Dom the Pom

I'm still in the U.K. and have no TFN. Just looked on the ATO web site, and it appears you need to be in Oz to get one.

Does this mean my interest due next month will have copious amounts of tax deducted?

Alan Collett

Have a read here:
http://www.gomatilda.com/news/article.cfm?articleid=155

Best regards.

Dom the Pom

Thank you for the link Alan.

Do I take it from the term 'withholding tax,' this 10% is paid back to the migrant upon settlement in Oz and production of a TFN?

JAJ

No. Australian income arising before you become Australia tax resident is only taxed at 10%.

You should be declaring it in the UK and can claim the 10% as a credit, AIUI.

Alan Collett

I agree with Jeremy. Assuming you are UK tax resident and UK domiciled the Aussie source investment income is taxable in the UK when it arises, with a credit also to be claimed for the withholding tax suffered.

Best regards.

Silky Chicken

We were in Auz when we got our first interest payment but TFN's had not yet been issued so we got hit with 48% tax! Now need to find out how to get it back (if we can).

Sara

Wol

Assuming that was in the current tax year I would imagine it will get sorted out when you place your return in July.

Dom the Pom

Thanks again gents