Residency Status and Foreign Income
In Australia, every Australian Tax Residence is required to report income not only from Australian Sources but also all other income received internationally. Therefore, it is important to determine your residency status.
The following are some of the common scenarios regarding your residency status:
- If you leave Australia temporarily and do not set up a permanent home overseas, you are still considered Australian resident for tax purposes
- If you migrate to Australia and intend to reside here permanently, you are considered an Australian Tax Resident
- If you take up a course in Australia for a length of more than half a year, you are considered an Australian Tax Resident
Once you have determined that you are an Australian tax resident, you are required to report your income from all over the world such as:
- Rental income received from rental properties held outside of Australia
- Interest income received from overseas banks
- Capital gains from disposing overseas investments etc
It can be complicated determining one's residency status and reporting one's foreign income and calculate foreign tax offset etc. Here at the Great Bean Counters, we have expertise in this area and we would love to assist you in this matter.
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