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Bikeman93

Tax changes for expats

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1 hour ago, MadMuhammad said:

Extensive and helpful as always mate, thanks for the detailed reply.

I’ve just been spitballing the idea of ED visa and the taxbreak that may provide, definitely worth looking into. 

Thank you for the offered assistance regarding an accountant but I am in Melbourne and I do have an accountant that takes care of my tax for my portfolio, he’ll be my next port of call.

 

I may PM you regarding shipping and transport of some household goods sometime in the future though. I have quotes from a couple of companies but your costs are far below these. I will be bringing over my PC gaming setup and some clothing etc but as far as I’m aware I can have one duty free shipment into the country if I have a minimum year long visa.

 

thanks again 

Anytime mate, just got to watch out for duties payable on certain items when shipping and these Thai companies appear to give you a price per kilo, you box it, wrap it and they put it on a container with others, we ended up with everything we sent.

 

Good to hear you have an accountant that will sort things for you.

 

Don't know much about the ED visa, but if that means you will be working here, just watch out if there will be double taxing on your worldwide income, not that I know much about that or what countries are in the net.

 

PM me anytime and if I can help a mate out, will do.

 

Cheers 

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22 hours ago, 4MyEgo said:

Hi Tony a very interesting blog, but can I say one thing as an Aussie xpat, its not all that depressing if you stumbled onto the research I have, i.e. you can avoid paying tax if you invest your money in the ASX, I don't know if you or the other readers here know this, you can sell your property that is providing you with an income less 32c in the dollar to the tax man, less maintenance costs, water, council rates, insurances, vacancy factors, agents fees, agents re-letting fees, advertising costs etc etc, then you have capital gains tax, but not before you get a retrospective fair market valuation as at the date you left the country, hopefully the valuer will give you a higher figure to minimise your future liability.
I mean seriously who wants to hang onto a property, by the time you add the above its a 50/50 split, however if you invested into a low risk portfolio in the ASX through a good broker you could be earning 5%-6% net yearly, and very easily, all tax free, i.e. you by fully franked shares (tax paid at the time the dividend is paid), problem solved and any capital gains tax is yours because there is non to be paid, sound to good to be true, well its true and legal, I have been doing it and there is no problem, and sure, shares rise and fall, but if your not selling when they are down, your good, I sell when I want to take profit, and I also get involved in my portfolio, and in 6 months I was managing 7.5% net, that's 15% per annum tax free with a low risk portfolio, so worth looking into as a foreign resident.

Are you saying that fully franked shares are all tax free and the capital gains?

 

What about investing in international shares? I heard capital gains on them are also tax free. Is this correct?

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1 hour ago, 4MyEgo said:

This won't happen in our life time, but agree there is an enormous amount of money in the stock market from superannuation, as well as real estate.

 

Retirees will only go back to work when they drop the old age pension or lift the old age pension age to 70 for those thinking of getting the pension, who don't have enough to stand on their own two feet due to the cost of living and no wage increase in the past decade.

but the problem would be, who will employ a 55+ year old person these days, let alone 65+.

 

Agree, aint gonna happen.

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4 minutes ago, ghworker2010 said:

Are you saying that fully franked shares are all tax free and the capital gains?

 

What about investing in international shares? I heard capital gains on them are also tax free. Is this correct?

Yes correct.

 

I can't answer your 2nd question as I do not invest in any other shares except those listed on the ASX.

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Lots of useful info in the thread.

 

The data matching capabilities and the information exchange between the govt departments is not perfect yet, but is getting better and better. 

 

Did anyone try to move all of their assets to a tax friendly country like Singapore? AFAIK the tax is very low there on income from shares and capital gains, but seems to be difficult to open a bank account without employment pass.

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18 hours ago, gearbox said:

The data matching capabilities and the information exchange between the govt departments is not perfect yet, but is getting better and better. 

They know more about you than you could possibly remember. It only appears imperfect because they wait until there is max payoff for them after 5 years or so of dodging and thinking your getting away with it.  

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On ‎2‎/‎15‎/‎2018 at 1:58 PM, Lacessit said:

I think the ATO has a lot bigger fish to fry than a few expats living overseas.

If the earlier statement that 1 million Aussies live overseas is true that makes a worthy target.

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2 hours ago, Bikeman93 said:

If the earlier statement that 1 million Aussies live overseas is true that makes a worthy target.

The ATO normally target certain occupations in one year and often go on income levels.

 

Those who are just on the OAP would be very unlikely to be targeted IMO.

Especially as it's been pointed out on here that the OAP is tax free.

 

 

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