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Tax Advice for Expatriate Australians & Migrants
Introduction - Australian Tax Advice
This section of Exfin provides introductory information tailored for Australians who are not tax residents, future migrants and working visitors regarding the Australian tax system, and prompt access to professional tax advice through our Inquiry forms.
While a tax resident of Australia, individuals are taxed on their worldwide income at a maximum taxable rate of 46.5%. When they become non-resident for tax purposes they become liable only for tax on Australian sourced income - an approach which differs from that of some other countries, such as the US. Hence the importance of tax residency for Australians departing and returning to the country and why we provide some discussion of the various tests used to determine an individual's status. The tests are often very dependent, however, on an individual's personal circumstances and you are strongly advised to seek professional advice if you have any doubts about your tax or residency status - particularly given the changes made to the taxation of offshore employment made in the 2009 Budget.
Other areas of common concern to expatriates are the application of capital gains tax (CGT) in relation to property and assets in Australia, both on departure and whilst overseas, and how rental income from property is treated whilst overseas.
In our view, Australian expatriates should have a tax briefing with a professional advisor brfore leaving Australia and at least several months prior to their return. There are a considerable number of tax complexities and we cannot hope to address them all within the Exfin site - although we do provide some general background around the more common taxation issues and a page of tax FAQ's. Note that some recent changes, particularly in the area of superannuation, where the Government has increased the attractiveness of superannuation but also limited annual contributions, means it is vital that you also plan your superannuation strategy since it may involve making contributions whilst overseas and prior to your return to Australia.
Most Australian tax advisors have a very domestic focus and it is important that you utilise tax advisors who are focussed and experienced on expat tax matters to ensure that you receive full and complete advice.
IMPORTANT: The material contained in this website and other associated communications is only intended as general, background information and must not be relied upon. No warranty is provided in relation to any material or to the services that may be contracted through exfin.com. It is recommended that individuals seek the advice of qualified professionals before taking any action.
