By Cerberus1The Courier Mail is reporting that the Australian Tax Office (ATO) will be analyzing the records of up to twenty million migrants (past and present) to ensure they are not ripping off Australians and are paying their fare share of tax.
The financial and personal details of visa holders who have come and gone from Australia will be audited over the next three years to enforce income tax and superannuation requirements.
The massive blowtorch, which includes migration agents who help get migrants to Australia, also aims to identify potential fraudsters rorting foreign investment rules.
While the ATO has put migrants in the crosshairs previously, it has not been at this mammoth scale.
It comes as the ATO is launching a targeted and well-resourced crackdown on the black economy, which benefits some workers but duds Australia of revenue.
The latest information sweep is extensive and will include the address history visa applicants and their sponsors; all their arrivals and departures in Australia and details of their education provider if they are on a student visa.
A spokeswoman for Revenue Minister Kelly O’Dwyer said the operation could recoup cash for the taxpayer and ensure eligible migrants receives their superannuation before they left the country.
“The ATO has a responsibility to protect the public revenue and to maintain community confidence in the integrity of the tax system,’’ she said.
“The data-matching program does this by detecting, dealing with and deterring those that are not meeting their obligations.
“It also enables enforcement activity and recovery of taxation revenue – without undertaking this data matching program and subsequent compliance activity there are no assurances that a wider risk to revenue does not exist.
“The data also supports the ATO to administer aspects of Australia’s foreign investment laws and reunite seasonal workers with their superannuation entitlements under the Labour Mobility Assistance Program.”
The ATO said, “It is estimated that records of 20 million individuals will be obtained over the course of the three year period.
“These records will be electronically matched with ATO data holdings to identify noncompliance with obligations under taxation and superannuation laws.
“The objectives of this data matching program are to maintain currency of our knowledge of taxation and superannuation risks within the visa holders, visa sponsors and migration agents populations (and) test the accuracy and strengths of our existing risk detection models ... and identify areas for improvement in our models, treatment systems and practices.”
By GemsallenHi, been living in Australia for years and now dual bristish and Australian citizen. I’ve sold my UK property and wondered if anyone has done the same and how that effected their Australian tax return? Do you have to pay capacitor gains tax? How does it work?
If all goes well, then my family and I are planning to move to Adelaide in the month of Aug - Sept 2018 and have a few concerns / questions on money transfers.
can one open a bank account from overseas, i.e. before arriving in Adelaide? If so then how do we go about it? (Money transfer from UAE, Qatar) any recommendations on banks? Some with low service charges etc? is the transferred money taxed? If so then what % Appreciate any other additional info that you may think is useful.
By RichCHello i would appreciate some advice.
My partner and i moved to QLD in February from the UK and we have permanent residency status (we love it)
Annoyingly we moved out shortly after Brexit when the Pound had massively dropped in value so only brought enough money over to get started and get on the property ladder. I do feel as though the Pound will regain some of its former strength eventually but i wouldnt be surprised if it takes another 3 years or so
I have substantial savings just sat in a bank in the UK earning less than inflation and some stocks and shares held within ISA's which i can no longer contribute to and maximise as im no longer living in the UK, plus some rental properties.
I have been waiting for a Bear market or at least a market correction (surely it must be coming soon !) to invest the money sat in the bank in three or four low cost unmanaged index trackers probably with Fidelity.co.uk (who i have my ISA's with) to capitalize on the cheap stock prices then hopefully enjoy the next rise in the markets by which time i am hoping the Pound will have gained some strength against the Dollar.
At this point in the future i would hopefully be able to move some or all of the money over to OZ to use here or just invest in an Ozzy fund provider for future retirement.
What im not sure on is the potential Tax implications on profits made on those shares and any issues regarding timing of moving money over to OZ.
Im looking to make my savings and assets work for me but and be efficient as possible but dont want to fall foul to Tax Issues like being taxed in both countries or paying more Tax than necessary.
I dont know if anyone has been in a similar situation but all advice is welcome.