9 tax planning tips for the end of the Australian financial year

Jun 14 2022

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While tax planning for the end of the Australian financial year may feel as exciting as getting prospective root canal treatment, it’s important to be mindful of the closing date of 30 June 2022 and to know exactly where you stand when it comes to your finances.

Many expats feel that there’s not much point in doing doing end of Australian financial year tax planning now they’re living overseas, but and even though tax in Australia may not be as much of a concern for those who have left, they could be leaving tax savings on the table and as they say, a penny saved is a penny earned.

Read on for some tax planning tips for the end of the Australian financial year from our friends at Select Investors. If you’re an expat in Singapore especially, read on!

1. Don’t forget superannuation

If you have a positively geared rental property back in Australia, then you are likely paying non-resident tax at 32.5%+ with no tax-free threshold on your net income, which is unpleasant. Accordingly, you can consider making a deductible superannuation contribution of up to A$27,500 before 30 June which can be claimed as a deduction against your rental income in the same year, thus saving you 32.5% tax at the individual level. This does however get taxed at 15% within your superannuation fund on the way in, and 15% annually on its earnings up to retirement, however there is a net saving of 17.5% together with the fact that you are putting some funds towards your retirement. Furthermore, from 1 July 2018, you can carry forward any unused “concessional” contributions year meaning that you could contribute up to $102,500 this year (to 30 June 2022) if you did not make any contributions in the last four years providing your super balance is less than $500k. Superannuation can be complicated and therefore it is important to reach out to a professional like myself to discuss your contributions before you make them.

2. Get a depreciation report

If you have a rental property back home and do not have a depreciation report, it is worth considering this if the property was constructed after 15 September 1987 or had substantial renovations after this time. Depreciation is a deduction for the reduction in value of the construction (not the land!) for up to 40 years of the property together with the plant and equipment, and furniture and fittings. I recommend reaching out to a quantity surveyor such as BMT or Tax Shield to discuss your specific property and determine whether it is worthwhile commissioning a report. Furthermore, the cost of the actual report is deductible so if you pay for this pre 30 June, you may claim a deduction. You can also amend some of your old returns to do a back claim after the report is produced which could potentially pay for the cost of the report in refunds.

3. Give your share portfolio some love

For those expatriates who may have been holding shares when they moved away from Australia and never elected a “deemed sale” for tax purposes in that particular year, these shares will still be taxable in Australia on sale. Accordingly, year end presents opportunity to sell (and buy back) any shares at a loss to crystalise the Australian capital loss (and potential gains against the loss as well). If you buy them back as a non-resident, you then pay no further tax on the gains as a Singapore tax resident until you move back to Australia again.

4. Push back Australian sourced income and bring forward expenses

This is always the fundamental principal of tax planning as you approach 30^th of June each year, even as an expatriate. As an Australian non-resident for tax purposes, you are only taxed on your Australian sourced income and assets, which is, for most of us, Australian property, and any shares which we acquired in Australia and were not “deemed” sold when we moved. So, applying this principal to your property, generally you cannot defer rent, but any expenses which you may have to pay, ensure to pay them pre 30^th of June including for repairs and maintenance work, and other expenses like land tax and depreciation reports. Furthermore, Australian based Income Protection Insurance premiums are also deductible against your Australian rental property.

5. Don’t sell your former family home whilst you are offshore

More a point to note however the Capital Gains Tax Principal Place of Residence Exemption was removed from 30 June 2020 for “Foreign Tax Residents”. This means that if you sell your former family home as a non-resident now going forward, you will be taxed on it with no principal place of residence exemption allowed. Important action is to either hold onto it until you return back to Australia as a tax resident again OR sell it in the future but be aware that you will have no tax concessions allowable under this provision. Some exemptions do apply for divorcing couples and other major life events.

6. Lookout – land tax!

It is important to ensure that your property back in Australia is no longer listed as your principal place of residence for land tax purposes, as you will be liable for land tax on this if you are not living in it.

7. Keep your family trust in good order

For those few that may still have an Australian discretionary trust active, ensure that you prepare your trust distribution minutes by the 30 June.

8. Leave in better shape than you arrived

In the event that you are an expatriate and considering a move back to Australia within the next 24 months, it is well worth commencing repatriation planning to ensure you understand the effect of bringing back your assets into a jurisdiction which taxes you on worldwide income and worldwide assets. This would include review of the tax position of each of your assets and income, together with restructuring opportunities, Australian tax residency position, treatment of those assets which will remain offshore and ensuring you have a retirement plan in place as your income in Australia will most likely drop and income tax will increase.

9. Keep an eye on Albo’s future tax changes including Residency

Potential changes to the Australian tax residency rules were announced in the 2021 budget which have currently not progressed to consultation. We expect to see these re-emerge post-election and will be largely tested on the number of days you are in Australia. They could have a sting in their tail so it is important to keep a look out for the changes when they occur.

Please reach out if you would like an obligation free meeting to further discuss any questions you may have via email: [email protected] and do watch the recent on demand webinar to learn more about Australian tax planning.

The above information is general in nature and could vary depending on your personal circumstances. Do contact me if you have any questions about any of the above or for an obligation free discussion to talk more specifically about personal circumstances.

ANZA Action: Out & about with the Salvation Army

Jun 14 2022

ANZA Action food delivery It’s been a happy few months for our Salvation Army volunteers who’ve been delivering food packages to those in need around Singapore. As one of ANZA Action’s longest running activities (rumoured to be 25 years-old!), it’s fantastic to see the team out and about and giving back to the community again.

The past few weeks have seen Maree Roberts and Virginia Soh head to Jalan Bukit Merah, and Marie and Virginia joined by Rae Moller, Wendy Borland, Naomi Cornet, Tanya Brock and Siobhan Moore to do drop-offs at Kim Tian, Jalan Kukoh and Bukit Merah View.

AZNA Action food delivery The volunteers get together at the Salvation Army Family Support Services centre in Tiong Bahru three Tuesday mornings each month, where they meet with staff who’ve already packed up two supermarket bags per recipient. The food delivered varies, but consists of dry goods like tinned food, noodles, rice, oil and toiletries. “Sometimes, during festivals like Christmas and Chinese New Year, there will be an extra bag of goodies. Special bags are also made up for those with dietary requirements,” explains Virginia.

Referrals are made by local social workers, and on average the volunteers deliver to around 35 households every month – mainly to the elderly – in the Salvation Army van.

ANZA Action food delivery — Distributing goodies at Jalan Kukoh

Biggest smiles

While there may be limited chat between the volunteers and recipients, a ni hao and zai jian (hello and goodbye) go a long way. “We deliver for around two hours and the uncles and aunties appreciate us with the biggest smiles and a xie xie (thank you) when we knock on their doors,” continues Virginia.

Pre-Covid, the volunteers would also help out at the Salvation Army’s Family Services Centre, where they’d assist the elderly with crafts and games of mahjong, and provide manicures and hand massages. They even accompanied a group to Gardens by the Bay. It’s a wonderful way for expats in Singapore to see another side of the heartlands, support the great work of the Salvation Army and give back to the community. So, what are you waiting for?!

To join the Salvation Army volunteers, log onto anza.org.sg/groups/anza-action or email [email protected]

Eco eating with Chef Darren Farr

Jun 13 2022

In the final part of our Singapore Chef Special to highlight the plight of sustainable eating and climate change, we speak to Sydney-born Chef Darren Farr who has taken his culinary skills around the globe including Tetsuya’s in Sydney, Peak Café Hong Kong and Mezzo Bar Restaurant London.

As one of the top chefs in Singapore who is using his Australian background to drive sustainable dining ahead on the red dot, his work is integral to Singapore becoming a more sustainable foodie haven.

“It was easy to stop serving straws, and we do our part with recycling and food waste”

Chef Darren Farr was born in Sydney and grew up in Albury. He’s taken his culinary skills around the globe including Tetsuya’s in Sydney, Peak Café Hong Kong and Mezzo Bar Restaurant London. He worked at Culina Singapore before becoming Chef-Owner of The Lokal.

When it comes to food, how do you keep your businesses as sustainable as possible?
Sustainability means being able to operate in a way that has minimal impact on the environment, and also being able to engage and inspire employees to practice good habits that make a difference. There are steps that are easy for us to implement such as not serving straws for our drinks, and offering an incentive to diners who bring their own cup for takeaway orders. We also do our part with recycling and the reduction of food waste.

In what ways do you enforce zero waste in your kitchens?
We try to do this constantly. For instance, at The Lokal, buttermilk left over from making our butter was used in our muffins of the day; whey left over from making our ricotta cheese was used to brine our chickens for roasting. We also try to reduce our use of single-use plastics.

Where do you source the ingredients for your menus?
We try to source locally but it’s not always easy. We used to source locally-farmed kale in Singapore and it was a fantastic product, but unfortunately they had to close the farm when Covid-19 hit. Currently on our menu we have Bass Strait Beef, which is Australian grass-fed beef for our steak offerings – this is generally more expensive but we feel customers will pay for good produce.

What needs to change to help F&B become more sustainable?
There are cost barriers to implement when using certain systems or packaging, which can be hard for small businesses. I feel like the general mindset of sustainability in Singapore needs to be changed. Even in our day to day operations, we see so much food wastage from over-ordering. I hope people will change their perspective about what they’re eating and become more aware of their choices as well.

How do your Australian roots influence the dishes you create?
Some of the dishes come from memories of growing up in Australia, but I attribute my dishes to years of travelling and working overseas, eating and experiencing many different cultures. Australia in itself is highly multicultural – including in its cuisine – so I take my inspiration from quite a range of multifaceted heritages and sources.

How have dining tastes changed due to the pandemic?
Many of our customers opt for dishes that remind them of home or of their travels, especially since travel has been off limits for so long. I don’t see a significant shift in diners choosing healthier or greener dishes, but I must commend our guests for always being willing to bring their own takeaway containers which makes a big difference.

Where do you recommend visitors to Australia should go for great sustainable food?
Three Blue Ducks (threeblueducks.com) is a spot I always hit up. I think what they do is great in terms of sustainability. I’m very envious!

Find Darren on Instagram @fuzzychef

Eating green with Cloudstreet’s Chef Rishi Naleendra

Jun 9 2022

Sustainable dining has never been more popular or important. As part of a Singapore Chef Special to highlight the plight of cleaner eating and climate change, we speak to top chefs in Singapore who are using their Australian backgrounds to drive sustainable dining ahead within the F&B industry here on the red dot.

In the second part of our series, we chat to Chef Rishi Naleendra who trained in various Australian kitchens, and was the Chef de Partie at the world-renowned Tetsuya’s in Sydney. Today he’s the Chef-Owner of FOOL, Cloudstreet and Kotuwa in Singapore.

‘My time in Australia gave me a creative freedom which is evident in the food at FOOL and Cloudstreet’

Tell us about the concept for FOOL …
It was inspired by the amazing and diverse wine-bar scene in Australia, and designed to bring a very different wine and food experience to the diners in Singapore. We not only wanted to challenge the status quo, but also debunk the stigma of stuffiness around wines.

What does sustainability mean to you?
It has always been the core of what we do, be it from culinary offerings, staffing, and the business as a whole. Our wine list is mostly made up of wines from passionate and quality winemakers who practice sustainable winemaking. We have a large portion of organic and biodynamic wines. Supporting local farms and producers on our food menu is something we have strongly believed in and practiced since day one.

How do you keep FOOL as sustainable as possible?
When the pandemic hit, we were forced to delve into takeaways and deliveries. As such, we sourced biodegradable takeaway containers made from sugarcane pulp and only used paper bags for transporting food. We did away with straws, but have biodegradable ones on standby. In our cocktail programmes, we’re receiving our alcohol using the ecoSpirits system, a new spirits distribution technology by Proof & Company that reduces the carbon footprint of the entire spirits life cycle – from field to glass to landfill.

How do you minimise waste?
From utilising the whole animal to using the rinds from fruit, we try our best to keep our waste to a minimum. With the quality of ingredients we use, we cannot afford any wastage, hence we need to be creative with how we use our ingredients. In addition, our food trimmings are kept and used in our staff meals or used to create tasty snacks for staff.

What are your hopes for sustainable dining here in SG?
We need bigger corporations on board. Singapore is a small country and there is not much land for farming. Vertical farming is developing here for plants and vegetables, but for animal farming there is not enough land for a sustainable resource on a large scale. For mass produced meats, huge chain eateries and fast food chains, cell-based meats or cultured meats might be the future. There is a long way to go but I believe the industry as a whole is moving in the right direction.

Where should our readers go in Australia for sustainable food?
Sunda Dining (sunda.com.au) in Melbourne focus on Southeast Asian cuisine, but use Australian ingredients. Also, Yellow Sydney (yellowsydney.com.au) serve a great full vegetarian menu.

foolwine.com.sg @foolwine.sg @rishinaleendra

Long Covid: Symptoms, signs & recovery

Jun 8 2022

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What do we know about long Covid so far?

Unfortunately, there’s no simple answer. As we accumulate data we’ll understand more, but for now it can be divided into three categories:

Acute Covid-19 with symptoms of Covid-19 infection for up to four weeks.
Ongoing symptomatic Covid-19 where symptoms may last between four to 12 weeks.
Chronic or post-Covid-19 with symptoms lasting for more than 12 weeks. Various symptoms can affect multiple organs, which fluctuate in intensity and mature over time.

It’s worth noting that a diagnosis of post-Covid-19 syndrome doesn’t necessarily need a positive test for Covid-19 infection. This is because many individuals experiencing post-Covid-19 syndrome have often had a relatively mild illness or been asymptomatic, and hence, an undiagnosed Covid-19 infection.

What are the symptoms?

The most common tend to be fatigue and sleep disturbance. Those experiencing chronic post-Covid-19 syndrome notice anxiety and breathlessness. Also:

Fatigue, fever, body aches and pains
Breathlessness, a cough
Chest pain, chest tightness, palpitations
‘Brain fog’ with loss of concentration or memory issues
Headaches,changes in sleeping pattern, dizziness
Changes in vision
Numbness or tingling hands and/or feet
Abdominal pain, nausea and vomiting, diarrhoea
Weight loss or reduced appetite
Muscle or joint pains
Mood changes
Skin rashes, hair loss
Tinnitus (a ringing sound in ears), ear aches, sore throat, loss of taste and/or smell, nasal congestion

Who gets long Covid?

At present we don’t know why some people develop post-Covid-19 syndrome and others do not. Early worldwide research has highlighted some risk factors:

Prolonged low oxygen levels and/or admission to intensive care unit (ICU)
A history of some pre-existing lung-related diseases
Higher body mass index (BMI)
Older age adults
Females
White ethnicity

What about children?

As a parent, I appreciate this is a great concern for many people. Most children affected by Covid-19 infection tend to be asymptomatic or have less severe disease than adults. Studies are underway on the long-term effects on children, but sadly we cannot put knowledge before the current amount of data available.

What do studies reveal?

Latest findings reveal that children may experience respiratory-related concerns and general symptoms, such as headaches, as long-term related effects of Covid-19 infection. These conditions don’t usually require specialist intervention. Taking a holistic view, it’s worth noting that the pandemic has led to nearly a third of all children and adolescents reporting anxiety and/or sadness, regardless of infection status.

What should I do if I have symptoms?

Please visit us. We have two clinics – in the CBD and the West – we can help!

How can a GP help?
Find Osler Health clinics at 328 North Bridge Road, #02-27 Raffles Hotel Arcade, 188719 and 1 Vista Exchange Green, #B1-27, The Star Vista,138617. Email us at [email protected] or [email protected]

Dr Trisha Upadhyaya is a British trained doctor from Osler Health International and is based at Star Vista clinic, near to Holland Village.

What’s new with sustainable dining in Singapore?

Jun 6 2022

Sustainable dining may not be new, but the growing urgency of our fight against climate change and the global target of being carbon zero by 2050 means the solution is a collective one.

Thankfully, like-minded people in the hospitality industry have long been driving the change to more sustainable dining options by making changes in their own communities and connecting with others to tackle concerns: Australia and Singapore are one such pairing.

“Singapore is a bona fide foodie nation that is known for its fantastic multicultural cuisine, with much that the world can learn from,” says Penny Rafferty, Head of Sustainability for Tourism Australia. “We see many synergies with Singapore in terms of collaborating on food inspiration and ingredient ideas. Australia prides itself on our diverse range of produce and how our food and wine operators innovate with creative takes on those ingredients. Our farmers and fishermen are passionate about sharing their knowledge and engage in advocacy for the cause.”

The exchange of ideas between Singapore’s trailblazing chefs and trendsetters is also exciting, especially when it’s driven by F&B development and a more sustainable ecosystem. From regenerative farms to coffee roasters, breweries to bakers, everyone is aiming for a more eco-friendly and positive impact together.

“The question businesses and individuals are asking is no longer ‘why’ do we need to be sustainable, but ‘how’,” continues Penny. “As the voice for tourism in Australia, we are looking forward to growing and developing together, sharing the evolution of our sustainable food future, and exchanging stories from across the country with Singapore. We also look forward to learning from Singapore, a country that punches way above its weight in terms of food and innovation.”

In light of this, we meet top chefs in Singapore who are using their Australian backgrounds to pioneer changes and drive sustainable dining ahead within the F&B industry here on the red dot. Here’s our first conversation with Chef Jason Jones, Culinary Director and Co-Owner of Singapore’s Super Loco Group.

Sustainable F&B Explained

“Sustainable F&B is about embedding sustainability in the end-to-end conceptualisation, operation and delivery of an F&B concept. This almost always includes sourcing the best produce from local suppliers, often organically grown and with minimal transport; using renewable sources of energy; and finding other creative solutions to encourage regenerative farming and reduce carbon footprint.”
Penny Rafferty, Head of Tourism Australia’s Sustainability Strategy

‘We’ve made our menus at least 50% plant-based by constantly adding new vegetarian and vegan dishes’

Chef Jason Jones from Bega, NSW, is the Culinary Director and Co-Owner of Singapore’s Super Loco Group, a Mexican restaurant and bar group that serves authentically-inspired Mexican cuisine with a unique contemporary approach, along with a curated collection of artisanal agave-forward tequila and mezcal.

What does sustainability mean to you?
It means providing a great product and experience with as little impact to the environment as possible. At Super Loco Group we use as much local produce as we can, partnering with regional farms recognised as having the ‘best practices’ – such as our chicken farmers and our sustainably-farmed barramundi supplier. We reduce glass usage through our partnership with ecoSpirits. We’ve also gone zero-plastic by making our delivery packaging fully compostable thanks to Forest Stewardship Council (FSC).

What sustainable efforts go into your menu?
We try to incorporate under-loved cuts in our carbon-conscious menu to show guests that they are just as delicious as popular cuts, for example, our Ox Tongue Tacos at Super Loco Robertson Quay.

Tell us about some other ways you champion green issues through F&B?
We have a series of sustainability initiatives that each address different aspects of sustainability within our kitchens, bars and delivery experience. In addition, we’ve partnered with reforestation technology start-up Green Steps Group to aid reforestation in Borneo’s endangered rainforests through a tree adoption project at our venues.

How easy is it to run an environmentally responsible F&B businesses in Singapore?
It’s not easy at all as most produce in Singapore is imported. The SG Recycling programme could be better. Recycled biodegradable packaging costs more than plastic, making it hard for small businesses to justify the reduced margins. I think food waste needs to go back into the ground to help grow more stuff – every restaurant creates a huge amount of compost that could be used wisely. This being said, vertical farms are starting to help and certain environmental groups are making a solid impact. The government definitely helps these movements with grants and support so I do think the road ahead will see positive changes.

How do your Australian roots influence the dishes you create?
I think the main one is being versatile, and not set in any particular way. In Australia, we don’t have a cuisine that dates back centuries; it’s made of influences from around the world. In my apprentice training days we learned a lot of basic French techniques along with Thai curry, risotto, tagines, chilli crab, schnitzel, guacamole, and so on. So you can imagine, when it comes to creating new Mexican dishes here, we apply our skills in a versatile way that is also (hopefully) appealing.

Do you see diners making greener choices today?
Guests are starting to be more conscious of where and how ingredients are sourced or produced. There also seems to be a growing interest in including plant-based proteins in their dietary lifestyle choices – whether for health reasons, or simply in the interest of leading a more eco-friendly lifestyle. We’ve made our menus at least 50% plant-based by constantly adding new vegetarian and vegan dishes.

How do you stay healthy and well yourself?
I do try to balance the eating game. I like to eat vegan, and I like to eat healthy, but not all the time. If I’ve eaten meat one night, I’ll try not to eat it again for a little while, but how good is fried chicken? Exercise is important, as is rest. Can someone please tell my two little children this?!

super-loco.com @superlocogroup

New Zealand & Oz come to i Light Singapore 2022

Jun 3 2022

When it comes to things to do in Singapore in June, Asia’s i Light Singapore 2022 is right up there! The illuminating event returns to Marina Bay from 3 – 26 June 2022 with a selection of captivating light art installations across the island. Curated to the theme Spark of Light, the 20 artworks by artists from 14 countries have taken inspiration from the colour violet, which signifies the awakening of senses. To celebrate the event, we caught up with two of the international artists featured this year – Angus Muir from New Zealand and Atelier Sisu from Australia – to find out how they got involved and what they’re most looking forward to.

Florescentia by Australian artist Atelier Sisu

Shish-ka-buoy by New Zealand artist, Angus Muir

Hi Angus and Atelier Sisu! Is this the first time you’re participating in i Light Singapore 2022?

Angus Muir: This is our third time! We were excited about coming back for i Light Singapore in 2020, and 2021, but Covid wasn’t allowing that! It’s great to be back in Singapore, one of our favourite cities.

Atelier Sisu: Yes! This is the first time for us. It’s been a few years in the making – the artwork was actually scheduled to be part of the 2020 event. Unfortunately, due to the pandemic, this was unable to go ahead. We’re thrilled to finally be part of it. Singapore is such an iconically beautiful city and it is a real pleasure to bring our work here.

Please talk us through your installations for the festival …

AM: Shish-ka-buoy is an installation of pure joy and colourful delight bundled up into a mesmerising skewer of illuminated spheres. The ever changing gradients of colours almost appear like a spherical sunset going down on a dark street. We spent a long time perfecting the installation and hope that it draws people in like moths to a flame.

AS: Florescentia is an existing artwork that was originally commissioned by Vivid Sydney. i Light Singapore will be its first debut in Asia. The word ‘Florescentia’ is the Latin word for blossoming. Florescentia is defined by its kinetic personality – standing three metres off the ground, the heads of each of the Florescentias rotate, thereby manipulating the petal profiles so that the work expands and contracts, emulating the opening and closing of flower petals. We refer to this movement as a photosynthesis ballet, mimicking the blossoming of a flower.

You’ve both used recyclable materials for your pieces. How important is it for you to stay as sustainable as possible?

AM: I think it’s incredibly important to be as sustainable as you can in this day and age. We always focus on materials that are recycled, or can easily be recycled. For us we create works that last for many years. This installation has been exhibited over 30 times. I think creativity stands apart from the use of recycled materials, if anything, using sustainable materials can be more challenging and requires a lot more thought and energy.

AS: Minimising any environmental footprint is always key when creating a public artwork. We work closely with Megara Australia to create many of our artworks, Florescentia being no exception. The rotating and twirling profiles of the work are made from 100% Australian Carbon Neutral polypropylene. This material has strength, flexibility, good light diffusing qualities, is able to withstand constant kinetic manipulation for long durations and is environmentally friendly.

How did you get your installations from NZ and Oz over to Singapore?

AM: Our installations travel by sea. It takes around five weeks to get over from NZ. Shipping is pretty busy right now so we had to allow some extra time. Once it arrives, the equipment is sent to site, where we then rebuild it on site. Everything packs pretty small and is very modular.

AS: Florescentia travelled to Singapore dismantled, in two very large road cases. When we arrive in Singapore it will take us around two days to reconstruct the artwork, while ensuring that it is curated to the space in a site specific way.

Which other artists or parts of i Light Singapore are you excited to check out while you’re here?

AM: We’re looking forward to seeing everything! We know a few artists already, but it is nice to meet new ones.

AS: We’re particularly eager to see the work ‘Fireflies’ by Toer Studio. This is also a kinetic artwork that emulates the magical movement of fireflies in the night. We are of course excited to see Angus Muir’s beautiful Shish-ka-buoys again. While we have had the pleasure of seeing them displayed in New Zealand, they’re always a crowd favourite and beautiful against the night.

How will you spend your spare time in Singapore?

AM: We are going to spend five days exploring the city after we set-up. We love the architecture, food and shopping!I love getting out for an early morning walk and watching the sunrise over Marina Bay, then watching the sun go down from a nice rooftop bar! You will definitely find us in a mall from 11-2pm hiding from the heat – hahaha!

AS: One half of the Atelier Sisu team, Zara, has spent quite a lot of time in Singapore over the years while performing in Holiday Ice Shows at Novena Shopping Center. We’re really looking forward to visiting some of her favourite places (Newton Circus and Jumbo’s for some long awaited Chilli Crab!). We’re also going to head to the National Gallery and Gardens by the Bay, in particular the beautiful Cloud Dome within the gardens.

Please tell us about some of the artworks you’ve illuminated back in your respective homes …

AM: We’ve spent a lot of time exhibiting in New Zealand. We’ve been involved with LUMA for six years in Queenstown, which is an incredible location. We’ve also been in light festivals and events in most major cities in New Zealand, Oamaru, Dunedin, Christchurch, Nelson, Wellington, Kapiti Coast, Hastings, Napier, Taupo, New Plymouth, Gisborne, Tauranga, Hamilton, Auckland and Whangarei. For me, my absolute dream space is the beautiful landscape of New Zealand.

AS: Atelier Sisu’s work in Australia sits within the intersection of art and architecture. Coinciding with i Light Singapore, Atelier Sisu is activating Walsh Bay on Sydney Harbour with the artwork, Ephemeral Oceanic as part of Vivid Sydney. The artwork is a partially water based, larger-than-life bubble scape and we’re thrilled to be working on Sydney Harbour.

Don’t miss i Light Singapore 2022 from 3 – 26 June 2022.

9 tips for end-of-year Australian tax planning 2022

Jun 2 2022

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As we near the end of another financial year, it’s important to start thinking about strategies that can be implemented for the year ending 30 June 2022. With tax planning, even implementing strategies to simply defer income to the following financial year can provide significant benefits. Read on for 10 tax planning strategies that are worth considered prior to dealine.

Defer Australian Sourced Income and Accelerate Deductions

This is always the fundamental principal of tax planning as you approach 30th of June each year, even as an expatriate. As an Australian non-resident for tax purposes, you are only taxed on your Australian sourced income and assets, which is, for most of us, Australian property, and any shares which we acquired in Australia and were not “deemed” sold when we moved. So, applying this principal to your property, generally you cannot defer rent, but any expenses which you may have to pay, ensure to pay them pre 30th of June including for repairs and maintenance work, and other expenses like land tax and depreciation reports. Furthermore, Australian based Income Protection Insurance premiums are also deductible against your Australian rental property.

2. Superannuation

If you have a positively geared rental property back in Australia, then you are likely paying non-resident tax at 32.5%+ with no tax-free threshold on your net income, which is unpleasant. Accordingly, you can consider making a deductible superannuation contribution of up to A$27,500 before 30th of June which can be claimed as a deduction against your rental income in the same year, thus saving you 32.5% tax at the individual level. This does however get taxed at 15% within your superannuation fund on the way in, and 15% annually on its earnings up to retirement, however there is a net saving of 17.5% together with the fact that you are putting some funds towards your retirement. Furthermore, from 1 July 2018, you can carry forward any unused “concessional” contributions year meaning that you could contribute up to $102,500 this year (to 30 June 2022) if you did not make any contributions in the last 4 years providing your super balance is less than $500k. Superannuation can be complicated and therefore it is important to reach out to a professional like myself to discuss your contributions before you make them.

3. Depreciation Reports

If you have a rental property back home and do not have a depreciation report, it is worth considering this if the property was constructed after 15 September 1987 or had substantial renovations after this time. Depreciation is a deduction for the reduction in value of the construction (not the land!) for up to 40 years of the property together with the plant and equipment, and furniture and fittings. I recommend reaching out to a quantity surveyor such as BMT or Tax Shield to discuss your specific property and determine whether it is worthwhile commissioning a report. Furthermore, the cost of the actual report is deductible so if you pay for this pre 30 June, you may claim a deduction. You can also amend some of your old returns to do a back claim after the report is produced which could potentially pay for the cost of the report in refunds.

4. Share Trading

For those expatriates who may have been holding shares when they moved away from Australia and never elected a “deemed sale” for tax purposes in that particular year, these shares will still be taxable in Australia on sale. Accordingly, year end presents opportunity to sell (and buy back) any shares at a loss to crystalise the Australian capital loss (and potential gains against the loss as well). If you buy them back as a non-resident, you then pay no further tax on the gains as a Singapore tax resident until you move back to Australia again.

5. Capital Gains Tax Changes

More a point to note however the Capital Gains Tax Principal Place of Residence Exemption was removed from 30 June 2020 for “Foreign Tax Residents”. This means that if you sell your former family home as a non-resident now going forward, you will be taxed on it with no principal place of residence exemption allowed. Important action is to either hold onto it until you return back to Australia as a tax resident again OR sell it in the future but be aware that you will have no tax concessions allowable under this provision. Some exemptions do apply for divorcing couples and other major life events.

6. Land Tax

It is important to ensure that your property back in Australia is no longer listed as your principal place of residence for land tax purposes, as you will be liable for land tax on this if you are not living in it.

7. Trust Distribution Minutes

For those few that may still have an Australian discretionary trust active, ensure that you prepare your trust distribution minutes by the 30th of June.

8. Repatriation Planning

In the event that you are an expatriate and considering a move back to Australia within the next 24 months, it is well worth commencing repatriation planning to ensure you understand the effect of bringing back your assets into a jurisdiction which taxes you on worldwide income and worldwide assets. This would include review of the tax position of each of your assets and income, together with restructuring opportunities, Australian tax residency position, treatment of those assets which will remain offshore and ensuring you have a retirement plan in place as your income in Australia will most likely drop and income tax will increase.

9. Potential changes to the Australian Tax Residency Rules
Potential changes to the Australian tax residency rules were announced in the 2021 budget which have currently not progressed to consultation. We expect to see these re-emerge post-election and will be largely tested on the number of days you are in Australia. They could have a sting in their tail so it is important to keep a look out for the changes when they occur.

Please reach out if you would like an obligation free meeting to further discuss any questions you may have via email: [email protected] and do watch the recent on demand webinar to learn more about Australian tax planning.

The above information is general in nature and could vary depending on your personal circumstances. Do contact me if you have any questions about any of the above or for an obligation free discussion to talk more specifically about personal circumstances.

Swap kids’ screen time for these fun activities

Jun 2 2022

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Studies show that children spend an average of seven hours a day on screen time. Although we can’t deny the educational part of screen time, kids can easily go overboard which often leads to more harm than good. Too much stimulation can lead to poor sleep, unhealthy habits, and in some cases, problems with mental health issues. With the school holidays coming up, it can be a real struggle for parents to get their kids off of their digital devices. We want to make things a little easier for you with these fun ideas:

SCHEDULE A PLAY DATE

Play is as vital as studies to kids. Through playing with other kids, they get to practice and improve not only their physical skills but also the essential social and emotional skills which are important foundations that prepare every child in facing the “real world”.

PLAN OUTDOOR ACTIVITIES

What better way to get off the screen than to just leave it behind and to and get out and about? Breathe some fresh air at one of Singapore’s parks, hit the waves at ANZA Nippers, enjoy nature with the family, however way you want it! They say family time is always the best time. School holidays is surely the best time to unplug and release stress not just for the kids but also for the whole family. Kids will be too occupied to even think of screen time or too tired when they get home for that matter …ha!

INTRODUCE SPORTS

Exposing kids to sports at a young age certainly does more than just keeping them active and fit. Playing sports as a kid has countless incredible benefits to someone’s values and being such as enhanced social skills, teamwork, a boost in self-confidence, an active mind, healthy habits and increased cognitive performance. Getting your kids to sweat it out through sports can also help them to determine and develop their passion.

At Total Fitness Leisure (TFL), we see to it that learning sports will always be fun especially for kids. We offer both tennis and swimming coaching across all ages and levels. Whether you are looking to learn on a private, group setting or participate in holiday camps- we got you covered!

We’d be more than glad to answer your queries at +65 9750 7400 or email [email protected]. You may also check out our website at www.tfl-training.com.

What really happens at ANZA’s Secret Men’s Group?

Jun 1 2022

It’s perhaps fair to say that you can get a gaggle of women together and within five minutes they’ll be the best of friends. Scientific research has proven that females find same-sex social interactions to be more rewarding than males, and that guys are more prone to adopt “report talk,” while girls gravitate more towards “rapport talk.”

But that’s not to say that men don’t need a bit of man-time every now and then. The pandemic has shown us just how essential communication, support and friendships are for all genders to live a healthy life, which is why Secret Men’s Business (SMB) is one of ANZA’s most important social groups.

Like-minded blokes
SMB is for men who are looking to catch up with like-minded, friendly blokes. The group’s main activity is golf, usually on Tuesday and Thursday mornings at Orchid Country Club, Sembawang Country Club or Warren Golf and Country Club. Due to Covid restrictions, golf takes place in lower numbers, as does squash, cycling, and tennis. If you just fancy some chat over a few beers, drinks and lunch events also take place.

“Settling into a new country can be difficult if you don’t know many people, especially for trailing spouses, so SMB aims to to help you in this area,” says group organiser, Patrick Taylor.

A survey by Relationships Australia found that more men than women had noclose friends outside their long-term relationship
Statistics courtesy of healthline.com * Images provided prior to pandemic restrictions

If sport and talk are not your thing, SMB also has a charitable side pitching in with working bees and passing the hat or fundraising for their designated charity, Melrose Home Children’s Aid Society.

Male ANZA members old and new are all welcome. As for the secret part of SMB, it remains shrouded in mystery until you join up. You can be rest assured that what happens at SMB, stays at SMB!

What The Science Says Men with more social connections have:

Less stress
Lower blood pressureLower body mass index (BMI)
Less experience of depression
A life span of up to 22 percent longer

Log onto anza.org.sg/groups/secret-mens-business/ to find out more.