Hi @johnxv
You’ve done your research well and are correct, with one exception you’ve not mentioned.
If you have any higher education loan obligations this could mean, you may need to report worldwide income for the purpose of calculating the compulsory repayment amount.
The link you’ve provided is a great source of information
Many thanks for the confirmation on my foreign tax questions. And thanks for the information about higher education loan obligations; in my case, I don't have any. I will take it into account for the future.
Best regards,
John
Hi ATO,
In connection with the legislation discussed in this post, I would also like to confirm my understanding as follows:
I currently hold a Partner (Provisional) visa (subclass 309), and my husband was a permanent resident for the majority of the financial year before becoming an Australian citizen.
Could you clarify whether, in this situation, I am not regarded as a temporary resident and am required to declare interest earned from offshore bank accounts?
Additionally, could you explain the term "relevant return" as used in the sentence from the following link:
"Income from assets and investments
If you own assets or investments overseas, including offshore bank accounts, you need to declare the relevant returns as if they were in Australia."
Would you please provide any relevant links related to that?
Many thanks in advance,
Jane,
Hi @JaneM
To be considered a Temporary resident you must hold a temporary visa and you and your spouse are not Australian Residents with the meaning of Social Security Act.
Check out our further info on Temporary Residents.
It does sound like you may not be a temporary resident, but you'll still have to work out if you're an Australian resident or not.
Your residency status for taxation purposes is a self-assessment and very important, it'll determine how you’re taxed.
There's a tool to help determine your residency status, you can provide your situation and it'll help work it out.
Once you’ve been able to work out if you’re a resident or not for taxation purposes you’ll be able to work out what you need to declare.
Relevant return in this case- is in relation to the amount of return, gain or loss, from the asset or investment.
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