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New migrant tax - part year resident

New migrant tax - part year resident

Old Jun 24th 2012, 7:58 am
  #1  
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Default New migrant tax - part year resident

Hi, I guess many of you went through a similar situation to mine in your first year of moving to Oz. I made a permanent move to NSW in Nov 2011 and was working overseas prior to this. I know I have to declare my worldwide income in my tax return post my arrival date in Australia. What I wanted to know is..... do I need to declare my foreign income prior to my arrival in the same financial year i.e. for Jul-Oct 2011 period? I was earning interest on bank deposits in Oz from 2 years before and was paying 10% non-resident tax till Oct 11.
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Old Jun 24th 2012, 11:26 am
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Default Re: New migrant tax - part year resident

* Income arising outside Australia prior to arrival is not taxable until you become a resident (assuming you are not a temporary tax resident - as defined).

* Australian bank interest prior to arrival not assessable, as the 10% withholding tax deals with the liability while a non-resident.

* In case of need, see www.gmtax.com.au

Best regards.
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