Tax problem for Australian working overseas for a long time. Please Help.

ac241428

Hi Brothers/Sisters,

 

My parents and I moved to Sydney many years ago.

 

After I graduated, I went back to HK to work and marry for 20years and only came back a few times for visiting and stayed 2-3weeks each time.

 

Now, I am planning to buy an investment property in Sydeny (me and my family still stay in HK) but just worry about the tax problem.

 

For example, I need to transfer money back to buy the property. Will the ATO tax me ?

Also, I never lodge any income report to ATO. How do I settle with them ?

 

Please help.

 

Million thanks

tongng09

Did u declare yourself as a non-resident of Australia before u moved back to HK? If u did, I don't think ATO will tax u for transferring money here to buy a property... but u will have to pay higher tax rate from the money u made on that property( such as rent, capital gain etc) If I were u, I would probably call ATO and check it out with them before buying any property here.

ac241428

Good suggestion Tong. Thx

JohnnySu

You are non-resident for tax purposes. Therefore you are not required to declare overseas income in Australia. Having said that if you had a TFN you should have notified the ATO you did not need to lodge.

You will not be taxed when transfering the money to Australia. However, once you purchased a rental property. Income from the property is taxable and you will need to lodge a tax return each year.