We left Australia just before COVID hit and still not back home in Australia. We some money in our Australian bank account as we intend to retire back in Australia as residents and citizens and just recently our Australian bank indicated they wanted our overseas address which we gave them. We let our accounts sit but the bank brought to our attention that we earned about $30,000 in interest over a six year period. We have not earned any interest now for about 12 months. We are stressed now because we had no clue, what we should have and shouldn’t have done. The bank has our TFN but didn’t hold 10% hold back. We. We don’t want to do the wrong think, but we don’t know where to start and how we can address any money owing. Please advise so we can address the interest or money owing.
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"You should advise your Australian financial institution (your payer) that you are a foreign resident so they can withhold tax in Australia at the time of payment. You won't need to declare this income in an Australian tax return."
we don’t know where to start and how we can address any money owing.
- Do your tax return and indicate you're not a Australian tax resident
Thank you for your reply.
I notified the bank back in 2022 (still have the banks secure message) but it looks like they have not withheld the tax nor sent this amount to the ATO. Can I request the bank to back date this amount and submit to the ATO.
thank you,
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