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Tax changes for Temporary Residents - Particularly for 457-sponsored's

Tax changes for Temporary Residents - Particularly for 457-sponsored's

Old Oct 23rd 2002, 1:49 pm
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Default Tax changes for Temporary Residents - Particularly for 457-sponsored's

In this webpage I have summarised some changes of note arising from a Bill introduced to the Australian Parliament in Canberra today - including an exemption for temporary residents from paying tax on overseas income and capital gains for the first 4 years they are in Australia:
http://www.gomatilda.com/news/article.cfm?articleid=234

This isn't yet law, but for those in Australia on 457-sponsored visas and 410 Retirement visas (amongst others) there will probably be tax savings if you have income from outside Australia, or if you sell an asset such as a property that has shown a capital gains since you moved to Australia - so long as you haven't applied for a permanent residency visa that is.

Best regards.
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