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pari92sa(Newbie)Newbie
1 Feb 2024

Hi all,


I'm an Australian permanent resident currently living in Sweden. I am a tax payer in Sweden at the moment. As I am planning to return to Australia in near future, I want to transfer a part of my salary to my Australian account (in Commonwealth bank) each month so that I will have savings upon returning to Australia. As I pay tax for my salary in Sweden, I can freely transfer money to my Australian account without needing to pay extra taxes in Australia, right? If I am missing something, Can you please help me?


Regards,

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3 replies
548 views
3 replies

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Most helpful reply

TonyATO(Community Support)Community Support
6 Feb 2024

Hello @pari92sa


You mentioned that you're a permanent Australian resident, but are you an Australian resident for tax purposes?


If so, you may be taxed on the income in Australia regardless of if you transfer it or not. This is because Australian residents are taxed on their worldwide income. If this is the case, you may be eligible for a foreign income tax offset so you're not actually paying tax in both countries.


If you were in fact a foreign resident, you won't be taxed on the salary itself but will be taxed on income you earn from your Australian bank account such as interest.

All replies

Most helpful reply

TonyATO(Community Support)Community Support
6 Feb 2024

Hello @pari92sa


You mentioned that you're a permanent Australian resident, but are you an Australian resident for tax purposes?


If so, you may be taxed on the income in Australia regardless of if you transfer it or not. This is because Australian residents are taxed on their worldwide income. If this is the case, you may be eligible for a foreign income tax offset so you're not actually paying tax in both countries.


If you were in fact a foreign resident, you won't be taxed on the salary itself but will be taxed on income you earn from your Australian bank account such as interest.

Liked by pari92sa
pari92sa(Newbie)Newbie
7 Feb 2024

Hi,

Thanks a lot for your reply.

I used to be an Australian resident for tax purposes when I was studying in Australia. I have also got my permanent residency through the Global Talent VISA program.

I have been working in Sweden since 2022. How should I know if I am still an Australian resident for tax purposes? And if I am, will I be eligible for tax offset? (I am a researcher working at KTH Royal Institute of Technology in Sweden).

Deb_ATO(Community Support)Community Support
11 Feb 2024

Hi @pari92sa


If you click on the first link @TonyATO gave, it'll help you work out your residency. We also have a handy tool you can use.


If you're living in Sweden and getting paid by a Swedish employer it sounds like you probably won't be an Australian tax resident, but its best if you check this yourself.


Going back to your original question, transferring your savings here isn't taxable, only interest it earns. If you earn interest your bank will automatically put tax aside if they have your overseas address.


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