Announcements
Looking for information on the JobKeeper extension? Check out our answers to common questions the community has been asking.

ATO Community

Moved Overseas, confused on what is Australian income

Highlighted

Newbie

Views 115

Replies 4

Hi ATO Community, 
My background for context:
-Australian Citizen.
-Moved permanently overseas and have been abroad for more than a year already. 
-Already paid off all my higher student education loans before moving.
-Still have 1 remaining Australian bank open.
-Did not receive aid from Aus Gov for this taxable year.
-Am not a stock trader.

 

  1. Sorry if this is a stupid question but I'm a bit confused about what whether having a bank in Australia counts as 'Australian income' and that means I still have to lodge?
    I already tried looking at the links "Do I have to lodge" but couldn't work out the answer for the "was your taxable income more than $1 during the 2019-20 income year?" I don't have a job so I don't have income but I'm worried if bank interest on the balance I alraedy have effects anything? 
  2. (Besides the having an Australian bank open thing), I believe from the infomation above I would not be considered a taxable resident of Australia, is that correct? 
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

Community Support

Replies 3

Hi @AussieInUS 

 

If you're no longer a resident for tax purposes and you earn at least $1 of Australian income then you do need to lodge a tax return because you can no longer claim the tax free threshold. Bank interest needs to be included as income on your return.

 

Thanks, Ari

4 REPLIES 4
Highlighted

Most helpful response

Community Support

Replies 3

Hi @AussieInUS 

 

If you're no longer a resident for tax purposes and you earn at least $1 of Australian income then you do need to lodge a tax return because you can no longer claim the tax free threshold. Bank interest needs to be included as income on your return.

 

Thanks, Ari

Highlighted

Newbie

Replies 2

Thank you for the help AriH.
So I called my brother and turns out my ING account is an Orange Everyday instead of a savings account, so I don't actually recieve interest (I know, sometimes I'm very clueless in this world which is absolutely terrible) but I believe that means I will not have to logdge a return. I tried again to redo the survey on if I need to lodge a return and it came out as a no. So hopefully everything is fine, I just want to make sure I'm doing the right thing. 

Highlighted

Community Support

Replies 1

Hi @AussieInUS,

 

Thank you for your post. If you are a non resident and are only in receipt of bank interest as long as you have provided the bank with your TFN and your overseas address they will automatically withhold 10% bank interest. If this is the case you will not need to lodge a tax return.

 

Hope this helps.

 

Regards,

Jodie2.  , 

Highlighted

Newbie

Replies 0

Hey Jodie2,
Thank you so much for the link, I had no idea this was a thing. That is so useful to know and it was helpful! Appreciate it Smiley Happy