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New migrant filling Tax for the first time

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Hello all!

 

Im from Argentina. I have a bit of a background in Australia. I first came 5 years ago and spent 2 years working and travelling on a working holliday visa. For that period I did my taxes. I also met my girlfriend (from Oz) at the end of my journey (now my wife Smiley Happy ) and we run to live to Europe.

 

After a couple of years together (living in europe) we knew things where going to last so we did all the paperwork (de facto partner visa) just in case we wanted to move back to Oz in the future. We also did paperworks for my country, cause we didn't knew at the time what was going to happen.

 

After comming and going, back and forwards between Europe, Argentina and Australia, finally we decided to establish ourselves in Australia for a while. The decision was taken and I flew to Australia on the 19th of December of 2017 for good. I was still under a Temporay de facto visa (now I have a permanent visa).

 

The question is the following:

I have some assets from before: Argentinian Bonds (2016) and some CryptoCurrency (2015/16). Is it right to calculate my "purchase" price for this assets on the 19th of December of 2017? According to the residency tax test this should be the date when I became (again) a tax resident.

 

I would appreciate your suggestions as I need to file my Tax for this (and the previous) year.

 

Regards,

 

Gonzalo 

 

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Hi @gochid ,

 

Welcome back to Australia!

When you become an Australian resident (other than a temporary resident), you're taken to have acquired certain assets at the time you became a resident for their market value at that time.

As an Australian resident, you are taxed on your worldwide income, including foreign income from assets and investments and captial gains on overseas assets. You can find more information on owning an overseas property and what income you need to pay tax on through our website.

 

Thanks,
EmilyW

1 REPLY 1

Best answer

Community Support

Replies 0

Hi @gochid ,

 

Welcome back to Australia!

When you become an Australian resident (other than a temporary resident), you're taken to have acquired certain assets at the time you became a resident for their market value at that time.

As an Australian resident, you are taxed on your worldwide income, including foreign income from assets and investments and captial gains on overseas assets. You can find more information on owning an overseas property and what income you need to pay tax on through our website.

 

Thanks,
EmilyW

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