bryzee86 Posted June 25, 2014 Share Posted June 25, 2014 Hi folks, We've been here in Oz for 7 months now and it's nearly time for our first tax return! So, I have a question - do money transfers from the UK (i.e. the funds we sent over prior to our arrival, plus money that members of family have sent to us to support us) count as "Tax-deductable income"? If yes, I have another query. We have a joint bank account, so would we both need to report this, or just one of us? Finally, we arrived in Oz on 09/12/2013, so our time as resident for tax purposes at tax time will be 6 months and 22 days - does this count as 6 months residence or 7 months residence as far as ATO are concerned? Thanks in advance! Link to comment Share on other sites More sharing options...
JoannaAch Posted June 25, 2014 Share Posted June 25, 2014 Hi folks, We've been here in Oz for 7 months now and it's nearly time for our first tax return! So, I have a question - do money transfers from the UK (i.e. the funds we sent over prior to our arrival, plus money that members of family have sent to us to support us) count as "Tax-deductable income"? If yes, I have another query. We have a joint bank account, so would we both need to report this, or just one of us? Finally, we arrived in Oz on 09/12/2013, so our time as resident for tax purposes at tax time will be 6 months and 22 days - does this count as 6 months residence or 7 months residence as far as ATO are concerned? Thanks in advance! Hi, I can't really answer your questions, but I was advised by my friends that it is worth to ask a tax agent to do your first tax return because as a part year resident you paid to much tax and agent can help you get the most of it back:) As for transfers your family sent you - I don't think you have to report it, as it is not "income", but there may be a limit on how much you can receive w/o reporting it... As for your own savings, I would guess they were already taxed with your salary? You can't pay tax twice (at least not if going from UK/Europe to Australia). This will be my first tax return in Aus (arrived 4 months ago), but I have been receiving support from my family previously (in Germany) and I never declared it... But hopefully someone else will be able to answer? Link to comment Share on other sites More sharing options...
Si T Posted June 25, 2014 Share Posted June 25, 2014 Hi folks, We've been here in Oz for 7 months now and it's nearly time for our first tax return! So, I have a question - do money transfers from the UK (i.e. the funds we sent over prior to our arrival, plus money that members of family have sent to us to support us) count as "Tax-deductable income"? If yes, I have another query. We have a joint bank account, so would we both need to report this, or just one of us? Finally, we arrived in Oz on 09/12/2013, so our time as resident for tax purposes at tax time will be 6 months and 22 days - does this count as 6 months residence or 7 months residence as far as ATO are concerned? Thanks in advance! The amounts you have transferred over are not Tax-deductible income. They are not earnings for the purposes of tax. Secondly, I believe that the ATO to deem parts of a month as you being resident for the whole month and so you should be deemed to be resident for 7 months. Hope this helps Link to comment Share on other sites More sharing options...
Echidna66 Posted June 26, 2014 Share Posted June 26, 2014 Tax time..Yippee, lets open a bottle of bubbly...Oh isnt it wonderful....time to celebrate....That seems to be how tax time is viewed here in Australia..Its pathetic.. Link to comment Share on other sites More sharing options...
Peach Posted June 26, 2014 Share Posted June 26, 2014 Tax time..Yippee, lets open a bottle of bubbly...Oh isnt it wonderful....time to celebrate....That seems to be how tax time is viewed here in Australia..Its pathetic.. how is that chip on your shoulder working out? Link to comment Share on other sites More sharing options...
Skani Posted June 26, 2014 Share Posted June 26, 2014 Tax time..Yippee, lets open a bottle of bubbly...Oh isnt it wonderful....time to celebrate....That seems to be how tax time is viewed here in Australia..Its pathetic.. You've got to be kidding!!! I've lived in Australia for many decades and I have NEVER encountered this...anywhere. More a case of...."b....dy tax time again...can't be the end of June already! :shocked::arghh:" Link to comment Share on other sites More sharing options...
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