Skippy tax
Thread Starter
Join Date: Jan 2007
Location: buderim australia
Age: 58
Posts: 43
Likes: 0
Received 0 Likes
on
0 Posts
Skippy tax
Tax considerations around a move from oz to emirates? Assuming my accountant will know to whom and how to report my change of resident status, any advice for how to treat property in aus, both primary residential and rental ? I have a smsf which I am already querying and would welcome any suggestions to put to the accountant for an answer? Thanks
The Major question is whether you remain a resident for tax purposes, and there is a checklist the ATO utilize.
If your work, income, primary residence and Family are all here, you are non-resident.
That means you are not liable to Australian tax on overseas earnings, but for any Australian earnings (rent, dividends etc.) you are treated as a foreigner.
If you are Commuting, keeping a residence and with Family primarily in Aus, your status might be questionable.
Yes, your SMSF is an issue- different laws apply to Non-residents and you will probably have to roll it over to a normal Fund.
I'm no expert, so I guess the additional advice is "Consult an expert" but I hope that helps!
If your work, income, primary residence and Family are all here, you are non-resident.
That means you are not liable to Australian tax on overseas earnings, but for any Australian earnings (rent, dividends etc.) you are treated as a foreigner.
If you are Commuting, keeping a residence and with Family primarily in Aus, your status might be questionable.
Yes, your SMSF is an issue- different laws apply to Non-residents and you will probably have to roll it over to a normal Fund.
I'm no expert, so I guess the additional advice is "Consult an expert" but I hope that helps!
Last edited by Wizofoz; 15th Mar 2013 at 09:25.
Join Date: Apr 2001
Location: Adrift upon the tides of fate
Posts: 1,840
Likes: 0
Received 0 Likes
on
0 Posts
Questions for yourself (and the accountant)
- your age, years to run, and where you intend to retire have a big impact on your super, and whether it's even a good idea to have any assets there
- the impact of non-residency on your investments regarding tax-free threshold
- the timing of your move (can make a big difference in your first year)
- impact of currency fluctuations on earnings, assets and debt.
- your age, years to run, and where you intend to retire have a big impact on your super, and whether it's even a good idea to have any assets there
- the impact of non-residency on your investments regarding tax-free threshold
- the timing of your move (can make a big difference in your first year)
- impact of currency fluctuations on earnings, assets and debt.
Last edited by ferris; 15th Mar 2013 at 10:24.
Thread Starter
Join Date: Jan 2007
Location: buderim australia
Age: 58
Posts: 43
Likes: 0
Received 0 Likes
on
0 Posts
Thanks
Thanks, I have most of those suggestions and others to take to the accountant. All online info points to me having to cancel the smsf as a non resident and I will let the accountant show me how to dance around property as I expect to return and retire here some day.
Join Date: Dec 2001
Location: Always changing
Posts: 202
Likes: 0
Received 0 Likes
on
0 Posts
Yes, but can you be personally non-resident whilst still being the director and sole share holder of an Australian company which is the trustee of your SMSF?
I think you can.
I think you can.
Join Date: Jul 2009
Location: Springfield
Posts: 278
Likes: 0
Received 0 Likes
on
0 Posts
....ditch your accountant. If he/she doesn't know this info then you need one who specialises in expat tax. There are several that come to Dubai on a regular basis. I am happy with majenda.com but shop around.
