Tax & Accounting
CST Tax Advisors
CST Tax Advisors provides international tax advice and compliance services to clients with international assets and investments. Their focus is on helping expats moving to or from Sydney to optimise their tax position.
Whether you are an executive moving abroad or returning home to Australia, a founder expanding your business or an SME expanding internationally – CST Tax Advisors’ team of tax specialists and Chartered Accountants have the international expertise to ensure you get the right advice.
CST Tax Advisors assists expats in:
- International tax advice
- Personal tax returns
- Business tax returns and advice
Tax & Accounting for Expats in Sydney
Businesses and employees are required to submit a tax return after each financial year in Sydney. The financial year commences on July 1 and concludes on 30 June. Keep in mind that once you become an Australian resident you are required to pay tax on worldwide income. On the other hand, as a non-resident, you are only subject to Australian tax on Australian-sourced income.
Key Tax & Accounting tips you should know as an expat in Sydney
- Australia has a progressive income tax system – the higher your personal income, the higher the percentage of tax that applies to you.
- Australia taxes income from foreign sources. Employment income and employee share scheme gains are usually taxable if you receive them after moving to Sydney even though they may relate to service outside of Australia. It is advisable you seek tax advice before arriving in Sydney to avoid unexpected tax bills.
- Australia does not have inheritance or estates taxes.
- Trusts are a very widely used in Australia to hold investment assets.
- If you purchase investment property in Sydney (meaning you do not live in it), you will be required to pay land tax each year to the state government.
Tax & Accounting for expats establishing a business in Sydney
- The main business taxes applicable to businesses operating in Sydney are company tax, capital gains tax, payroll tax and goods and services tax (GST).
- Those who operate a small business as a sole trader will be taxed using personal income tax rates.
- Most Australian businesses are required to register for GST with the Australian Taxation Office. Businesses which have paid for business supplies inclusive of GST can claim an “input tax credit”, meaning they will be refunded the amount of GST they have paid.
- The rate of tax companies are required to pay may vary depending on the company structure or the industry in which the company is engaged. This can often be complicated to navigate and it is advised that you seek the advice of a local business tax advisor.
- Capital gains tax in Australia is a tax on gains made when disposing of certain business assets. Foreign corporations may be subject to capital gains tax on assets acquired and used to carry on business in Sydney.
Download the Tax & Accounting Sydney Chapter
The Tax & Accounting Sydney Chapter written by Matthew Marcarian, CST Tax Advisors, provides further detailed information about issues you need to be aware of in regards to Taxes in Sydney.DOWNLOAD NOW
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