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Re: I made profits in overseas, but cannot transfer funds to Australia. What can I do?

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Replies 2

I made profits from investment in overseas, and I need to pay tax in Australia for the profits. However, for complicated reasons, I have to wait for a long time to transfer the fudns to Australia (long enough not to be able to report tax on time in Australia). 

 

So, I wonder if there is a way to pay tax to ATO without trasnfering funds to Australia (maybe pay to overseas Australia consulate or embassy). If it is not practical, please advise me what I can do. 

 

P.S. I am trying to contact Private Rulling reagrding this issue. However, the form is not availalbe for downloading from this website (https://www.ato.gov.au/forms/private-ruling-application-form/). If anyone knows, please help me.  

Many thanks in advance. 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @item,

 

Welcome to our Community!

 

If you own money to us, the quickest and easiest way to pay is via BPAY or credit or debit card. There are other payment options which include:

  • Electronic transfer
  • Direct debit
  • In person at an Australian Post office
  • Mail
  • Transfer from an overseas bank account.

If you're unable to pay the debt in full by the due date you can request a payment arrangement, however the payment options remain the same.

 

The private ruling form is available from our website; it may take a few seconds to download. If you're still experiencing difficulties obtaining the form, we suggest clearing your web browser cache / web history, shutting down the browser you're using and trying again.

 

Thanks, JodieH.

2 REPLIES 2

Taxicorn Registered Tax Practitioner

Replies 0

Apologies if this sounds harsh, but if you are an Aus resident and have foreign taxable income in Australia then you have a liability to pay Aus tax.  If the cash arising from the foreign income cannot be easily moved to Australia, then you still have the liability to pay Aus tax.

 

You need to pay the tax from whatever cash you have in Australia.

 

If this is not possible, then you need to make a payment arrangement with ATO.

 

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @item,

 

Welcome to our Community!

 

If you own money to us, the quickest and easiest way to pay is via BPAY or credit or debit card. There are other payment options which include:

  • Electronic transfer
  • Direct debit
  • In person at an Australian Post office
  • Mail
  • Transfer from an overseas bank account.

If you're unable to pay the debt in full by the due date you can request a payment arrangement, however the payment options remain the same.

 

The private ruling form is available from our website; it may take a few seconds to download. If you're still experiencing difficulties obtaining the form, we suggest clearing your web browser cache / web history, shutting down the browser you're using and trying again.

 

Thanks, JodieH.