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Australia's new budget - income tax for Australians overseas

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shric
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Australia's new budget - income tax for Australians overseas

Postby shric » Mon, 18 May 2009 5:03 pm

From: http://www.budget.gov.au/2009-10/content/bp2/html/bp2_revenue-05.htm

Currently, certain foreign employment income earned by Australians working overseas for a continuous period of 91 days or more is exempt from income tax. The original intent of this measure was to relieve double taxation, however, in practice little foreign tax may actually be paid on the foreign income concerned.

Instead, foreign employment income will generally become taxable and taxpayers will be entitled to a foreign income tax offset for foreign tax paid on the foreign employment income. This will relieve double taxation for those individuals.


Scary...

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sierra2469alpha
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Postby sierra2469alpha » Mon, 18 May 2009 6:21 pm

shric: next time you should quote the important part. A little snippet quote scares people and isn't helpful.

Improving fairness and integrity in the tax system — better targeting the income tax exemption for employment income earned by Australians working overseas

Revenue ($m) 2008‑09 2009‑10 2010‑11 2011‑12 2012‑13
Australian Taxation Office ‑ ‑ 215.0 225.0 235.0


The Government will better target the income tax exemption for foreign employment income, with effect from 1 July 2009. The exemption will apply to income earned as an aid worker, a charitable worker, under certain types of government employment or on projects that are in the national interest. This measure will have an estimated gain to revenue of $675.0 million over the forward estimate period.

The measure forms part of a package of measures to improve fairness and integrity in the tax system.

[PLS NOTE: My bolding]

AustCham, the Australian Chamber of Commerce, has produced a great toolkit for all Aussie expats. Contact AustCham for a copy. (I do not work for AustCham as most know!)

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Postby Matney » Mon, 18 May 2009 6:24 pm

Mr Matney, to be on the safe side, did ask our accountant in WA about this. Don't know the details, but we are safe as we ware listed as non-residents and therefore don't pay tax any way. Doesn't hurt to check with someone in the know back home.

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Quasimodo
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Postby Quasimodo » Tue, 19 May 2009 10:58 am

You just have to love Rudd, the turncoat and breaker of promises . . .

New Labor? A joke . . . and look what they've done to Peter G . . .
One in the hand is worth two of something


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