Originally Posted by
No Idea Either
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.
You can still own assets in Australia and be a non-resident for tax. Hundreds of thousands of people do.
The system was actually a gift if worked with legally but many pilot couldn’t get past their aversion for tax and missed investment opportunities. Some of those opportunities have been changed such as CGT breaks for expats.
I had residential and commercial property. I also made maximum concessionary and non-concessionary super contributions until maxed out which displayed an intent to return. Yet for 20 years I was legally a non-resident for taxation.
I think people are getting mixed up with proposed and stalled legislation which dramatically changes many peoples’ residency for taxation.