Call us: (08) 6267 2200
reception@optimapartners.com.au
  • PAY MY INVOICE
Optima PartnersOptima PartnersOptima PartnersOptima Partners
  • Home
  • About Us
    • Meet The Team
    • Testimonials
  • Our Services
    • Business Advisory
    • Taxation Services
    • Self Managed Superannuation
    • Bookkeeping Services
    • Corporate Secretarial Services
  • Latest News
  • Contact Us

ARE YOU AN AUSTRALIAN RESIDENT ?

    Home ATO matters ARE YOU AN AUSTRALIAN RESIDENT ?
    NextPrevious

    ARE YOU AN AUSTRALIAN RESIDENT ?

    By admin | ATO matters, Blog | 0 comment | 30 September, 2015 |

    australia residents

    Australian Resident

    After spending several weeks of hard work and endless phone calls, getting a retirement annuity transferred from South Africa to Australia, I again realised why one of the very first questions you are asked on your tax return is: “Are you an Australian resident?” It may seem like an unnecessary question, but the ATO has to get this question cleared up early, as it makes a big difference to everything else that follows.

    The ATO views residency in an entirely different way to other Australian agencies, which deal with immigration, visas and citizenship. Whether you’re defined as a resident or non-resident for tax purposes has no impact on your passport or even your status as a permanent resident, and vice versa.

    The ATO’s definition of a resident will determine whether your income is taxed in Australia for a financial year. The tax law contains a series of tests to determine your residency status. If you “reside” in Australia under the usual meaning of the word, you don’t need to look at any of the prescribed tests. It is important to note that you can be considered a tax resident just by your physical presence, without being an ordinary resident of Australia.Australian tax for residents

    The Australian Taxation law treats residents and non-residents differently for tax purposes. Australian residents are generally taxed on all of their income, from here and from overseas, and non-residents are taxed only on income sourced in Australia. The effective tax rates are higher for non-residents, and they are not eligible for the tax-free threshold of $18,200. Non-residents do not pay the Medicare levy (and cannot claim Medicare benefits) and will have 10% of any interest earned from Australian bank accounts withheld for tax.

    You can find more information here – The ATO Australian Determination of Residency tool

    If you think you need to determine your residency status, please contact Optima Partners for further information.

    petro

     

     

    Petro Groenewald
    SMSF/Snr Accountant – Optima Partners

     

    Petro Groenewald, residency, Tax for residents

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    NextPrevious

    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

    Copyright 2021 The Small Business Lounge | All Rights Reserved
    • Home
    • About Us
      • Meet The Team
      • Testimonials
    • Our Services
      • Business Advisory
      • Taxation Services
      • Self Managed Superannuation
      • Bookkeeping Services
      • Corporate Secretarial Services
    • Latest News
    • Contact Us
    Optima Partners