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Tx money from Gulf to Australia

Newbie

Views 417

Replies 1

Hi
I have got my PR in the beginning 2016 and made my first landing by late 2016. I moved my family by Jan 2020, and I returned back by Feb to Gulf where i was working. During this time I transferred around 75K for our initial settlement from my overseas bank account in the gulf to my Australian bank. My wife doesn’t work.

Due to covid i came to stay with my family while i was still working for my Gulf company. I stayed in Australia from Mid March to first week of July, which makes it around 100 days. Now am back to the gulf and i will move permanently by Aug. My question is 2 fold

1. Do i need to pay any tax for my 100 day stay in Australia though i was working for my gulf company.

2. As mentioned initially I transferred around 75K to meet the expenses and I believe the first transferred money will not be taxed. Will there be any tax implications if i transfer any further amount? I have around 30K to transfer from Gulf to my Australian bank Account.

Thanks in advance for your support
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @sumsi ,

 

To work out if you need to pay tax on your foreign employment income you'll need to start by working out your residency status for tax purposes.

 

We don't use the same rules as the Department of Home Affairs. This means you:

  • can be an Australian resident for tax purposes without being an Australian citizen or permanent resident
  • may have a visa to enter Australia, but are not an Australian resident for tax purposes.

 

The Are you a resident? decision tool can help you make a determination

 

Once you've determined your residency status for tax purposes refer to the appropriate link below for what income to include in your Australian tax return

 

Generally, if you're an Australian resident for tax purposes and you transfer money from an overseas bank account to an Australian bank account it isn't considered as income and you won't need to pay tax on the transfer. However, any interest you earn on the money in your Australian bank account will need to be reported in your tax return for the relevant year.

 

If you're a foreign resident for tax purposes then this post should help.

 

I hope this helps and let us know if you have any further questions,

JasonT

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @sumsi ,

 

To work out if you need to pay tax on your foreign employment income you'll need to start by working out your residency status for tax purposes.

 

We don't use the same rules as the Department of Home Affairs. This means you:

  • can be an Australian resident for tax purposes without being an Australian citizen or permanent resident
  • may have a visa to enter Australia, but are not an Australian resident for tax purposes.

 

The Are you a resident? decision tool can help you make a determination

 

Once you've determined your residency status for tax purposes refer to the appropriate link below for what income to include in your Australian tax return

 

Generally, if you're an Australian resident for tax purposes and you transfer money from an overseas bank account to an Australian bank account it isn't considered as income and you won't need to pay tax on the transfer. However, any interest you earn on the money in your Australian bank account will need to be reported in your tax return for the relevant year.

 

If you're a foreign resident for tax purposes then this post should help.

 

I hope this helps and let us know if you have any further questions,

JasonT