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Tax on CPF savings in Australia

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waz
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Location: Australia

Tax on CPF savings in Australia

Postby waz » Mon, 08 Nov 2010 11:20 pm

Hi All,

Been in Oz for the last 5 years.
Already an Oz citizen now.

Thinking of bringing my money into Oz.
A friend mentioned that ATO (Australian Tax Office) will tax the interest earn on CPF saving in the last 5 years(?)

Further to it, they will also tax the property that I used to have in Singapore. Will it be a double taxation as I do pay the property tax in Singapore.

Technically, all my savings and property were taxed by Singapore, until I sold last year & when I got my Oz citizenship, and transfer CPF & proceed from property sale to Posbank.

Any feedback appreciated.
I work to live and not live to work.

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Splatted
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Postby Splatted » Mon, 08 Nov 2010 11:52 pm

no idea, though a little birdie tells me that they can't take a slice of anything if you declare yourself a non-resident of Australia.

(though, I realise you don't fall into that category)

Nath21
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Joined: Wed, 20 May 2009
Location: Singapore

Postby Nath21 » Tue, 09 Nov 2010 1:53 pm

Can I firstly say your confusing Oz citizenship with Oz tax residency. Two completely separate issues. For tax your CPF should be transferable into an Australian Superannuation account but I am not an expert so get advice. On my knowledge you would not pay additional tax on this. Your property is another matter. You state that you have lived in Oz for five year but were not a citizen to last year. On that basis you would be a tax resident of australia for those years depending on when you arrived and your intentions and be taxed on world wide income and get tax benefits from tax paid in singapore. Effectively you would have top up tax in Australia as its a higher taxed country including capital gains on your house if it was not your primary residence. I would get Australian tax advice asap on this.


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