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Tax for PR coming from Hong Kong

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Situation: I came to Australia in Mar 2018 and has no income after that. My wife worked in Australia serveral years and paid the tax (income over $90,000 per year). Moreover, I am going to buy the private health insurance as requested by Gov.

 

Question:

1. Can my wife enjoy the tax offset or deduction of me?

2. Is the tax return applied individually or combinedly?

3. Will the insurance affect the tax?

4. Is there any impact to the Medicate levy surcharge?

5. If we buy a house or any equities, is there any different for on behalf of both name or one's name for the tax?

6. If we invest equities in Hong Kong, does it need to pay tax? (There is no tax for equities in Hong Kong)

7. Any tax tips for my situation? (one with no income and one with over $90,000)

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ATO Certified

Devotee

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Hi @willchan,

 

Welcome to Community! Our new Knowledge Base article Tax time 2018: Lodging your first tax return? can help explain important information about tax time, what you need to report and how to report on your income tax return. We also provide information in other languages on our website if you prefer.

 

Each person in couple/family lodges their tax return separately - if you're not sure whether one or both of you will need to prepare a return, our do i need to lodge tool can help you work it out.

 

If your family earns more than $180,000 a year and doesn't have private health insurance for the full financial year, you may need to pay the Medicare Levy Surcharge, which is an additional percentage of your family's income. As you and your spouse have private health insurance, this won't apply to you; you may be entitled to a private health insurance rebate (if you haven't already claimed this as a reduced insurance premium).

 

Generally speaking, buying and selling your home is free from capital gains tax. However, each state has different rules regarding stamp duty and other charges, so you'll need to check with your state body and state government. Australian Securities and Investment Commission's MoneySmart page has great information to outline the process of buying a home in Australia.

 

If you're an Australian resident for tax purposes, you'll need to pay tax on income you earn around the world including on investments. Our guide to international tax explains how tax on overseas income works and whether you can claim foreign income tax offsets to prevent double taxation on your earnings.

 

Hope that helps! Thanks.

1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee

Replies 0

Hi @willchan,

 

Welcome to Community! Our new Knowledge Base article Tax time 2018: Lodging your first tax return? can help explain important information about tax time, what you need to report and how to report on your income tax return. We also provide information in other languages on our website if you prefer.

 

Each person in couple/family lodges their tax return separately - if you're not sure whether one or both of you will need to prepare a return, our do i need to lodge tool can help you work it out.

 

If your family earns more than $180,000 a year and doesn't have private health insurance for the full financial year, you may need to pay the Medicare Levy Surcharge, which is an additional percentage of your family's income. As you and your spouse have private health insurance, this won't apply to you; you may be entitled to a private health insurance rebate (if you haven't already claimed this as a reduced insurance premium).

 

Generally speaking, buying and selling your home is free from capital gains tax. However, each state has different rules regarding stamp duty and other charges, so you'll need to check with your state body and state government. Australian Securities and Investment Commission's MoneySmart page has great information to outline the process of buying a home in Australia.

 

If you're an Australian resident for tax purposes, you'll need to pay tax on income you earn around the world including on investments. Our guide to international tax explains how tax on overseas income works and whether you can claim foreign income tax offsets to prevent double taxation on your earnings.

 

Hope that helps! Thanks.