would this be correct
Aug 11th 2007 | 2:35 am
#17
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 9,909
From: Oz -> UK -> San Diego
Re: would this be correct
Oh my poor head's spinning with all this tax stuff.
I will be going on a spouse visa, and neither of us will have jobs to go to. Can anyone tell me if I will be taxed on my interest, as this will be my only income to start with. OH has a pension.
Is there a lower limit on income with no tax liability? When we (Me and ex)originally went on a 457, tax was paid on every cent, but we had jobs then, of course.
Aug 11th 2007 | 5:01 am
#18
BE Enthusiast
Joined: Dec 2006
Posts: 612
From: Chelmer and Coolangatta
Re: would this be correct
You will be taxed on the interest. The www.ato.com.au should have more information about this....the rates, what the tax free threshold/allowance is etc.
Q
Aug 11th 2007 | 1:10 pm
#19
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 9,909
From: Oz -> UK -> San Diego
Re: would this be correct
Happy to help when I can
Aug 12th 2007 | 12:44 am
#22
Forum Regular
Joined: Feb 2006
Posts: 148
From: Vicky Point, Brisbane QLD
Re: would this be correct
PR would be irrelevant. Residence for tax purposes is different.
Your worldwide income would only be exempt from Aus Tax if the ATO were satisfied that your "usual place of residence is outside Australia". However, claiming non-residency for tax purposes could exclude you from certain entitlements / allowances a tax resident would qualify for.
Best thing to do when you buy a house in Aus is to get a home loan (mortgage) with a "re-draw" facility. Then put your savings against your mortgage. Depending on how much savings you have, it could significantly reduce your home loan interest. You effectively earn interest on your savings at the mortgage rate and tax free (plus you pay off your home loan quicker).
P.S. with the re-draw facility you can draw on your "savings" at any time.
Your worldwide income would only be exempt from Aus Tax if the ATO were satisfied that your "usual place of residence is outside Australia". However, claiming non-residency for tax purposes could exclude you from certain entitlements / allowances a tax resident would qualify for.
Best thing to do when you buy a house in Aus is to get a home loan (mortgage) with a "re-draw" facility. Then put your savings against your mortgage. Depending on how much savings you have, it could significantly reduce your home loan interest. You effectively earn interest on your savings at the mortgage rate and tax free (plus you pay off your home loan quicker).
P.S. with the re-draw facility you can draw on your "savings" at any time.
Last edited by smiths; Aug 12th 2007 at 12:46 am. Reason: additional info
Aug 13th 2007 | 9:57 am
#23
BE Enthusiast
Joined: Dec 2006
Posts: 612
From: Chelmer and Coolangatta
Re: would this be correct
PR would be irrelevant. Residence for tax purposes is different.
Your worldwide income would only be exempt from Aus Tax if the ATO were satisfied that your "usual place of residence is outside Australia". However, claiming non-residency for tax purposes could exclude you from certain entitlements / allowances a tax resident would qualify for.
Best thing to do when you buy a house in Aus is to get a home loan (mortgage) with a "re-draw" facility. Then put your savings against your mortgage. Depending on how much savings you have, it could significantly reduce your home loan interest. You effectively earn interest on your savings at the mortgage rate and tax free (plus you pay off your home loan quicker).
P.S. with the re-draw facility you can draw on your "savings" at any time.
Your worldwide income would only be exempt from Aus Tax if the ATO were satisfied that your "usual place of residence is outside Australia". However, claiming non-residency for tax purposes could exclude you from certain entitlements / allowances a tax resident would qualify for.
Best thing to do when you buy a house in Aus is to get a home loan (mortgage) with a "re-draw" facility. Then put your savings against your mortgage. Depending on how much savings you have, it could significantly reduce your home loan interest. You effectively earn interest on your savings at the mortgage rate and tax free (plus you pay off your home loan quicker).
P.S. with the re-draw facility you can draw on your "savings" at any time.
Aug 13th 2007 | 11:42 am
#25
BE Forum Addict
Joined: Aug 2005
Posts: 2,270
From: Kingston, Tas
Re: would this be correct
i'm afraid that you do:
http://www.ato.gov.au/individuals/co...tent/32214.htm
Premium bonds are treated as income from an investment.
http://www.ato.gov.au/individuals/co...tent/32214.htm
Premium bonds are treated as income from an investment.
Aug 13th 2007 | 12:18 pm
#26
Forum Regular
Joined: Aug 2007
Posts: 32
From: Mudgeeraba, Gold Coast
Re: would this be correct
i'm afraid that you do:
http://www.ato.gov.au/individuals/co...tent/32214.htm
Premium bonds are treated as income from an investment.
http://www.ato.gov.au/individuals/co...tent/32214.htm
Premium bonds are treated as income from an investment.
Aug 13th 2007 | 1:20 pm
#27
Lost in BE Cyberspace
Joined: Jun 2005
Posts: 9,909
From: Oz -> UK -> San Diego
Aug 13th 2007 | 4:35 pm
#30
BE Forum Addict
Joined: Aug 2005
Posts: 2,270
From: Kingston, Tas
Re: would this be correct
unlike say a lottery win which is a pure gamble so if you lose, you lose your stake money.
