Monies into Aus from tax-free environment
#1
Monies into Aus from tax-free environment
I have looked for a similar question but couldn't find anything so apologies if this has been answred before.
If I am non resident and working overseas, not liable to any income tax and have built up a cash sum from both income and by investment, would I be subject to tax on taking the money into Australia a) in the tax year before returning/becoming resident, or 2) once resident?
I have looked at the ATO website, but couldn't see the answer.
Many thanks
If I am non resident and working overseas, not liable to any income tax and have built up a cash sum from both income and by investment, would I be subject to tax on taking the money into Australia a) in the tax year before returning/becoming resident, or 2) once resident?
I have looked at the ATO website, but couldn't see the answer.
Many thanks
#2
Re: Monies into Aus from tax-free environment
I can't answer your question specifically, but in general the ATO likes to take its cut of any money that hasn't been taxed elsewhere.
When I worked in Saudi I had to be working on a project approved by Enertrade to ensure that my income wasn't subject to tax when I brought it back to Australia - I was an Australian resident at the time.
You need a good tax accountant to answer this one.
When I worked in Saudi I had to be working on a project approved by Enertrade to ensure that my income wasn't subject to tax when I brought it back to Australia - I was an Australian resident at the time.
You need a good tax accountant to answer this one.
#3
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Monies into Aus from tax-free environment
I have looked for a similar question but couldn't find anything so apologies if this has been answred before.
If I am non resident and working overseas, not liable to any income tax and have built up a cash sum from both income and by investment, would I be subject to tax on taking the money into Australia a) in the tax year before returning/becoming resident, or 2) once resident?
If I am non resident and working overseas, not liable to any income tax and have built up a cash sum from both income and by investment, would I be subject to tax on taking the money into Australia a) in the tax year before returning/becoming resident, or 2) once resident?
If you return to Australia on (for example) 30 August 2011, and you still have savings overseas, you will then pay tax in Australia on the interest you earn on those savings from that day forward (assuming your total income for the tax year is above the tax-free threshold). As above, you are not taxed on whatever lump sum you have, only on the interest that money earns.