Whether deposits in Australian banks made by non-Australian residents are subject to tax
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12 replies
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Hi @frankhz,
If you're transferring money from an overseas savings account into an Australian bank account, we won't ask you to pay tax on it. We'll ask you to pay tax on the interest it earns. It would be the same rate as your other income.
When you lodge your tax return, you'll let us know how much interest you've received, and we'll calculate the amount of tax you need to pay.
If you're a non-resident for tax purposes, keep in mind this is different to immigration residency, you'll let your bank know and they'll withhold tax on the interest as you receive it at the rate of 10%.
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Hey @frankhz,
That can depend on whether the deposit is a gift of money and whether it's from a family member/friend?
Or if it's salary and wages from an employer?
It can also depend how long the money is in the bank account and whether it earns interest. If it earns interest, then tax will be withheld from the interest you receive.
To be able to help you more we will need a bit more information about where the money is coming from and what the money is for.
A 600 visa holder can enter the country multiple times for 3 years and They can stay in Australia for up to 12 months during of 18 months,
it's to be clarify that whether or not they can apply for TFN after living in the same place in Australia for more than 183 days for themselves?
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