EXPERT BLOGS


Do the Aussie Budget 2011 changes affect you?

STEVE DOUGLAS of Australasian Taxation Services highlights some of the tax issues and changes in the recent Australian Federal Budget, which could affect expatriates, intended migrants and foreign investors.

Personal Tax Rate Unchanged For the first time in nine years, there were no reductions in Australian personal tax rates, however, from 1 July,  2013 top tier earners – those above A$180,000 – will enjoy a reduced tax rate of 40 percent. The current A$37,000 to A$180,000 income bracket will merge into a single rate of 30 percent. Non-resident taxpayers and the 15 percent rate will not incur a tax-free threshold – rather, it will be a single rate of 29 percent up to A$37,000 of taxable income. Provided you’re genuinely living abroad for extended periods, Australians will continue to enjoy tax-free offshore salaries.
 
Property Gearing & Tax Credits Full deduction for all costs, including interest and the allowance to write-off construction costs, remains unchanged for property investors. Together with sensible tax planning and debt management, a nil tax environment can continue to be enjoyed on an Australian property investment for offshore-based expatriates and
investors. Upon your return to Australia, you can then use property investment as a tax planning tool to provide for a tax-free salary. These rules for expatriates and intended migrants also remain unchanged.
 
HECS Discount Reduced The current early payment discount option for outstanding University loans will be reduced. Effective 1 January, 2012. The current upfront discount will reduce from 20 percent to 10 percent, while the voluntary repayment discount will decrease from 10 percent to five percent. If you have surplus funds, reducing your HECS debt prior to the change may appear appealing. In effect, it remains a low cost loan with interest charged at the rate of inflation, which is approximately three percent per annum at present.
 
The Flood Levy For resident and non-resident taxpayers the Flood Levy applies only to the financial year ending 30 June, 2011. No levy will apply if your taxable annual income is A$50,000 or less. There will be a 0.5 percent charge for income between A$50,001 and A$100,000 and one percent for income more than A$100,001.
 
For further information and to read about other announcements made during the 2011 Australian Federal Budget, visit www.aussieproperty.com.
 
Steve Douglas is the co-founder and Managing Director of Australasian Taxation Services (ATS), established in Singapore in 1995. ATS provides specialist taxation services to people of any nationality investing in Australian property, as well as Australian expatriates living overseas. Areas of specialisation include the Australian taxation aspects of property investment, as well as expatriate and migration planning.

Posted by smats Fri, 24 Jun 2011 10:15:00 GMT

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Travelling with kids: try these helpful tips

Taking a trip with little ones becomes a lot less daunting with these top tips from IMC’s resident paediatrician Dr Mark Loh.  

Planning ahead when travelling with children can determine the success of a trip. Remember:
•   Discuss vaccinations with your doctor ahead of time and ensure your child is up to date with their immunisation schedule. Vaccines recommended for travel in Asia include Typhoid, Hepatitis A and BCG. Get medical advice if malaria prophylaxis is required.
•   You may have to consider less-common immunisations for diseases such as rabies and meningococcal, if you’re travelling to certain at-risk destinations – discuss this with your doctor prior to your departure.
•   Insect protection is important for Malaria and Dengue Fever – for which there is no vaccine. Use insect repellants with up to 30 percent DEET and
mosquito nets.
•   Never leave your child alone – strange, crowded places can leave a child feeling disoriented and frightened.
•   Children dehydrate easily and are fussier with food and drinks, so always carry bottled water and their favourite snacks. Avoid trying novel foods when
on holiday. 
•   Travel with a small medical kit containing sunscreen, dressings, a thermometer, paracetamol, anti-diarrheals and anti-histamines for allergies. Avoid giving anti-histamines to children younger than one year old, unless prescribed by your doctor.
•   If your child has a cold, have his or her eardrums examined before flying. Administer decongestant medication an hour before flying and have your child breastfeed, or suck on a bottle or sweet during take-off and landing, to allow equalisation of pressure in the ears.
•   Ensure you have plenty of books, games and toys to keep your child entertained on long journeys. Having adequate rest and sleep the night before will also make the trip more enjoyable.
 
 Dr Mark Loh Paediatric Specialist
A graduate of Aberdeen University Dr Loh has worked in Nottingham, London and KK Women’s and Children’s Hospital, Singapore. Mark’s interests include emergency paediatrics, neonatology, asthma and infant nutrition and development.

 

Posted by International Medical Clinic Fri, 24 Jun 2011 09:58:00 GMT

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Pain-free root canal treatment

Dr Leroy McCully of SMILEFOCUS explains how new techniques allow for pain-free root canal treatment.

Your teeth are meant to last a lifetime and with modern treatment methods this is often possible – despite damage or decay. Advances in Root Canal Treatment (RCT) are a great example. A tooth with an infected nerve once had to be extracted, but it can now be saved through root canal (endodontic) treatment. Any fears of pain are more myth and hyperbole than fact. Not only is having RCT infinitely better than enduring the pain of not having it, but today’s RCT is virtually pain-free!
     RCT involves the removal of the tooth’s pulp – a small, thread-like tissue important for tooth development in childhood, but redundant in adulthood. An infected pulp causes pressure and pain, occasionally resulting in facial swelling. Sometimes, the deterioration of the pulp happens so gradually little pain is felt. Bacteria eventually destroys the pulp, causing the bone surrounding the tooth to become seriously infected.
     RCT may be required if you’ve experienced a physical blow to a tooth, have irritation from deep decay or a very large filling, need to rectify bacterial leakage of an old filling or crown, or are suffering from severe gum disease.
     With the help of a surgical microscope – capable of detecting the finest details in a tooth’s structure – an Endodontist removes the tooth’s pulp, replacing it with materials to promote healing and seal off the root canal from the underlying jawbone. Due to natural tissue inflammation, the tooth may feel sensitive for the first few days following treatment, especially if there was pain or infection before the procedure. But any discomfort can be controlled with over-the-counter pain medication and you’ll likely be able to resume normal activities the following day.
     As a treated tooth is more fragile, it may be necessary to have a crown fitted for added protection. In the meantime, minimise any chewing until the crown or a permanent filling is in place, to avoid contamination and the tooth breaking.
     Providing good oral hygiene is observed at home – and you maintain regular visits to your dentist – a treated and restored tooth can last a lifetime, so you can continue to smile with confidence.
 
 
 

Dr Leroy McCully
B.D.S. (Singapore)
MSc Endodontics (London)
Dr McCully has many years of experience as a specialist in root canal treatment, and lectures both nationally and internationally. He is very skilled in helping patients with dental anxiety and performs treatments under IV sedation.

Posted by smilefocus Fri, 24 Jun 2011 08:52:00 GMT

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Shout-out to DADS!

Check out these great t's for kids & dads from Little & LargeSunday June 19 is Father’s Day. And this is something I should know, because we wrote about it in the June issue of The Finder. However, in my 7-month-pregnant-baby-brain-haze (well that’s my excuse) I presented my hubby with a card from our soon-to-be-born son and breakfast in bed LAST Sunday. Needless to say he was chuffed and wouldn’t have known I’d got the date wrong if I hadn’t told him. And I only realised, when I announced my good deed on Facebook - much to the panic and then ridicule of my friends. I also rang my Aunty a day early for her birthday, so I’m obviously experiencing baby brain issues!

To celebrate THIS weekend we’ve uncovered some great family dining options, fun gift ideas - including cute cufflinks, sporting memorabilia and matching son/daughter and daddy t-shirts - and also asked several dads how fatherhood had forever changed them.

So here’s to all dads - HAPPY FATHER’S DAY!

Posted by www.TheFinder.com.sg Thu, 16 Jun 2011 08:08:00 GMT

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Radio gaga

I listen to the radio...I am sooooo over Singapore radio. Of a morning, I used to listen to CLASS 95. The three DJs have great banter between them, often play good music and aren’t afraid to push the boundaries on the odd occasion - a rarity in Singapore. I also find Glenn Ong’s voice strangely sexy - Lord help me.

Unfortunately my drive time is 8:30am until 9am and this is when this particular radio station tends to promote things I couldn’t give a toss about - like probiotic milk, insurance and cars. But a few days ago they started going on about a hair replacement therapy. They went on and on and kept going on…

Some mornings when they are waxing lyrical about their advertisers it’s pure drivel for 30 minutes with one, yes ONE, song aired. Hey, if I wanted an infomercial I’d watch the home shopping channel. For my morning drive I want great tunes, a few laughs and some news - that’s it.

So now I listen to my iPod or CDs, or I turn the dial to GOLD 90FM. I know it’s for oldies. Maybe at 38 I AM an oldie. But Maggie and Hossan are entertaining and at least they play LOTS of music. I’ve tried other stations but all the other DJs annoy me…

What do you think about Singapore radio and who do you listen to in the car?

Posted by www.TheFinder.com.sg Fri, 10 Jun 2011 07:02:00 GMT

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Land Tax on Aussie property

STEVE DOUGLAS outlines the implications of Land Tax on Australian property. 

Q  Do I need to pay Land Tax on my Australian property?
 
A While the Australian Federal Government is entitled to Income Tax and Capital Gains Tax, State Governments are only entitled to raise levies or duties on activities within their state – such as Land Tax. As such, State Revenue Departments tend to be active in chasing non-payers to recoup arrears.
     Many people living in Australia are unfamiliar with Land Tax as it’s charged only on vacant land, rental property and commercial property rather than the family home. To be exempt you need to be living in the property on the date of determination. And because this date varies state-to-state, it’s difficult to ascertain, especially if you’re living overseas. Some states offer the family home exemption even when you’re abroad provided you’re not renting out the property. However you are still liable for Land Tax if you’re renting out a property and own more than one rental property in the same state. 
     Land Tax is calculated on the cumulative value of all the properties you own in each particular state. So the more property you own, the higher the Land Tax rate and annual cost, which can range from a few hundred to several thousand dollars. Each state has a different Land Tax rate, usually based on the unimproved value of the land of the property. But you can be in a tax-free threshold and not be liable for Land Tax if you own just one more property above your family home. This ruling is beneficial if you have properties in a few Australian states, since you get a new threshold for each state. Also, the Land Tax on an apartment is substantially less when compared with that of a house. This is because the unimproved land value is shared between multiple apartment owners, creating a lower individual value.
     If you believe you have a potential Land Tax liability, contact your property manager or the State Revenue office to confirm if you’re over the relevant threshold for your state. If you don’t, the penalty can be expensive.
     Land Tax isn’t a deterrent to a purchase, it’s just a nuisance. But it can become costly if you’ve built a substantial property portfolio in one state, so always take Land Tax into consideration when calculating your cash flow on a rental property. The expense of Land Tax shouldn’t make you change your investment decision−as the capital growth of any worthwhile property should justify additional costs. But always take Land Tax into consideration when reviewing your investment strategy. To keep your taxable land value at a manageable level, you may want to allow for multi-state property ownership and a sensible mix of houses and apartments.

Posted by smats Wed, 01 Jun 2011 07:37:00 GMT

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Consult a family lawyer before you decide on divorce

Lawyer-mediator RAJAN CHETTIAR explains the benefits of consulting a lawyer specialising in Family Law, before deciding upon a divorce.

When facing a divorce, it’s common to feel troubled, stressed and confused and have a lot of questions. While the Internet has an abundance of information and friends are often willing to lend a listening ear and offer advice, it’s always best to speak to a lawyer who specialises in Family Law.
Remember, as helpful as friends can be, advice from friends or family members who’ve experienced divorce must be taken lightly. No two sets of marital problems or circumstances are the same even if they sound alike. As such, every situation needs to be handled differently.
Also, whatever you read on the Internet cannot draw a full and accurate picture of divorce laws and processes. In reality, nothing beats sound legal advice from a good family lawyer, one who understands your cultural nuances, empathises with you and can offer practical solutions.
Even if you are yet to decide whether to file for divorce, an appointment with a lawyer specialising in Family Law can help you clarify your thoughts and position. Prior to your appointment, list all your questions and doubts – no matter how silly you may think they sound. This is the only way to receive the answers you need. After the consultation you may have further questions, which your family lawyer should be willing to answer via email or by telephone. Once you’re clear about the legal and practical implications of your martial woes you’re sure to feel less stressed and more “in control” of the situation.
    The length of divorce proceedings depends on your filing date, but the shortest timeframe is likely to be six months. When comparing the fees charged by different lawyers, always check the scope of services the fee covers. Costs usually depend on the seniority of the lawyer and some may charge by the hour. While it’s difficult for a lawyer to give you an exact quote, they should be able to give you a cost range to help you make your decision. Remember, cheaper options may not include certain stages of Court proceedings and trials. So always check estimates thoroughly before making your final selection.
 
Rajan Chettiar
Commissioner for Oaths, Mediator LLB (Honours), Barrister-at-law (Middle Temple), UK

Posted by Rajan Chettiar & Co Wed, 01 Jun 2011 07:17:00 GMT

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Dental veneers: improve your smile instantly

Are you unhappy with your smile? Dr Bernard Siew of SMILEFOCUS reveals the latest restorative options, sure to have you beaming ear-to-ear in no time at all.

American country singer Garth Brooks once crooned, “The only thing that warms the heart as much as a beautiful song, is a beautiful smile”. And it’s no secret – we all want a beautiful, confident smile. According to the American Academy of Cosmetic Dentistry, 96 percent of Americans believe an attractive smile makes us more appealing to members of the opposite sex, while three out of four adults consider an unattractive smile an obstacle to career advancement.

Thanks to modern technology, shaping your smile is now easier than ever before. Several options are available, with dental veneers being one of the most aesthetically pleasing and popular choices.
Veneers are thin, custom-made laminates which are permanently bonded to your teeth. They can straighten or close gaps, replace worn enamel and resurface discoloured teeth. Because veneers allow you to change the shape, size, position and colour of your teeth, they’ve become increasingly popular. Especially if you want straighter, whiter teeth without the time delay of wearing braces. People whose teeth are healthy and free of decay or gum disease benefit the most from veneers and there are two types available:
Porcelain Veneers are extremely thin coverings, made of a very durable dental ceramic. Realistic looking, they’re also stain-resistant – an important factor for smokers and tea, coffee and wine drinkers. The entire process requires at least two visits to the dentist. First, your dentist determines the colour and style of your tooth and takes an impression of your teeth to create a mock-up. The ceramic veneer is then made in a dental laboratory and placed on your teeth.
Composite or resin veneers Unlike porcelain veneers, resin veneers can be made and fitted in a single dental visit. Usually no anaesthetic is required and they cost less than porcelain veneers. Resin is a pliable material directly moulded onto your tooth, with your dentist creating the final aesthetics of shape, colour and form. Resin veneers can be easily reshaped, polished and maintained. They work best on teeth with minor defects in size or shape. If you’ve never had a filling or aren’t sure how radical a change you want, it’s a good idea to start with resin. You can then always upgrade to porcelain veneers in the future, should you wish to.
As everyone’s needs are different, it’s always best to consult your dentist to determine which of these options will best help you achieve a life-changing smile.

 

Dr Bernard Siew B.D.S (Adelaide)
Dr Bernard Siew, originally from Australia, is a general dentist who concentrates primarily on cosmetic dentistry. He is experienced in teeth whitening and total smile makeovers using veneers, crowns and bridgework.

Posted by smilefocus Wed, 01 Jun 2011 06:43:00 GMT

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Seatbelts SAVE lives

Graco is just one manufacturer of quality car seats for childrenOn my drive to work this morning I witnessed yet another parent driving along with their child – who must have been no more than three years of age – seated in the front passenger seat without a safety belt, car seat or booster seat. The mother had even thoughtfully attached a fluffy toy to the dashboard for the child’s entertainment. This meant the little girl was either bouncing up and down all over the place, standing on the seat to play with the toy, or leaning her head against the dashboard to look at it.

In Singapore, seatbelt legislation is a little confusing. It is actually illegal for a child aged below 8 years or 1.5 metres in height to wear a safety belt – seems ridiculous, but authorities believe it is not safe. However, it is also illegal for a child aged below 8 years or 1.5 metres in height to ride in a car WITHOUT a baby capsule, suitable car seat or suitable booster seat – all of which must be secured with a safety belt. I think many people let their kids run loose in cars as a result of the first law, but have no idea of the second. For further clarification click here
 
I dread to think of the number of children who have suffered serious head injuries or death thanks to the “thoughtful” care of their parents – who mistakenly believe seatbelts are dangerous. Seatbelts and child safety restraints SAVE lives. 31 years ago my brother and sister, who are twins, were involved in a serious car accident at around 18 months of age. Thanks to being restrained in child seats secured with safety belts, the worst injury they received was their shock at the collision and my mother’s tears. And that was 31 years ago! How much have child safety restraints improved since then I wonder. And if it wasn’t for a friend deciding to “click clack” his seatbelt just minutes before a horrific car crash here in Singapore, he would have lost his life – which is exactly what happened to the other passenger on the backseat next to him, who wasn’t wearing a seatbelt.
 
Everyone who gets in my car has to “click, clack, front and back” and while some colleagues have griped and moaned about my “rules” I do hope it’s made them think a little more about how they care for their own friends and family when driving. It’s a personal responsibility to wear a seatbelt, but it’s also the driver’s responsibility to ensure EVERY passenger is safe and secure. How some parents can think that rule of logic applies to them but not their precious children is beyond me. I only wish there was a stronger enforcement of regulations, for the sake of everyone’s safety.
 
Capsules, child seats & seatbelts save lives!Australian mother Susie Lawson, a former resident of Singapore, was strapping her newborn child into a baby capsule to travel home from Thomson Medical Centre, when she noticed many other new parents waiting in the taxi queue with their newborn babies in their arms - and no baby capsule in sight. When she queried this with one grandmother, she was assured holding onto the baby was much safer – didn’t she know this?
 
Horrified, Susie wrote a letter which resulted in a five-month long campaign supported by VOLVO, Thomson Medical Centre and Singapore Traffic Police, ensuring all newborn children travelled home within a vehicle with proper child safety restraints installed – something which is mandatory in many other countries. Unfortunately the campaign is now long over, hasn’t been renewed and parents are back in the queue with their babes in arms…

So how do we move forward? How do we create change? How do we save lives? I’d love to hear your ideas - please share. In the meantime, I’ll be taking note of every registration number of every car of every parent who puts their child’s life at risk. And I’ll be writing regular letters to the Singapore Traffic Polic of my own. I’m not sure if it will do any good, but if even one parent receives a warning letter and it causes them to stop and think, it’ll be worth it.

Posted by www.TheFinder.com.sg Wed, 01 Jun 2011 02:58:00 GMT

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