My 83 yr old father is on a BVA awaiting for his Parent Visa 143 approval. Identifies as a Australian resident for tax purposes, in Canada he informed them he is a resident of Australia and pays the 15% tax treaty on his pension earnings on his Canadian tax assessment. In Australia he does not work, his only income is a small amount of interest earned on the money in the bank he brought with him. His annual interest on his savings account is well under the ATO thresh hold. However, I've been informed he may have to pay tax on any amount of interest because he is on a BVA not an approved residency visa? Does he qualify for the tax free thresh hold. If he does qualify for the tax free thresh hold, I have heard he was suppose to complete a Return not necessary/ Non lodgement advice form and submit to the ATO. Thank you for your time.
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1 replies
Hi @Lisalves,
That'll depend! ๐
Did he come here on the BVA straight up? Or was he here on another visa first? Bridging visas are usually a continuation of the visa someone was on before applying for the visa they're waiting for. ๐
Tax residency isn't the same as citizenship or permanent residency. You don't have to be one of those to be considered a resident for tax purposes, it's not based on your visa, more so on your intentions. ๐
If he's deemed himself as an Australian resident for tax purposes then yes, he's eligible for the tax-free threshold. โ
As for tax returns. If they want to lodge a tax return to claim back any tax withheld from interest earned, then that'd be fine. If they have access to ATO online through myGov, then they can go to return not necessary, and it'll show up the years that are eligible to be selected for that. ๐ป
Most things are decided by individuals as all are different and no two situations are ever exactly the same. If they don't have access to ATO online they can opt to lodge a paper non-lodgement advice. ๐๐ซ
All replies
Hi @Lisalves,
That'll depend! ๐
Did he come here on the BVA straight up? Or was he here on another visa first? Bridging visas are usually a continuation of the visa someone was on before applying for the visa they're waiting for. ๐
Tax residency isn't the same as citizenship or permanent residency. You don't have to be one of those to be considered a resident for tax purposes, it's not based on your visa, more so on your intentions. ๐
If he's deemed himself as an Australian resident for tax purposes then yes, he's eligible for the tax-free threshold. โ
As for tax returns. If they want to lodge a tax return to claim back any tax withheld from interest earned, then that'd be fine. If they have access to ATO online through myGov, then they can go to return not necessary, and it'll show up the years that are eligible to be selected for that. ๐ป
Most things are decided by individuals as all are different and no two situations are ever exactly the same. If they don't have access to ATO online they can opt to lodge a paper non-lodgement advice. ๐๐ซ
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