Beoz

So Billy Shorten is taking his campaign stunts to new lows.

We had Mediscare, what a myth that was and why aren't the LNP using this? (Because they have no idea right now).

Next on the Billy BS agenda is tax. Let's cause fear and anger amongst the dumb people in Australia.

So here we go.

A crack-down on citizenship shopping by requiring all individual Australian taxpayers to notify and declare to the Australian Taxation Office if they have residency or citizenship of any other jurisdiction and the name of that jurisdiction;

The way I read this, for all those who have dual or multiple citizenships. This one is for you. For all those Australian citizens who live abroad who have an Aussie bank account, this one is for you (best off shutting down that old CBA account with 5 bucks in it)

This is going to be a nightmare.

the troubadour

Real fear and lack of policy direction, worth a name by the ruling coalition, being the main cause of concern of course. Still a shame ALP hasn't tackled certain issues stifling this country. Well below par but an option as a secondly vote more to get rid of horrible present government than a case of high expectations. Already foreign bank accounts are required to declared with fairly recent bank sharing information . Nothing much to see here I'm afraid, as response to date confirms. More a sign of desperation from a rusted on conservative advocate knowing all signs are they are in for a wel deserved hiding come the next election.

Beoz

This is an ALP policy. Not an LNP one. Just so you aren't confused.

However, plenty of British expats aren't declaring foreign income when living in Australia. Average people who may have property they rent out the in the UK. Not the big end of town you like to attack.

Right or wrong, best let the expat know so they can make their decision come election time.

the troubadour

Any foreign income earned abroad requires the Australian Tax Office being informed. Nothing to do with ALP. This is a global policy that has been implemented over past few years with a growing list of countries. In fact, almost all countries are signed up by this year, meaning foreign banks need to inform ATO of their overseas customers banking business.
I've already been asked for Australian Tax File Number from various overseas banks at least a year before implementation.
This is a result, so they say of the abuse of tax havens and non compliance. We all know it is the real reason is that those really squirrelling away serious money remain out of reach along with your big organisations. Easy to hit on the small timers with a few properties abroad but it is how it goes.
My advise after personally being in contact with my overseas banks and seeing what they intend to send ATO, which goes way beyond rental income, would be to make an amendment on next tax declaration before they come knocking. penalties can be severe. Just wrong to blame ALP, as already in operation.

No earthly reason people shouldn't pay tax to ATO of course. I pay tax in another country and am not double taxed and can indeed write off costs around properties. As my tax issuing nation sends all material in another language,it is something of an exercise explaining every detail to my accountant. In fact do the work for him pretty much, but his seal of approval I believe adds further validity to the process.

spouse of scouse

Scouse and I are average. We have rental properties in the UK. We declare the income from them to both HMRC and the ATO - the ATO returns have always required people to declare overseas income including rental income. If there are people who are residents in Oz for tax purposes and aren't declaring overseas income to the ATO, then they're submitting fraudulent returns.

carcajou

ATO has always required people to declare overseas income. I have always reported everything.

I applaud and encourage the government to go after tax cheats.

Beoz

Plenty don't and haven't because they were unaware of the rules on worldwide earnings. They pay tax to the UK government and there is supposed to be a double taxation treaty (which doesn't work).

It's just a warning to all those who haven't declared for years. I doubt it will be financially worth it for the ATO but that's the ATO for you. More bang for buck if they put those resources into bigger fish like the HMRC do.

the troubadour

Come now it is and always has been clear profit/overseas earnings have to be declared. Someone claiming to have overseas investments, in London, no less, should be well aware of such things. I'm afraid well heeled entitlement goes way beyond the likely the likes of me and you.
As I have already explained there is no double taxation. You will be taxed on overall amount minus deductions. Quite fair under the circumstances. The ATO only goes back a certain number of years, and at times has an amnesty. But as explained an amendment made by a good accountant should see an end to the matter. If exceptionally greedy, a penalty may result, but usually I think it is only three years back looked at.
With the new financial laws in place giving information to ATO from most world countries, with the final nations (by and large) coming on board, I think this financial year, neglecting to report will not be an option. Of course it could be a year , eighteen months down the road before they come knocking, but best to clear the decks, if anything outstanding.

Another attempt dig at the Australian Labor Party went a bit ass over tit there, I'm afraid.

Beoz

It's Ok. You can change your tune and go after the little man if you like but that's not your style.

And nor is it Bill Shortens.

As I said, the return on investment in doing so doesn't make economic sense. Given the double taxation treaties what gain is there checking everyone who has to list all their citizenships.

Then again it's not designed to make sense. It's the same fear mongering politics that recent immigration topics and Mediscare, that the ALP like to pedal out.

The country is going great guns. Let's hope the people realise that before they vote for fear tactics.

the troubadour

Well if housing speculation doesn't make sense, then look for returns that do make sense to you. Why should parasite investment be the key to easy street. Obviously requiring declaration of other citizenships is but another regulation but I'm sure that the Australians already have my details, being asked to provide this information long before now.

The abuse that was once fairly common, among certain immigrants and non disclosure of overseas property interests, especially among certain groups, especially from countries that were hard to track or keep tabs on is less likely the case. Although there are many ways around it of course, but perhaps more apt to certain cultures than others.
Again housing can be held for numerous reasons, possible appreciation value, possible longer term return relocation residence and so and so. It does not need to be a cash cow for undeclared earnings and nor should it be.

Great guns? Really? This country has run on luck which even poor governance failed to arrest, although poor policy has ensured a rocky road in the not too distant future. Dismantling of key component's of the welfare state was indeed aimed for when Hockey was minister. A lot to be scared about, even if Medicare scare was slightly exaggerated for obvious impact, it wasn't too far from reality and cutbacks have been extreme under this government with many aspects of welfare spending.
A country can not probably ensure long term stability on turbo population growth, selling education as a means to PR, maintain a housing policy that few can afford in our main cities, maintain no policy other than mentioned, with only failed regressive policy like corporation tax cuts. I suppose gay equality in marriage was the one successful pass mark.

Question being can we indeed turn the ship of state around, to enable a more inclusive society with proper values in place, or is crass individualism and greed going to remain the calling? That being the case, Argentina and Brazil come to mind as the club longer term aspirations are heading.
Probably a good thing to have a bolt whole or two and additional nationality to match in that event.

Beoz

See, whats the point? If you list China, then what edge does that give the ATO? They are hardly going to get the Chinese authorities to hand over tax records. Its all just bluff propaganda.


I am glad you agree its going great guns. If you want to call it luck and vote for the destroyers, and stand up on the pedestal to say I told you so, then that's as self serving as our current flock of MP's

the troubadour

Allow money laundering into the property market was hardly ever going to be a winner on the home fronts page. As I understand Chinese Central control has in part rectified some of the abuse all too obvious. Thing being of course whom knew where the money was coming from or even what part communist officialdom was playing a part. Hardly confined to Australia of course or to Chinese.

I certainly do not agree Australia is going great guns. What I said was luck was on its side for longer than deserved which largely was the result one particular country and Australia benefitting from a particular stage of that country's development.
That and an ALP government that largely spent its way out of recession. I'm afraid the stars are increasingly in line, that will ensure Australia will not be so fortunate next time around and far less capable of preventing rather severe slides in living standards.
A world winning over inflated housing market, fairly static or low wage growth, continued push on lowering working conditions (job security) all point to hard times ahead to those wages reliant.

But back to your created thread and the dismay at having to pay and or declare overseas taxes on wealth. You see I recall that you support the gross abuse at the top of the pile by corporates claiming their antics at colourful creative accounting (to say the least) is legal, such abuse and applause from the 'little man' at such corruption, only means the money has to be got from somewhere. You can, there fore hardly get angry when the tax man comes a knocking for clearly illegal practices of non declaration of overseas income. That is illegal. Hence that complain subsidising the non payment of dues from the big end of town, to which to have pointed out is 'legal' while for example making very comfortable 'spare change' from appreciation and gain from inflated London rents.(even after UK tax paid)

the troubadour

Meanwhile Daggy Dad Morrison is attempting to portray the 'common touch' up in FNQ. He feels winning the marginal in that state may just get him over the line come election.
How about some policy instead of making it up on the go?

Looks like ALP will romp home, due to an effective Coalition sans anything remotely akin to a policy. Hardly the answer to the considerable issues facing this country, but at least likely to be somewhat more humane with their cuts to services and general disdain to large segments of the population.