Hi expats
I am about to move to Sydney in a few days. Before I move, I want to know a few things about Australia's taxation policy.
1. Would I be charged for any tax on the amount I bring in? If yes, what is tax rate/slab?
2. I know, Australian residents are charged tax for their overseas incomes as well. What is the rate/slab?
3. I know, Australian residents are charged tax for their overseas capital gains. What is the rate/slab?
4. Please let me know if they charge tax only on capital gain (at the point of sale of capital) or on the capital itself as well?
I mean if I own a shop in foreign land, will it be taxable annually on its annual worth or only when it will be sold?
If answer is yes then what is tax rate/slab?
5. If I own a shop in foreign land and its rent is the source of income, and answer to question 4 is also yes, then it would mean that the shop is taxable on both (i) its annual net worth and (ii) its rental income. Am i right?
I am about to move to Sydney in a few days. Before I move, I want to know a few things about Australia's taxation policy.
1. Would I be charged for any tax on the amount I bring in? If yes, what is tax rate/slab?
2. I know, Australian residents are charged tax for their overseas incomes as well. What is the rate/slab?
3. I know, Australian residents are charged tax for their overseas capital gains. What is the rate/slab?
4. Please let me know if they charge tax only on capital gain (at the point of sale of capital) or on the capital itself as well?
I mean if I own a shop in foreign land, will it be taxable annually on its annual worth or only when it will be sold?
If answer is yes then what is tax rate/slab?
5. If I own a shop in foreign land and its rent is the source of income, and answer to question 4 is also yes, then it would mean that the shop is taxable on both (i) its annual net worth and (ii) its rental income. Am i right?
