rb1028

@Marisawright Thanks s much!

Thanks all for the answers. I think I understand better now. Questions: 1. Do I need to let the ATO know I am not currently residing in the country then? Some form I need to send in. Just to be on the safe side. 2. From my understanding this will not affect my resident status in Australia then as long as I come into the country before the VISA ends and then extend it. On my VISA it says: 3. Will my Medicare be affected? 4. What will happen to my Superannuation fund? @Wanderer Returns Ok cool! An ISA it is! I will make sure to arrive before 14 January 2025 then. @Marisawright “.. If you are not physically resident in Australia right now, you do not submit an Australian tax return at all. Even though you hold a PR visa, if you don't have your main residence in Australia, you are classed as a foreigner. The same rule applies even if you're a citizen ..” Since I left in the middle of the year I should still submit for the time of the tax year I was a resident in the country right? 5. What happens the day I have a home in Australia and the UK then? Thanks, everyone! Hope you all have a good day!

@Ken @Wanderer Returns Thank you for taking the time to answer my questions! Background: I have no family in Australia but I was granted a PR in 2020. My work relocated me to the UK later that year and I intend to come back down under at some point in the next coming years. If it is beneficial to remain a resident in the UK I will. But I don't want to lose my Australian PR status. And that's the thing.. If I intend to come back I might as well just invest via an Australian bank since I might be taxed on my capital gains anyway once I liquidate my assets in UK and transfer to Australia. We will see how ATO decides. But from my understanding, I will have to declare it in my tax return in AU at least. ".. Australia has a double taxation agreement with the UK that means that you won't pay tax twice, but of course your Isa income won't be taxed in the UK and you will have to declare any returns or interest as part of your income to the Australian authorities. .." https://www.litrg.org.uk/tax-guides/migrants/residence-and-domicile/what-if-i-am-liable-tax-two-countries-same-income _______ Work out your residence status Whether you’re UK resident usually depends on how many days you spend in the UK in the tax year (6 April to 5 April the following year). You’re automatically resident if either: you spent 183 or more days in the UK in the tax year your only home was in the UK - you must have owned, rented or lived in it for at least 91 days in total - and you spent at least 30 days there in the tax year https://www.gov.uk/tax-foreign-income/residence#:~:text=You're automatically resident if,there in the tax year

Can I claim a foreign income tax offset for my ISA in the UK?

Hello, forum! Hope everyone is doing well :) I am a permanent resident in Australia and the United Kingdom. I currently work in the UK and have a UK employer who pays UK tax. In the UK we have this thing called an investment ISA (Individual Savings Account), a tax-efficient wrapper in which you can buy, hold and sell investments. Since I am also a permanent resident in Australia I need to declare this in my AU tax return. Question: Is it even worth setting up an ISA in the UK since I will be taxed anyway? If yes: Do I get taxed on my capital gain each year?