Pre Departure - Leaving Australia
If you are leaving Australia to live or work overseas as an expat you may have important tax planning and compliance questions to consider.
This can be a particular issue where a property in Australia is being retained and rented. For people in this situation you will have a continuing need to submit tax returns to the ATO as a non-resident and pay tax at non-resident rates of tax.
For those who are non-resident for Australian tax purposes and are selling a residential property in Australia you must also consider the capital gains tax position and the reliefs available to you as a non-resident along with your reporting obligations both in Australia and the country to which you are a tax resident.
If you are ceasing to be an Australian tax resident you will have to consider the deeming provisions of Australian taxable property and whether to deem dispose of these assets. If you choose to do so you must report the disposal in your tax return in the year you cease to be an Australian tax resident.
Those who are leaving Australia as holders of temporary visa may be eligible to claim a refund of superannuation contributions paid by their employers in Australia – known as the Departing Australia Superannuation Payment, or DASP.
Higher Education Loan Repayments
If it is your intention to move and live overseas (for more than six months in any 12-month period or permanently), you are required to advise the ATO of the following:
- update your contact details.
- submit an overseas travel notification within seven days of leaving Australia.
- report your worldwide income or a non-lodgment advice (if you don’t have income to report).
We at GM Tax provide fixed fee quotes for advisory work and tax returns.
If you are leaving Australia and would like a fixed fee proposal from a firm of UK & Australian tax advisors that understands the issues affecting individuals departing Australia please complete our online enquiry via our contact us button or by calling a GM Tax office closest to you.
GM Tax also offers the following services:
- Tax planning advice and guidance with regards to your residency status in Australia.
- Preparation of Australian tax returns, with all returns submitted to the ATO electronically where possible.
- Advice on the tax position where a property in Australia is being let while a taxpayer is living overseas.
- Capital Gains Tax advice and guidance in relation to your Australian assets.
- Assistance to ensure Australian sourced income of those who are non-residents of the Australia is properly taxed and is not taxed twice, or double taxed.
- This last point is particularly relevant to those who have Australian sourced income or capital gains which may also be subject to tax in the country in which the taxpayer is now resident.