IMHO
If you are still a resident in Oz for taxation purposes, that is, you have investment properties, shares, renting your house whilst you’re gone, etc, and you have to submit a tax return because of that income coming in then you have to answer the question on your return about “have you earned income from any other sources……..”. If you answer yes to that question then you have to declare the income (from Atlas say) along with taxes already paid and the Oz guvmint will work out how much extra you need to pay them to make up the difference to the Oz rates of tax. Could land you with a hefty second tax bill. Of course as mentioned, it’s a self declaration system and most group certificates/income reports from large companies are sent electronically to the ATO now days. If you’re outside that system, which most share trading platforms and banks are not, then yes you could dodge it……maybe. Remember that if you’re sprung 10 years later they will ask for the money, plus interest of around 25%pa (compounding) and penalties if they think you were dodging, which you were, so a few hundred thou dodged could double or triple and become a million dollar tax bill (even more depending). So the answer is to cut ALL financial ties to Oz if you go to avoid all this. Easy done if you’re young, not so easy if you’re a bit older. Of course everyone is different so if your gonna go overseas then you need to speak to a financial advisor who is experienced in these matters, not your dodgy chain store mobs as previously mentioned.
I say again, get financial advice from a reputable, experienced and licenced financial advisor.
Last edited by No Idea Either; 12th Aug 2023 at 02:02.
Reason: Included banks as auto reporters to ATO