Tried posting on Reddit austax but it's moderated and my post isn't appearing yet. Hence trying my luck here.
British naturalized citizen (originally from India if that matters) and UK tax payer on worldwide income (dividends, bank interest etc) on arising basis for last 20 years.
Have mutual fund investments in the US too from very old days. Non resident alien from US standpoint (no green card/citizenship), so no US capital gains tax.
May be able to relocate to Australia on Aussie salary this Aus financial year. If I do, will I be exempt from Australia tax on overseas income including capital gains on stocks and shares - at least in the first year ?
In UK I have a defined contribution pension and I'm 55 and eligible to take out 25% tax free lump-sum in the UK. If I do this while resident in Australia later this year, will I owe any Australian tax on this lumpsum ?
I do not plan to remit any of these funds to Australia.
Asking because I read somewhere that the first year in Australia, you are a "temporary" resident and not liable to Australia tax on overseas income and gains.
I could be wrong but if above is true it wont surprise me. Many countries give a tax holiday on overseas earnings in the first couple years. Britain does, and India also has the "resident but not ordinarily resident" for the first year or two.
On a different note, is Sydney pretty much warm outside of May to August ?
Thanks
British naturalized citizen (originally from India if that matters) and UK tax payer on worldwide income (dividends, bank interest etc) on arising basis for last 20 years.
Have mutual fund investments in the US too from very old days. Non resident alien from US standpoint (no green card/citizenship), so no US capital gains tax.
May be able to relocate to Australia on Aussie salary this Aus financial year. If I do, will I be exempt from Australia tax on overseas income including capital gains on stocks and shares - at least in the first year ?
In UK I have a defined contribution pension and I'm 55 and eligible to take out 25% tax free lump-sum in the UK. If I do this while resident in Australia later this year, will I owe any Australian tax on this lumpsum ?
I do not plan to remit any of these funds to Australia.
Asking because I read somewhere that the first year in Australia, you are a "temporary" resident and not liable to Australia tax on overseas income and gains.
I could be wrong but if above is true it wont surprise me. Many countries give a tax holiday on overseas earnings in the first couple years. Britain does, and India also has the "resident but not ordinarily resident" for the first year or two.
On a different note, is Sydney pretty much warm outside of May to August ?
Thanks
Statistics: Posted by bluejeansman — Tue May 28, 2024 12:47 am — Replies 0 — Views 94