Care Card) to get Ambulance Levy Exemption

• Gist

  • Medicare levy surcharge

    • Caveats

      • Private patient hospital cover must have an excess <= $750.
      • Applicable when you don't have private hospital cover.
      • Doesn't use taxable income, use income for MLS purposes for determine your income.
      • You cannot use the family threshold for the number of days that you were single.

    • Income for MLS purposes

      • Taxable income
      • Super contributions
      • Reportable fringe benefits

    • Exemptions, if you are an Australian tax resident, you cannot avoid it, unless:

      • Take out private hospital cover.
      • Reside in a country with a reciprocal healthcare agreement with Australia.
      • Be a low-income earner below the surcharge threshold.
      • Be a full-time student enrolled in an eligible course.
      • Be a pensioner or veteran with relevant cards.

  • Lifetime Health Cover loading

    • Applicable to your premium
    • If you never get private hospital insurance, the LHC loading will never affect you.

• Reference

  • Private Health Insurance Act 2007 (opens in a new tab)
  • ahm Member Guide

• Tools

  • ATO - Private health insurance rebate calculator (opens in a new tab)
  • PrivateHealth.gov.au - Lifetime Health Cover calculator (opens in a new tab)
  • PrivateHealth.gov.au - Ten Years Continuous Cover calculator (opens in a new tab)

• Tax implications

  • H&R Block - What is Lifetime Health Cover Loading? (opens in a new tab)
  • Medicare Levy and Medicare Levy Surcharge: An Australian Expat Guide (opens in a new tab)
  • CHOICE - Do you need health insurance? (opens in a new tab)

Concessions

VIC

• Victorian concessions - A guide to discounts and services for eligible households in Victoria