Hi everyone,
I was a temporary resident of Australia on a Temporary Skill Shortage (482) Visa until last year and received my Australian Permanent Residency in May 2023. Since becoming a Permanent Resident, I understand that I need to include my overseas assets in my Australian tax filings.
During my time as a temporary resident, I transferred about $25,000 AUD from Australia to my home country.
Additionally, I had savings accrued from my employment in my home country, along with pensions and investments. I liquidated these assets and combined them into term deposits. The total amount, including interest, is approximately $87,000 AUD. Some of these term deposits matured in August 2024, and others will mature by the end of 2025. These term deposits have a tenure of about 3 years. I do not have any other asset or income or savings to my name in my home country.
I have two questions:
- I have already filed my FY 2023-2024 tax return and did not include any foreign income because the interest from the term deposits was paid out in August 2024, which falls into FY 2024-2025. Is this correct, or do I need to declare something for FY 2023-2024?
- Regarding the question on this year's tax return: "During the year did you have an interest - direct or indirect - in overseas assets worth AUD $50,000 or more?" I answered "no" because I did not earn any interest on these term deposits during FY 2023-2024. Is this correct, or should I amend my tax return?
Thank you for your assistance.
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