Income of foreigners (China) in Australia
As long as foreigners (Chinese) live in Australia, they are generally defined as Australian tax residents. When there is no income, or the income is less than the minimum taxable income of $18200, we can help customers declare return not necessary (tax declaration exemption). If there are multiple incomes, we still recommend a general tax return. Customers have a notice of assessment that can be used as a proof of income.
Foreigners (Chinese) do not live in Australia, do they need to file tax returns?
General income includes Salary, ABN small business income, PSI personal service income, Capital Gain asset appreciation income, Government subsidy income, Interest income, Devided dividend income and corresponding overseas income. The following is a simplified version of the summary for reference only. The processing of detailed tax returns needs to be judged based on the individual’s tax resident status.
- Only interest and dividends are distributed, and their PAYG prepaid tax withholding is correct, they can not report tax.
- In addition to interest and dividends, there are other incomes that need to be filed.
- Foreigners who have investment housing in Australia, as long as they are rented out, regardless of profit or loss, they must file tax returns every year.
- If you own stocks, you need to file tax returns if you buy or sell them.
- If there is a profit distribution from the Family Trust family trust fund, you need to file a tax return.
Sometimes the type of income and its name are confusing, especially for many new investment products, and appropriate arrangements for asset returns can fundamentally reduce a lot of taxes and fees. For customers with high net worth and diversified income, the benefits of hiring a good tax consultant are huge. First, the compliance risk is greatly reduced. Customers can focus on business to create profits. In addition, they can also respond to their personal needs. Tax arrangements.
