- Real Estate
Expatriate Tax Myths
Australia has a complicated tax system; being an expatriate adds another level of complexity
We have collected some common myths below regarding taxation if you are an Australian expatriate - just to be clear, these statements are (usually*) WRONG.1. If I live outside Australia for more than six months in any year then I will be tax non-resident
2. If I travel for two years or more outside Australia, without establishing a home, I should be tax non-resident
3. Capital gains tax will not apply on the sale of my investment property in Australia if I am tax non-resident
4. I don't need to submit an Australian tax return if I am non-resident, even though I receive rental income in Australia
5. I can't be non tax resident if I continue to own a home in Australia
6. Even though I am tax resident in Australia, I don't have to declare my overseas income In Australia if it has already been taxed in the country in which I earned it.
7. I am not taxable on any capital gains made on the sale of shares, which I purchased while I was resident, if the sale occurred while I was tax non-resident.
8. My superannuation income will not be taxable if I am over 60 and live overseas, because it is not taxable in Australia
9. I am not entitled to a Living Away from Home Allowance (LAFHA) as part of my remuneration package in Australia because I am an Australian citizen.
For more information about expatriate taxation see Exfin, and to access professional advice, whether in Australia or anywhere overseas.
* It's not usually wise to be 100% emphatic about tax - much depends upon your individual situation!