Tax Implications On Investments In Australia

[youthnasia]

Hi

I am planning to move to Thailand in the not too distant future. I will have investments (term deposits, mortgage funds, etc) in Australia which will be giving me approx. 50,000 baht (gross) each month in interest.

What are the taxes that I will need to pay the Australian government?

Does it make a difference if I claim to be a resident or non-resident of Australia?

Are any of you Australians in this position?

Thanks in advance

[TizMe]

As a non-resident, you will be required to pay all tax due at the top rate.

The only exception that I know of, is that as a non resident you do not have to declare dividend income from shares, however you also do not get any benefit from imputation tax credits.

[BaanOz]

As a non-resident, you will be required to pay all tax due at the top rate.

The only exception that I know of, is that as a non resident you do not have to declare dividend income from shares, however you also do not get any benefit from imputation tax credits.

<{POST_SNAPBACK}>

...so do you think it's best just to stay a resident and pay the applicable tax?

Cheers BaanOz

BTW I wonder if you can open a bank account in Thailand and using that, open a HSBC internet trading account in Australia to trade? How would the tax implications go then?

Edited February 6, 2005 by BaanOz

[youthnasia]

As a non-resident, you will be required to pay all tax due at the top rate.

The only exception that I know of, is that as a non resident you do not have to declare dividend income from shares, however you also do not get any benefit from imputation tax credits.

<{POST_SNAPBACK}>

...so do you think it's best just to stay a resident and pay the applicable tax?

Cheers BaanOz

BTW I wonder if you can open a bank account in Thailand and using that, open a HSBC internet trading account in Australia to trade? How would the tax implications go then?

<{POST_SNAPBACK}>

[BaanOz]

BTW I wonder if you can open a bank account in Thailand and using that, open a HSBC internet trading account in Australia to trade? How would the tax implications go then?

<{POST_SNAPBACK}>

Forget that!

Either an Oz tax file number or pay top tax rate.