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Australian Resident for Tax Purposes & Temporary Resident Rules

May 3, 2016

More & more people from overseas are working & investing in Australia. How to workout the tax become a very confusing issue.

If you are an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income as well as Australian-source income on your tax return.

However, If you are an Australian resident for tax purposes and meet the requirements to be a temporary resident, the temporary resident rules mean:

Most of your foreign income is not taxed in Australia except income earned from employment performed overseas for short periods while you are a temporary resident.

If a capital gain event occurs in or after 12 December 2006, a temporary resident is not liable to CGT(nor is treated as having made a capital loss) unless the asset is 'taxable Australian property'.

 

 

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