Overseas income of new immigrants

Asset globalization is the preferred strategy for high-net-worth investors. More and more overseas people have Australian investment properties or companies, and the international background sometimes makes the tax situation very complicated. Some investors will be greedy for temporary convenience by choosing a simple method to deal with, or deal with it according to ordinary people’s reason. If you make a profit due to improper tax filing, you may need to modify your tax return in the random inspections of the tax bureau in the future, and you may be fined.

Relatively speaking, an international background is more flexible than ordinary people in tax processing. We can do tax planning for customers, make predictions and calculations before economic activities, and know the tax results. Customers can make a more comprehensive judgment.

The definition of resident for tax purpose comes from the tax law and affects the tax rate and taxation scope of taxpayers. Generally speaking, the taxpayer’s job, family, assets and plan are used for comprehensive judgment. Tax residents enjoy tax allowances, and the tax rate is relatively low. The disadvantage is that tax returns are required worldwide (tax filing does not mean double taxation, most taxes are taxed at once). Non-tax residents have only Australian sources of income to be taxed, and other countries do not need to report. The disadvantage is that the tax rate is high and there is no tax allowance.

Chinese nationals with identities must plan their own taxes reasonably when they do business and invest in China and Australia. First of all, it must comply with national regulations. Ignorance is not a reason for defense! Second, tax avoidance is reasonable and legal. What most people think is “justifiable” is actually a trial of the law, and the gains often outweigh the gains. Taxation is a very serious issue in Western countries, and the assistance of professional accountants must be sought.

The founder of our company, Wayne Manner, served as the tax director of the world’s fifth largest accounting firm in South Australia, and partner Liu Xixian is a well-known accountant in the Chinese community. The community trusts and has a large Chinese customer base, able to handle tax treatment in any situation.