Tax question

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Tax question


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Old 12-16-2012, 10:49 AM
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Tax question

Hi, i have PR and residing at the moment outside Australia, i am planning a visit soon to OZ where i intend to open a bank account, but as far as i understood i will need to apply for a File Tax Number, and therefore start paying tax i believe.

So can anyone please brief me of what tax should i expect if i have a PR and NOT residing in Australia?

Thanks
J


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Old 12-16-2012, 02:08 PM
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A tax file number is to record any taxable income for a person. If u have a TFN and have no income there will be no tax against u. Bear in mind that bank interest is a source of income therefore u need to quote ur TFN to ur bank so that ur interest earned wont be deducted. If u plan to stay in aus n work, depends on how much u earn then there will be income tax for ur wages or salary. I don't think there will be any tax if u just have a bank account, not working in aus and living overseas.

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Old 12-16-2012, 11:14 PM
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Quote:
Originally Posted by ccpro View Post
A tax file number is to record any taxable income for a person. If u have a TFN and have no income there will be no tax against u. Bear in mind that bank interest is a source of income therefore u need to quote ur TFN to ur bank so that ur interest earned wont be deducted. If u plan to stay in aus n work, depends on how much u earn then there will be income tax for ur wages or salary. I don't think there will be any tax if u just have a bank account, not working in aus and living overseas.
Th is not entirely true. As my boyfriend just pointed out, you can be taxed on your overseas income, see here:

Working overseas - what you need to know

If you go on this page here
Income you must declare - home

The menu on the left side should help you find what you are looking for. (Especially the option 'work out your tax')


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Old 12-17-2012, 06:09 AM
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Quote:
Originally Posted by Laegil View Post
Th is not entirely true. As my boyfriend just pointed out, you can be taxed on your overseas income, see here:

Working overseas - what you need to know

If you go on this page here
Income you must declare - home

The menu on the left side should help you find what you are looking for. (Especially the option 'work out your tax')

Thanks for that, i took a look at the links but i think these rules apply for Australian non-residents, not for non-residents holding a PR only. That is what i understood!

J


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Old 12-17-2012, 08:06 AM
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The website said it clearly. People get taxed not because they have residency or citizenship or not. When it comes to taxation office's point of view, Australian resident has a different meaning. Someone that has always lived in aus, worked in aus, lived in aus for over half a year. Although fadin holds PR, he doesn't alway live and work in aus, he's still considered a non resident in taxation offices term. Therefore if fadin just visits aus opens bank account and goes back home he won't get taxed unless he decides to stay, live and work in aus.

bma and fadin like this.
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Old 12-17-2012, 09:54 AM
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How very confusing.


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Old 12-17-2012, 01:15 PM
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Thanks all for your help


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Old 12-18-2012, 12:15 AM
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So how long have you been away from Oz n if you got PR status how did you get it? Did you never work in Aust cos if you did you would have a TFN?

So as a PR you have a foreign passport that allows you to travel or work abroad but you must also return when your visa stamp in your passport tells you the date of MUST RETURN..or you will lose your PR status.

So am a bit confused....the bank bit is fine but you will need a TFN number when you return.


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