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Filing FY20 tax return early with interest & capital gains uncertainty?

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Newbie

Views 524

Replies 6

Hi 

 

I will soon cease to be an Australian resident for tax purposes and need to file my FY20 tax return early. The issue is that (1) capital gains on property/shares are currently uncertain and (2) interest income on bank accounts is also uncertain for the next 6 months.

 

Is it possible to file a return now with an amending notice after 30 June 2020? Or is there another process invovled?

 

Best


Sil

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Taxicorn

Replies 5

@Silvio81 

 

Just wait until you have all the information.

 

6 REPLIES 6
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Best answer

Taxicorn

Replies 5

@Silvio81 

 

Just wait until you have all the information.

 

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Newbie

Replies 4

Hi @macfanboy 

 

So is it possible to declare your intenion to cease being an Australian resident for tax purposes then file a FY20 tax return afterward? 

 

Best

 

Sil

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Taxicorn

Replies 3

@Silvio81 

 

Don't need to do anything.

 

Just lodge your 2020 tax return when you have all the information and on it indicate that it is a part-year one and your final one.

 

So you never intend to live in Australia again and will have no Australian Sourced income?

 

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Newbie

Replies 2

@macfanboy 

 

Australian sourced income likely, but not likely to reside in Australia as a tax resident again for an extended period of time. 

 

Sil

 

 


@macfanboy wrote:

@Silvio81 

 

Don't need to do anything.

 

Just lodge your 2020 tax return when you have all the information and on it indicate that it is a part-year one and your final one.

 

So you never intend to live in Australia again and will have no Australian Sourced income?

 


 

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Taxicorn

Replies 1

@Silvio81 

 

With respect to lodging future tax returns as a non-resident, it all depends on what the Australian Sourced income is.

 

Interest, unfranked dividends, and royalties = Non-resident withholding tax is normally withheld and such taxed income does not have to be included in an Australian tax return. So you need to let the bank know you will be a non-resident.

 

How long do you believe you will be absent for?

 

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Newbie

Replies 0

Years - exact timing unknown.

Sil