Individuals who move to live in Australia can reasonably anticipate that they will become tax resident in Australia from the date that they arrive.
This means that their worldwide income and capital gains will be assessable in Australia, including income from property, overseas source pension income and annuities, and from other investments located outside Australia.
Importantly, almost all tax residents of Australia are required to prepare and submit an Australian tax year each year, and this will be a new requirement for most migrants to Australia under the general skilled visa program.
Note: Those who are living in Australia as the holders of temporary Contributory Parent visas, subclasses 173 and 884 are tax resident in Australia, but are taxed differently from permanent visaholders, in that they are able to make use of tax exemptions that are available to individuals holding a temporary residency visa.
These exemptions provide that only Australian source income is taxable – income with an overseas source is not taxed in Australia, including pension income.
Once a permanent residency visa has been granted the taxpayer’s worldwide income and capital gains becomes subject to tax in Australia from the date of visa grant.
GM Parents brings together significant knowledge and experience in the areas of Australian visa strategy, and tax planning and compliance.
We work with our clients on the basis of fixed fees, and a wish to have a long term relationship based on our expertise, trust and a quality service.
If you would like help with your tax – whether it is tax planning prior to your move to Australia, completing forms associated with your move to Australia, or assisting with tax returns once you have moved to Australia – please contact your nearest GM Parents office or complete the form on this page for a no obligation free initial discussion.
We look forward to hearing from you.