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Is anyone can give me a good advice in term of transferring money back to Australia in subject to tax implication etc. I have been living outside Australia for 8 years and it is time to return.
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22-02-2013, 09:10 PM #1
Moving back to Australia
Last edited by DragonChow; 22-02-2013 at 09:18 PM. Reason: more specificx to tax implications
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09-03-2013, 07:58 PM #2
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Last edited by VetinHK; 09-03-2013 at 08:01 PM. Reason: posted in error
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09-03-2013, 10:51 PM #3
Australia taxes on worldwide income. Does not matter where your money is. Unless you want toxic deliberately try and illegally avoid tax.
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11-03-2013, 08:07 PM #4
Understood. I just want to kow how much tax I need to pay if I brought the money back from selling my property in Hong Kong. From my understaning, I have been declared as non resident of Australia to ATO and outside from Australia for long time, whatever money that I earned is tax free when I transfer back to Australia. Is this true? Big thanks for your advice above.
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11-03-2013, 09:18 PM #5
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11-03-2013, 10:14 PM #6
That was the point - the OP was going back. once there it does not matter where the money is, it gets taxed. But I think they only tax what the money does after the point you become resident again - so if it sits in a bank account earning zero interest there is no tax to pay. They don;t tax you on capital gains BEFORE you go back, I think. And there is no tax to bring money into the country - just tax on what happens to it after that.
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12-03-2013, 01:40 AM #7
That's what I am understanding now. Once you become resident of Australia, all money in Australia and the world will get taxed. Otherwise, no tax on all money even you bring into the country. Thanks to both of you.
It is very interesting that you did mentioned about the CGT. If I understood you, I should sell my property before going back and become resident of Australia. My friend told me that my wife got exempted for 6 six years from CGT because she is PR only and her firest time migrating to Australia from Hong Kong. His best advice is selling before back to Australia.
Are you accountant by professional? Sound likes you are really good in taxation. Big thanks again.
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12-03-2013, 01:43 AM #8
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12-03-2013, 08:12 AM #9
I would absolutely sell before going back. There may be special exemptions, I don't know (I am NOT an accountant) but claiming them is often very complex. The only reason I know so much about Australian tax is that I migrated there after having money, spent nearly 5 years living there trying to deal with the rules and then left the country in order to avoid having to pay CGT on 3 properties. If you own property outside Australia before you become a resident, you only pay CGT if you sell it. AFTER 5 years, they charge you CGT on unearned capital gains - that is - if the value of the property goes up even if you DON'T sell it, if you leave the country. They also charge tax on unearned gains on shares. It's horrendous. I love Australia and I'd love to go back, but only once i become a poor pensioner because being wealthy in Aus is a recipe for poverty in the long run!
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12-03-2013, 08:30 AM #10
I would say the implications of getting it wrong might cost you alot of cash so I suggest paying someone to get good advice would be very advantageous to you.
I can put you in touch with my accountant in Australia but I wouldn't say he is an expert in these matters even though he does have a few expats on his books. PM me if you are interested.
Originally Posted by MovingIn07:
