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tax return

Newbie

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Hi, 

I have an Australian bank account and the accountant applied tax file number for me.

I am not Australian citizen or permenant resident, and I resident and work outside Australia.

I do not have any income from Australia except the interest from the bank.

Do I need to file tax return every year?

Your reply is appreciated.

Kevin

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Most helpful response

Megastar

Replies 0

Hi there,

 

I recommend using the Do I need to lodge? web tool to check whether you need to lodge a tax return.

 

About interest earned from Australian bank accounts, see the page about income you must declare:

 

You also don’t declare any Australian-sourced interest, dividends or royalties you derive while you are a foreign resident, provided the Australian financial institution or company that pays you has already withheld tax. They do this automatically if you advise them that you were a foreign resident.

3 REPLIES 3

Most helpful response

Megastar

Replies 0

Hi there,

 

I recommend using the Do I need to lodge? web tool to check whether you need to lodge a tax return.

 

About interest earned from Australian bank accounts, see the page about income you must declare:

 

You also don’t declare any Australian-sourced interest, dividends or royalties you derive while you are a foreign resident, provided the Australian financial institution or company that pays you has already withheld tax. They do this automatically if you advise them that you were a foreign resident.

ATO Community Support

Replies 1

Hi @Kevin_WK

 

The reply from @comcats pretty much covers it.

 

The key think to find out from your bank is whether they have you listed as a foreign resident for tax purposes.

If they do then they will withhold tax at the rate of 10% (for non-treaty countries) from the interest they pay you and you won't need to declare this income on a tax return in Australia.

 

RichATO

 

 

Newbie

Replies 0

Hi

The bank withheld tax at the rate of 10% from the interest they paid to me.

In this case, I still need to lodge a tax return but I won't need to declare this income on a tax return in Australia?

Thanks for your reply.

Kevin