Each year, many expats make the move to Sydney, Australia. Expat personal tax is an important consideration when moving.
Under the Australian tax system, the higher a person’s income, then the higher the rate of tax paid.
An Australian tax resident pays tax at a lower rate than a non-resident and, generally, pays tax on “world-wide” income, ie, income whether earned in Australia or outside Australia. Various laws and rules exist and apply to determine Australian tax residence and to avoid “double taxation”.
The Australian tax system also taxes capital gains. This means increases in the value of assets owned are taxable once sold. It is important to consider this especially when buying property in Australia.
An expat should consider certain important factors when leaving their home country, such as whether their home country imposes an “exit” tax on departure and/or whether their home country taxes any income earnt from another country. In addition, if “home” assets are owned, such as real estate and shares, and they rise in value and are sold whilst an expat is a resident of Australia, what are the tax consequences?
Proper planning and the services of a qualified tax advisor or specialist accountant are strongly suggested prior to an expat moving to Sydney.
Our E-Team member will ensure that all aspects of your personal tax is looked after. We work with highly reputable tax advisors who can assist you with all your taxation needs before, during and after your move to Sydney.
CST Tax Advisors
We are the Australian member firm of the CST International network. We deliver specialist tax advice and chartered accounting services to Global Executives, Global Founders, Global Families and Global Middle Market Companies.
Whether you are a Global Executive moving overseas or returning home to Australia, a Global Founder expanding your business or a Middle Market Company expanding internationally – our team of tax specialists and Chartered Accountants have the expertise to ensure you receive the right advice.
Contact Person: Geraldine Chapman
Contact Number: 02 8920 0077