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HELLO! GOT TO SHOUT 'COS I'M SO FAR AWAY
Posted: Mon Jun 04, 2007 7:46 pm
by R111
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
Posted: Mon Jun 04, 2007 8:15 pm
by mr-charisma
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..
Posted: Mon Jun 04, 2007 10:31 pm
by jonowong
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...
Posted: Mon Jun 04, 2007 10:46 pm
by eThix
lol i think u joined the wrong site to ask that
but WTTC
Posted: Mon Jun 04, 2007 11:51 pm
by mr-charisma
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
Posted: Tue Jun 05, 2007 12:04 am
by jonowong
Posted: Tue Jun 05, 2007 12:09 am
by mr-charisma
Good work Jono
Thats probably what I couldn't be bothered looking for
Posted: Tue Jun 05, 2007 12:22 am
by jonowong
im an accountant
*runs and hides*
Posted: Tue Jun 05, 2007 12:45 am
by R111
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 £50,000. Does that make sense?
Sorry to be so boring on my first post here, promise not to make a habit of it
Posted: Tue Jun 05, 2007 4:17 am
by jonowong
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 £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
Posted: Wed Jun 06, 2007 10:48 pm
by FTO338
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.
Posted: Wed Jun 06, 2007 10:51 pm
by jonowong
lols well hes already declared so theyve got ya!