HELLO! GOT TO SHOUT 'COS I'M SO FAR AWAY

R111 · Post by **R111** » Mon Jun 04, 2007 7:46 pm

Hi all!

Just registered with you guys after looking at your site whilst the FTOOC in the UK broke recently.

I've got a facelift symphonic silver GPX 5 speed tip and have loved every minute of owning her for the last 4 plus years.

Whilst I'm here would it be too cheeky to ask a technical, non FTO question, about Australian tax rules? Got a client (I'm a financial adviser) who is hoping to join you guys over there in a few months and he's asked me to look into a few things for him. Hope you don't mind, here goes....

I've sussed out most things but just wondered if anyone knew what the implications are of ticking 'YES' on the tax form where it asks if you have owned any assets outside of Australia valued at over AUD$50,000?

Thanks for any help,

Paul

mr-charisma · Post by **mr-charisma** » Mon Jun 04, 2007 8:15 pm

Might affect citizenship status, or have some effect on tax purposes for overseas income... Not sure if it is for better or worse though ... sorry if this is not much help, just asked my dad about it... he's an accountant but doesn't have much to do with this sort of stuff.. I'd say call the Australian Tax Office or check out their website, they might have something that explains it all..

jonowong · Post by **jonowong** » Mon Jun 04, 2007 10:31 pm

ooo i knew the answer to this.. had an exam on it about a year ago... its in the master tax guide under the residency section... ive sold my book so i cant help you there...

eThix · Post by **eThix** » Mon Jun 04, 2007 10:46 pm

lol i think u joined the wrong site to ask that

but WTTC

mr-charisma · Post by **mr-charisma** » Mon Jun 04, 2007 11:51 pm

jonowong wrote:ooo i knew the answer to this.. had an exam on it about a year ago... its in the master tax guide under the residency section... ive sold my book so i cant help you there...

Residency! I think thats the word I was looking for instead of citizenship

lol

But yeah... WTTC!

post pics of your car

jonowong · Post by **jonowong** » Tue Jun 05, 2007 12:04 am

lol this might help...

Residency â€“ the resides test
http://www.ato.gov.au/individuals/conte ... /36255.htm

Residency â€“ the domicile test
http://www.ato.gov.au/individuals/conte ... /36263.htm

Residency â€“ the 183 day test
http://www.ato.gov.au/individuals/conte ... /36270.htm

Residency â€“ the superannuation test
http://www.ato.gov.au/individuals/conte ... /36279.htm

Some examples of residency
http://www.ato.gov.au/individuals/conte ... /36280.htm

Foreign Income Tax, should be important for your client
http://www.ato.gov.au/individuals/conte ... /28908.htm

mr-charisma · Post by **mr-charisma** » Tue Jun 05, 2007 12:09 am

jonowong wrote:lol this might help...

Residency â€“ the resides test
http://www.ato.gov.au/individuals/conte ... /36255.htm

Residency â€“ the domicile test
http://www.ato.gov.au/individuals/conte ... /36263.htm

Residency â€“ the 183 day test
http://www.ato.gov.au/individuals/conte ... /36270.htm

Residency â€“ the superannuation test
http://www.ato.gov.au/individuals/conte ... /36279.htm

Some examples of residency
http://www.ato.gov.au/individuals/conte ... /36280.htm

Foreign Income Tax, should be important for your client
http://www.ato.gov.au/individuals/conte ... /28908.htm

Good work Jono

Thats probably what I couldn't be bothered looking for

jonowong · Post by **jonowong** » Tue Jun 05, 2007 12:22 am

im an accountant

*runs and hides*

R111 · Post by **R111** » Tue Jun 05, 2007 12:45 am

jonowong wrote:im an accountant

*runs and hides*

Come back!!

Cheers guys & gals!! really appreciate the help.

I'll get some pics of my car up soon, I'll dig out the ones that made into the UK calendar a couple of years ago.

jonowong - been searching through the ATO site over the last week or so but can't actually find anything that says what happens if the answer to the question about overseas assets is 'YES'. Is it just to keep a check on assets if they are disposed of in later years or is there some tax to pay on assets before they are disposed of? My clients are going to be resident in Australia and will only have Australian income but will retain some UK assets over Â£50,000. Does that make sense?

Sorry to be so boring on my first post here, promise not to make a habit of it

jonowong · Post by **jonowong** » Tue Jun 05, 2007 4:17 am

R111 wrote:
jonowong wrote:im an accountant

*runs and hides*
Come back!!

Cheers guys & gals!! really appreciate the help.

I'll get some pics of my car up soon, I'll dig out the ones that made into the UK calendar a couple of years ago.

jonowong - been searching through the ATO site over the last week or so but can't actually find anything that says what happens if the answer to the question about overseas assets is 'YES'. Is it just to keep a check on assets if they are disposed of in later years or is there some tax to pay on assets before they are disposed of? My clients are going to be resident in Australia and will only have Australian income but will retain some UK assets over Â£50,000. Does that make sense?

Sorry to be so boring on my first post here, promise not to make a habit of it

if your an australian resident you will have to pay tax on your overseas earnings that why they ask if you have assets, if you dispose of the assets you will still need to pay capital gains tax

its unfair i know... but what can u do

FTO338 · Post by **FTO338** » Wed Jun 06, 2007 10:48 pm

I've got a mate who work in the ATO and i just asked him. Yes you need to declare, but there is no way they can track any oversea asset or investment, so its base on the "honest" system LOL

At the end of the day, you can declare, but lots of people don't.

jonowong · Post by **jonowong** » Wed Jun 06, 2007 10:51 pm

lols well hes already declared so theyve got ya!