Australian tax

[Tagos]

Any Australians out there who can explain the new non-resident for tax puposes law that Keven 07 and his sidekick Wayne have brought in? Does it apply to those of us who were already out of the country when it came into law?

[macaroonie]

Apparently if you derive your 'main source' of income from australian sources, set up most of your roots in Australia (have a house there, family, business etc etc) then you are classified as a 'resident' for tax purposes and all your income combined from anywhere around the world is tax at the Australian rate. But if you earn the majority of your income from overseas eg working in Sg fulltime, have rented a place in sg so basically set up 'house' here - then you will not have to pay Aussie tax and are classified as a 'non resident' for tax purposes.

But check this with your accountant too, don't just take my word for it.

[Tagos]

I was under the impression that everything changed in July and that the old 90 day rule has now become a 2 year minimum rule.

[macaroonie]

Best to ring the ATO and find out what happens in your unique situation. Good luck!

PS why are you moving back to Oz?

[adenhertog]

tagos, i'm moving to singapore next week and spoke to my accountant about this. check out this link: http://www.ato.gov.au/Individuals/conte ... /36280.htm

my personal circumstance is like "bronwyns" but yours may differ