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Australian Living Overseas - Tax Return

Newbie

Views 180

Replies 2

Hi there,

I am an Australian citizen and have been living in the UK since June 2015. I have earned an income in the UK from 2015 until now. However, I think that I've been filling in my Australian tax return incorrectly; I have been selecting 'yes' for Being an Australian Resident for Tax Purposes on the form and have not been declaring any income. 

I am worried about this and need some help urgently. 

Thanks!

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Enthusiast

Replies 1

Generally speaking , if you satisfy the requirements to be classified an 'Australian resident' for tax purposes - you would lodge your tax return in Australia and declare foreign sourced income is taxable income accordingly. If there is a double tax agreement with the country in which you generated the foreign income - you may receive foreign tax credits recognising any tax you may have already paid in that foreign country.

If you fail the australian tax residency requirements - you would be a tax resident of that foreign country. Therefore, you'd follow the tax lodgement rules of that foreign country. 

 

You should contact a licensed tax practitioner who can give you appropriate tax advice as soon as possible. 

2 REPLIES 2

Most helpful response

Enthusiast

Replies 1

Generally speaking , if you satisfy the requirements to be classified an 'Australian resident' for tax purposes - you would lodge your tax return in Australia and declare foreign sourced income is taxable income accordingly. If there is a double tax agreement with the country in which you generated the foreign income - you may receive foreign tax credits recognising any tax you may have already paid in that foreign country.

If you fail the australian tax residency requirements - you would be a tax resident of that foreign country. Therefore, you'd follow the tax lodgement rules of that foreign country. 

 

You should contact a licensed tax practitioner who can give you appropriate tax advice as soon as possible. 

Newbie

Replies 0

Thanks Cratsky. Appreciate the advice. 

I bite the bulley and called the international number for the switchboard (myGov) this morning. The agent said that since I have not been living and earning in Australia, I do not need to actually lodge a tax return. There is an option for that on the myGov Tax section, where you could select 'Tell us a return is not necessary'. 

However, since I have just been lodging zeros, the agent said is not a problem. 

Thanks!