Well there’s finally an end in sight to the Gulf of Mexico oil spill. It seems incredible this environmental catastrophe first erupted on April 20 and has taken more than three months and countless “experts” – from movie moguls to environmental specialists – to resolve. While the US Government came down hard on a certain BP (no-longer) Big Wig, there did seem to be a bit of selective memory occuring. Wasn’t it the US Government who allowed off-shore drilling in the first place? And has been quite content to earn revenue from related taxes, while the Deepwater Horizon drilling rig was in operation? The loss of environmental and human life related to this risky form of profiteering has become all too apparant. Yet we all remain part of the demand for such an industry….sigh

Australian property tax and expatriate tax expert STEVE DOUGLAS explains how Aussie property owners can determine if they need to submit an Australian tax return.

Q. I’m an Australian living in Singapore and recently rented out a property I own back home, so I understand I’ll be liable for Australian tax. Will the Australian Tax Office calculate tax owed on a base income of my Australian rent earnings, or on my overseas earnings?

A. Usually when you’re genuinely living outside of Australia for an indefinite or extended period, you’re considered Non Resident in Australia for tax purposes – regardless of the fact you may be a citizen. When this occurs, the only taxable activity is usually the rental property income and any earnings from services performed in Australia. You do not need to declare your offshore earnings to the Australian Taxation Office.  

If you’re only in Singapore on a temporary assignment, you may still be classed as Resident for tax in Australia. In this instance you’d need to declare all offshore Income and you’ll receive a credit for any Foreign Tax paid on it, when the Australian tax payable is calculated. This only applies if you intend to remain overseas for the short-term, so you need to be clear on your long-term plans.

Legally, if you’re earning rental income in Australia, you’re required to lodge a tax return each year to declare income earned and detail any expenses relating to the property – such as interest, agent fees, maintenance, rates and even travel expenses for inspection. Usually once all expenses are deducted there’s a shortfall. This shortfall can then be carried forward into future years when you return home, offsetting rental profits, capital gains on sale, or even income tax on an Australian-earned salary. You may also qualify for special building write-offs and depreciation allowances on your property, which can further enhance the tax effectiveness of your investment. Such incentives make purchasing Australian property an attractive proposition and it shouldn’t be underestimated as a powerful financial planning option.

If you choose to lodge your tax return yourself, the due date is October 31 of each year. If a Registered Tax Agent, such as ATS, prepares it on your behalf, you’ll usually enjoy an extension for submission until April of the following year. Make sure you do lodge your Australian tax return each year. The penalty for not doing so is A$550 per year per person and you may lose out on the tax benefits you’re rightfully entitled to.

DR Brendan Gin of Smilefocus outlines simple ways to care for sensitive teeth.  

Not everyone can enjoy the sweet indulgence of an iced coffee topped with cream, a raspberry icy-pole or serve of hokey pokey ice cream. People with sensitive teeth may be deprived from such simple pleasures – not because of dietary reasons, but because taking the smallest spoonful, bite or sip can bring a sudden onset of sharp pain.

Sensitive teeth can develop in several ways. Extreme hot and cold temperature changes cause teeth to expand and contract. An example would be crunching ice with your teeth. Over time, your teeth develop tiny cracks, which allow sensation to be transmitted to the nerve of your tooth, causing discomfort and pain. This painful reaction can be referred to as “cracked tooth syndrome” – which can also be triggered by sweet or sour food and drinks. Your tooth may also be sensitive to biting pressure, causing a sudden sharp pain that shoots deep into the nerve endings of your teeth. Though fracture lines are often invisible, sensitivity to pressure and cold usually indicates a problem.

If your teeth are sensitive along the gumline and you experience discomfort when brushing your teeth, this can suggest you have an exposed area of dentin. Dentin is the protein-rich layer under the enamel – a tooth’s in-built shock absorber. And tooth enamel is thinner along the gumline, which can be worn away by abrasion from hard-bristled toothbrushes or aggressive brushing. Using a medium or hard toothbrush will irritate your gums, leading to some recession. Whereas a soft brush with proper use – without aggressive scrubbing and brushing – cares for your teeth. Switching to an electric toothbrush is also useful in reducing damage.

Causes of tooth pain can range from a simple case of root sensitivity – requiring only therapeutic toothpaste treatment – to an abscessed tooth requiring root canal treatment. Pain due to temperature and/or pressure sensitivity can be best diagnosed by your dentist when examining your tooth visually and on an x-ray, to find the cause of your problem.

Simple solutions – perhaps a dab of fluoride or bonding material overlaid on the worn part of your tooth for larger areas – can bring you great relief. Don’t hesitate to visit your dentist to review your teeth for sensitivity. You’ll then be able to enjoy a painless ice-cold drink on a hot Singapore day!

Dr Brendan Gin (B.D.Sc. Melbourne)

Dr Brendan Gin, from Melbourne, Australia, has a wide range of experience in treating adults and children for general dental care.  A caring and gentle dentist, he is very popular with nervous patients.

Aidan Bailey of THE FRY GROUP explains implications of the UK’s new Emergency Budget.

Here’s what you should know about the UK’s new Coalition Government Emergency Budget, designed to reduce the country’s current deficit, balancing the £86bn gap between tax revenue and state spending.

Income Tax: Personal Allowance From April 2011, the basic personal allowance for those less then 65 years will be raised to £7,475. Reductions to the basic rate band will be announced later this year.

Capital Gains Tax (CGT): Rates and Entrepreneurs’ Relief CGT is now 18 percent for basic rate taxpayers and 28 percent for higher rate taxpayers, replacing the previous all-gain rate of 18 percent. A further 40 or 50 percent increase may happen in 2011. Expatriates remain exempt, for now.

Furnished Holiday Letting New FHL taxation documentation includes the following:

·         Applicable to European properties

·         Increase to number of days property is available and let out

·         Revised loss relief

State Pensions are re-linked with earnings. State pensions will increase yearly in tandem with earnings, inflation, or by 2.5 percent – whichever is greater.

Taxation of non-domiciled individuals will be reviewed, “to ensure non-domiciled individuals make a fair contribution to reducing the deficit, in return for greater certainty and stability for those bringing skills and investment to the UK,” says the Chancellor.

Corporation Tax (CT) Rates From 1 April 2011, companies with profits above £1.5M will incur a new CT rate of 27 percent. Those with profits below £300,000 will be taxed 20 percent.

VAT will increase to 20 percent from 4 January 2011. This will not affect zero-rated, exempt or reduced-rate supplies such as children’s clothing and books, education, health and domestic fuel and power.

Bank Levy will be based on banks’ balance sheets. Set at 0.07 percent, with a lower initial rate of 0.04 percent from 1 January 2011.

            According to the coalition’s plans, structural deficit will be balanced by 2015 and government borrowing will be reduced to 1.1 percent of the Gross Domestic Product by 2015/16. Although these ambitious targets translate to severe cuts in some public service sectors – health, schools and defence are not affected – general feedback has been positive.

Reactions

Ratings agency Moody applauds these plans, has confirmed the UK’s AAA status and declared the budget a "key step towards reversing the significant deterioration in the Government’s financial position that occurred over the past two years”.

• The yield on 10-year gilts fell two points to 3.43 percent, indicating renewed confidence in public finances.
• A more austere approach to fiscal policy will ensure monetary policy remains loose for some time. UK interest rates are likely to remain at record low levels over the foreseeable future.

Aidan Bailey BA (Hons) CertPFS AWP^CM 

General Manager Singapore, International Division

ELISABETTA FRANZOSO explores the relationship between wellbeing, work and play – the eighth focus of the Wellness Inventory Wheel.

Reality Check Work and play are essential to a balanced lifestyle, but they aren’t separate entities. What is play to you may be work to another. And while some of us make a chore out of recreation, others don’t even consider their jobs as work – because they enjoy what they do.

Insight Play is frequently considered an antonym of work, solidifying the dichotomy between the two. One reason we don’t play as much as we should is because we’ve adopted society’s definition of it as no more than “fun”. But play is fascinating, peaceful and restful. And when play energy is balanced with work energy it enhances the quality of professional and personal relationships.

Result Because work and play are dynamically connected with self-concept, a sense of purpose and your own survival, they’re strong determinants of your wellbeing. If problems are ongoing in work or play, your state of health and wellness will reflect this. Ultimately, it’s all about perception. Work provides meaning and structure to your life – you earn your livelihood, express your gifts, dreams and creativity and facilitate change in the world. Because of this, work is seen as both necessary and desirable. Play is a form of self-nourishment, it’s an attitude you can create at any point – transforming something monotonous into the exciting, duties into desires. By allowing play to strengthen “you”, you’re more likely to experience balance and live in the now.  

Moving Forward It’s impossible to live a full life if you lack the energy to play or can’t grasp the concept of “taking it easy”. Rather than changing what you do for work or play, be more aware of your attitude and with professional coaching, examine the roles work and play have in your life and make changes.

How to balance work & play  

Abandon judgments of either activity. Ask, “What do I consider as play?”, “How am I presently balancing work and play?”, “Is play an important priority in my life – and if not, why?”.

Testimonial

"Elisabetta’s coaching allowed me to understand myself better. She motivated me to look deep within myself and take responsibility and action towards my wellbeing goals." KF –Entrepreneur, male

Elisabetta Franzoso BA, Dipl.Psych, MSocSc Author of Stella’s Mum Gets Her Groove Back available at bookstores and www.amazon.com

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Join Elisabetta’s public workshops, Communication in 4Dimensions at Singapore Institute of Management. For further information email info@insideoutyou.com or call 6465 4605.

Elisabetta Franzoso is a highly self-driven coach and motivator who focuses on communication, self-expression and wellbeing. Her passion is to empower people to achieve excellence and transformation from the inside out. To complete your Well-Being Inventory Index and get your detailed personal Health and Wellness Assessment, contact Elisabetta and her team of professional Life Coaches, Psychological Counsellors, Fitness Trainers, Nutritionists, Physicians and Body Therapists.

I never thought I’d say those words. But here I am, the proud (I think) new owner of a Volvo XC60, in Champagne coloured "Seashell" for Meeshell (East End London version of Michelle). It was between that and the Audi Q5 - which had way too many gizmos, too big a grille and tractor-sized tyres which seemed to generate headache-inducing road noise.

So, I’ve gone for the sleek, smooth, Swedish alternative. And it’s true, when it comes to design, the Swedes have "got it". And as for noise, when I test drove the new car I felt as though I was floating along on a cloud. Just the thing a stressed out editor and harried wife needs - me time, with peace and quiet, in my Volvo. So come mid-August I’ll bid farewell to The Silver Bullet (my nippy and reliable Toyota RAV4) and say hello to The Vulva (the meaning of that nickname is a whole other story).

Hey, if the Volvo XC60 is good enough for Edward Cullen, it’s good enough for me!

Wow, who is that stylish chick in that super stylish car…

Get set to laugh yourself silly as The Melbourne International Comedy Festival Roadshow returns to Singapore! Featuring a stellar line-up of five comedians from Australia and the UK including Cal Wilson, Jeff Green, Sam Simmons, Justin Hamilton and Josh Earl. Click here for more info.
WHEN: July 21-24
WHERE: DBS Arts Centre - Home of SRT
TICKETS: From $46, Tel: 6100 2005 or click here

Seats are selling fast…. see you there!

My name is Michelle and I’m a chocoholic. Okay, maybe I’m a sugarholic. But since the only thing I tend to reach for is a family-size block of Cadbury’s Top Deck, I have to admit a serious addiction to the cocoa bean. I start out with good intentions, thinking “I’ll just have one row” and before I know it, the whole block has disappeared!

Ooh la la, Happy Birthday to France for July 14. You may not have got far in the World Cup - let’s face it, not many of us did! - but your birthday is certainly reason for celebration. Our pick? Head to Picotin for "an evening of all things French".

WHEN: Wednesday July 14, 6:30pm until late
WHERE: Horsecity, 100 Turf Club Rd
WEAR: Red, white and blue
EXPECT: A buffet menu at $60 nett including traditional dishes such as duck live pate, spit-roasted pork, mussels, creme brulee and more!
TEL: 6877 1191

Bon appetit!

Forget bad hair day, I’m having a bad hair month! It’s been seven months since my last Visage Anti Frizz Straightening Treatment with Keratin and I’m in desperate need of another. The effects are supposed to last for around four months, so the fact it took six months for my hair to just start going frizzy again is pretty impressive! Now I’ve just got to find the right window of time to have it done, but do it I must - I can’t bear looking like the love child of Fuzzy Wuzzy bear and Worzel Gummidge any longer!

There are only a few places I know of in Singapore currently offering this treatment and hand on heart, it is truly amazing. Unlike rebonding which  damages your hair and is a big no-no, these "Brazilian" straightening treatments are comprised primarily of keratin - so actually condition your hair, leaving it soft and silky. The only thing you need to get used to is losing the fullness of your hair for a while, although that does return in time. But to have oh-so-silky locks without even having to blow-dry your hair or touch it with a brush (truly) is nothing short of amazing when you see the results in person. Priced from $300 to $500 (depending on hair length) it ain’t cheap, but trust me, having a great hair day every day is well worth the hefty pricetag. Plus, if you care for your hair properly afterwards by using a shampoo that doesn’t contain sodium chloride, it could be an investment you only need to make twice a year - like me.

Trust me, you’re worth it!

Before                                                          After

WHERE TO GO: Visage The Salon Tel: 6733 0933, TONI&GUY Tel: 6466 2660/6345 0208, Casey Inc Tel: 6235 5328

Images supplied by Visage The Salon