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Receiving Money from Overseas

Newbie

Views 153

Replies 2

I am currently living abroad. A friend of mine has asked me to help purchases salvages vehicles from Australia. He deposits the full amount of funds from an overseas business account (in the country I am living in), ranging from $5000 to $30000, into my personal account in Australia on an irregular basis. I transfer funds to the bank accounts of vehicle businesses in Australia.

 

I was wondering should/how I would declare this on My Tax Return, as it is not a form of income for me? 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Community Moderator

Replies 1

Hi @TaxTimeTerry,

 

Are you a non- resident for tax purposes? Any interest you earn on your bank account would automatically be taxed at 10%. As long as you have informed the bank that you are a non-resident. I have linked to this information below.

 

 

Non-resident withholding tax on interest

2 REPLIES 2

Most helpful response

ATO Certified Response

Community Moderator

Replies 1

Hi @TaxTimeTerry,

 

Are you a non- resident for tax purposes? Any interest you earn on your bank account would automatically be taxed at 10%. As long as you have informed the bank that you are a non-resident. I have linked to this information below.

 

 

Non-resident withholding tax on interest

Newbie

Replies 0

@KylieATO How does this situation work with a HELP loan?