Australian Resident for Tax Purposes & Temporary Resident Rules
More & more people from overseas are working & investing in Australia. How to workout the tax become a very confusing issue.
If you are an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income as well as Australian-source income on your tax return.
However, If you are an Australian resident for tax purposes and meet the requirements to be a temporary resident, the temporary resident rules mean:
Most of your foreign income is not taxed in Australia except income earned from employment performed overseas for short periods while you are a temporary resident.
If a capital gain event occurs in or after 12 December 2006, a temporary resident is not liable to CGT(nor is treated as having made a capital loss) unless the asset is 'taxable Australian property'.
