Originally Posted by Dave_S
- Citizen of Australia
- Of no fixed address - ie non resident
- Could be cruising anywhere
Problem asking the accountant is they want me to pay tax as does the ATO.
Guys who work oil
rigs in the UAE and are returning Australian Citizens aren't paying tax.
Its MUCH better to be an Australian Resident for Tax Purposes!
The caveat on that is if you have much more investment income
from outside Australia
If you do you will be rich enough to have an accountant for the last several years.
Do you have large properties rented out in the USA
Do you buy US shares via a US broker
in US$? Or do you buy them via Comsec or an Australian broker
Will you be back in Australia
for minimum 10 days in the next 5 years?
To keep your health
benefits u must visit the doctor at least once in every 5 years on Medicare.
Yes, you need a 'fixed' address. In any country you need a 'fixed' (I.e. mailing address) to buy and sell shares, to have a bank account, to have investments. Use the mailing address (not a p.o. box) of a relative or friend, or hire one.
What happens if you don't? Then all your income
is taxed at the highest marginal rate PLUS you loose the tax free threshold.
Just looking the tax free threshold costs you about $10,000 on an income of $30,000 YES ITS 32%
So please: you are not a no fixed abode, you are an Australian Resident for Tax. This stuff isn't fun and games because the benefits of being an Australian tax payer are huge!
If you don't have an accountant get one to explain it to you.
Tax on this income
0 – $87,000
32.5c for each $1
$87,001 – $180,000
$28,275 plus 37c for each $1 over $87,000
$180,001 and over
$62,685 plus 45c for each $1 over $180,000