New migrant tax - part year resident
#1
Forum Regular
Thread Starter
Joined: Nov 2010
Location: Sydney
Posts: 136
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.
#2
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
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.
* 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.