Returning to Oz -The taxman wants your super.
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Returning to Oz -The taxman wants your super.
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They certainly are.
This is bigger than big, with enormous ramifications for any expat planning to retire in Australia.
I understand that ABIG, the Aust business group in Dubai, is mounting some sort of mass write-in to P Costello, and I received an email yesterday from one of the older blokes here who's urging everyone to do the same. If Costello doesn't make an exception for expats to the $150,000 a year limit, I'll be seriously considering pulling the pin to go home before July 07, or at least sending the trouble and strife home so she can set up a super scheme for us.
This is bigger than big, with enormous ramifications for any expat planning to retire in Australia.
I understand that ABIG, the Aust business group in Dubai, is mounting some sort of mass write-in to P Costello, and I received an email yesterday from one of the older blokes here who's urging everyone to do the same. If Costello doesn't make an exception for expats to the $150,000 a year limit, I'll be seriously considering pulling the pin to go home before July 07, or at least sending the trouble and strife home so she can set up a super scheme for us.
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wankers
wankers,
as always get a good acountant/lawyer theres always around this....
australia - punish those who work their asses off(how dare they work and acually try and make some money), and give to those poor unfortunate lazy pricks...
as always get a good acountant/lawyer theres always around this....
australia - punish those who work their asses off(how dare they work and acually try and make some money), and give to those poor unfortunate lazy pricks...
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sorry guys
sorry for the rant guys, just a few things in aussie land are starting to get on my nerves ....
guess i can be thankful labour is not in power would be twice as worse ! they have a nice history of giving everything away....
my apologies ! how very unprofessional of me....
guess i can be thankful labour is not in power would be twice as worse ! they have a nice history of giving everything away....
my apologies ! how very unprofessional of me....
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Tax changes benefit wealthy expats
Recent tax changes have made Australia a tax haven for wealthy overseas executives in the country on temporary visas, according to tax advisers.
Foreign executives and other temporary workers have been paying Australian tax on rent or earnings from any properties, assets or shares they own overseas since July.
And if changes before parliament become law, temporary residents also won't have to pay tax on capital gains on certain Australia assets such as shares in listed companies.
“This is a paradigm shift with huge tax implications for the mass of individuals who are in Australia on temporary visas,” Horwath Sydney tax director Les Szekely said.
He said the changes were quite generous and “in some ways makes Australia a tax haven” for skilled expatriates, particularly given temporary visas can often be extended indefinitely.
“You only pay tax on your Australian-sourced income and only capital gains on real estate. You can sell shares in an Australian company tax free and pay no tax on interest if it's in an offshore account,” he said.
While countries such as the UK had long had different tax rules for ordinary, temporary and non-residents, Australia has only distinguished between residents & non-residents.
But from July 1, a hybrid category means taxpayers who are here on a temporary work visa can live in Australia without ever paying tax on foreign income and capital gains, including overseas assets bought and sold while they lived here.
In addition, once a pending bill becomes law, they will even be able to sell all Australian assets except interests in land free of capital gains tax.
“Australia has now become much more attractive as a tax haven for high wealth individuals and we may see it becoming more of a magnet, especially for wealthy Asians,” Mr Szekely said.
KPMG partner Christine Deveney, who advises employers recruiting overseas workers, said the changes would generate significant saving for companies.
“Its quite a substantial change,” she said. “This is probably the biggest concession offered to temporary residents.
“In the past, if they had any level of investment income they would be looking at coming to Australia and paying tax at 48.5 per cent on that income, where at home they would be paying tax at a much lower rate.”
About 70,000 temporary work visas will be issued this financial year, almost double two years ago, as foreign businesses bring in experts to meet the skills shortage.
Being taxed on global income at relatively high rates was a big disincentive for foreigners to accept executive jobs in Australia.
The Australian Financial Review, Friday 8 September 2006
Experts expect more affluent people to be attracted to Australia, writes Fiona BuffiniRecent tax changes have made Australia a tax haven for wealthy overseas executives in the country on temporary visas, according to tax advisers.
Foreign executives and other temporary workers have been paying Australian tax on rent or earnings from any properties, assets or shares they own overseas since July.
And if changes before parliament become law, temporary residents also won't have to pay tax on capital gains on certain Australia assets such as shares in listed companies.
“This is a paradigm shift with huge tax implications for the mass of individuals who are in Australia on temporary visas,” Horwath Sydney tax director Les Szekely said.
He said the changes were quite generous and “in some ways makes Australia a tax haven” for skilled expatriates, particularly given temporary visas can often be extended indefinitely.
“You only pay tax on your Australian-sourced income and only capital gains on real estate. You can sell shares in an Australian company tax free and pay no tax on interest if it's in an offshore account,” he said.
While countries such as the UK had long had different tax rules for ordinary, temporary and non-residents, Australia has only distinguished between residents & non-residents.
But from July 1, a hybrid category means taxpayers who are here on a temporary work visa can live in Australia without ever paying tax on foreign income and capital gains, including overseas assets bought and sold while they lived here.
In addition, once a pending bill becomes law, they will even be able to sell all Australian assets except interests in land free of capital gains tax.
“Australia has now become much more attractive as a tax haven for high wealth individuals and we may see it becoming more of a magnet, especially for wealthy Asians,” Mr Szekely said.
KPMG partner Christine Deveney, who advises employers recruiting overseas workers, said the changes would generate significant saving for companies.
“Its quite a substantial change,” she said. “This is probably the biggest concession offered to temporary residents.
“In the past, if they had any level of investment income they would be looking at coming to Australia and paying tax at 48.5 per cent on that income, where at home they would be paying tax at a much lower rate.”
About 70,000 temporary work visas will be issued this financial year, almost double two years ago, as foreign businesses bring in experts to meet the skills shortage.
Being taxed on global income at relatively high rates was a big disincentive for foreigners to accept executive jobs in Australia.
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"australia - punish those who work their asses off(how dare they work and acually try and make some money), and give to those poor unfortunate lazy pricks..."
Helllllo..........I think the USA wrote that book... Someone down under just read it....
Helllllo..........I think the USA wrote that book... Someone down under just read it....
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I can highly recommend 
my accountant/financial planner to sort out the latest Oz Super issues. Geoff runs Majenda, see http://www.majenda.com and specialises in Australian expats, most of whom are pilots. He visits DXB and SIN a few times a year and I understand will be starting in HKG soon. Geoff will even meet you in your hotel while on a layover in SYD and sometimes other Australian cities, given enough notice.
See his latest newsletter that deals with the changes to Australian Super at http://www.majenda.com/html/s02_arti...ck=home&dsa=45
my accountant/financial planner to sort out the latest Oz Super issues. Geoff runs Majenda, see http://www.majenda.com and specialises in Australian expats, most of whom are pilots. He visits DXB and SIN a few times a year and I understand will be starting in HKG soon. Geoff will even meet you in your hotel while on a layover in SYD and sometimes other Australian cities, given enough notice.See his latest newsletter that deals with the changes to Australian Super at http://www.majenda.com/html/s02_arti...ck=home&dsa=45
