What You Should Know About Australian Expat Tax Advice
Looking for Australian expat tax advice? All Australian citizens living in Diaspora have a responsibility to pay tax every year. Those who remit tax in time or fail to be obliged by tax laws may have a lawsuit to answer to; that’s why you need the best Australian expat tax advice who is updated and experienced. Generally, all residents of Australia are taxed on their worldwide sources of income, unlike nonresidents who only pay tax on Australian sourced income.
The process of finding reliable Australian expat tax advice could be very challenging if you don’t know what you are looking for. However, the most important thing is that the tax expert you chose should be fully informed about Aussie expat’s tax legislation.
They should also know about resident and nonresident taxation, how to apply for the main residence exemption, applying double taxation treaties, interaction and implication of foreign jurisdiction taxation rules.
What else is important about Australian expat tax advice?
AS long as you are a resident of Australia or own a business or property in Australia, you are entitled to taxation. It’s also important to understand the difference between Taxable Australian Property and Non-Taxable Australian Property and how they affect your investment.
Taxable Australian Property (TAP)
The properties listed under Taxable Australian Property includes the following
- Quarrying, mining, or prospecting right to petroleum, minerals, or quarry materials
- Direct and indirect interest in real property in Australia
- capital gains tax (CGT) asset used in carrying out business through Australian permanent establishment
Non-taxable Australian Property (NTAP)
Direct shares, listed investment companies, exchange-traded funds, and managed funds all fall under NTAP. Therefore, Aussie expats won’t need to pay tax for such properties.
What to consider when choosing Australian expat tax advice
Registration status: Any Australian expat tax agent should show you their registration before you let them file returns on your behalf. There is only one board that authorizes tax professionals so, ensure they have a valid registration document issued by the Australian Tax Practitioners Board. Working with a registered tax agent means you can rely on them in times of legal concerns.
Experience: other than registration, the agent should also demonstrate a high level of experience as far as filing of tax and offering Australian expat tax advice. Find out about the customers they have served in the past. Being a tax agent for a long time implies that they will be able to handle every aspect of your taxes accordingly, and if a challenge arises, they’ll know how to find a reliable solution. For more information visit our Website
