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Australian Principal Place of Residence is now going to be taxed if you live overseas

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For those of you who own a property back in Australia, i.e. that is your principal place of residence, Scott Morrison is about to put through changes to the parliament that your property should be taxed when you sell it if you reside overseas.

 

Best read the entire article, updated June, copy and paste the wording and email your partition to Scott Morrison email address which is a link in the article.

 

http://www.aussieproperty.com/Competitions/Petition-Against-Removal-Of-Principal-Residence-Exemption-For-Overseas-Expatriates/0b9409d0-d875-4b51-969e-4694716c71eb

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so my advice given to me when i left Australia back in 2005 was you must not own any properties or cars or golf club memberships or bank accounts when you leave if you wish to become a non-resident for tax purposes so seems

my lawyers and accountants were 100 pct correct. if you dont have any assets there they cannot tax you.

 

if you maintain any of the above and work outside the country or earn income on assets outside you are still liable

for tax payable to the ATO...

 

i have been given the all clear by the ATO as i was born prior to 1960 and when i applied to have whatever Superauunation money paid into a fund was cleared by the ATO and sent to me overseas... 

 

so maybe i am one of the fortunate ones .... my principal place of residence and tax purposes are resolved also

as in Thailand under our Retirement Visa we are not allowed to work and earn money so they accept this.

 

 

 

 

 

 

 

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31 minutes ago, aussieinphuket said:

so my advice given to me when i left Australia back in 2005 was you must not own any properties or cars or golf club memberships or bank accounts when you leave if you wish to become a non-resident for tax purposes so seems

my lawyers and accountants were 100 pct correct. if you dont have any assets there they cannot tax you.

 

if you maintain any of the above and work outside the country or earn income on assets outside you are still liable

for tax payable to the ATO...

 

i have been given the all clear by the ATO as i was born prior to 1960 and when i applied to have whatever Superauunation money paid into a fund was cleared by the ATO and sent to me overseas... 

 

so maybe i am one of the fortunate ones .... my principal place of residence and tax purposes are resolved also

as in Thailand under our Retirement Visa we are not allowed to work and earn money so they accept this.

 

 

 

 

 

 

 

Not completely true to my knowledge provided by my accountant.  You could have an account and declare non residency with the bank and you pay withholding tax. Of course that might change soon knowing the Oz government!!

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I predicted this would happen, and sold up accordingly. My principal place of residence when I am in Australia is my son's house.

People living overseas are not a big enough pressure group to worry politicians, so they will jerk us around. The onus is on us to arrange our affairs so we are not vulnerable.

 

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21 minutes ago, possum1931 said:

Maybe going a bit off topic, but I feel this question should be asked. Is there any government in the world that is mostly fair to the average working class person?

New Zealand seems way fairer than Australia now, they were just talking about this on ABC Radio National this morning in Australia.

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5 minutes ago, zaZa9 said:

Im no expert , but if I was in government I would be doing as little as possible to drive self funded retirees living  quietly overseas to  start flooding back  home  with their hands out .

The mindset of some sectors of the bureaucracy is that we should be spending our pensions in Australia, instead of contributing to a foreign economy. And if that means we have to live under a bridge due to unaffordable rents, that's not their problem.

One Centrelink employee tried it on with me by saying I needed permission to go overseas. She shut up when I asked her to show me the specific regulation that said that. Wouldn't surprise me if some four-eyed bureaucrat was working on it.

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1 hour ago, possum1931 said:

If this works for Australia, you can bet that the UK will get into it as well.

 

Bit late with that mate. They removed the tax exemption on selling your prime residence property for UK citizens non resident a few years back.

 

They only allowance they made was the tax is based on the difference between the selling price and the value when they brought the legislation in (2014 or 2015?) rather than the value when you bought it.

 

 

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