What to do with $325,000 ????

[BoatBoy]

Hi Boatboy.

Hi Mon,

Did your accountant mention to you that while you are a non-resident for taxation purposes you are taxed at 30% for every dollar you make in Australia? We have been advised this by our accountant.

He did'nt, but I knew this anyway. IP's presently cash flow neutral, so tax on them not a drama in the near future, and that will be all the earning's in OZ.

Which option did you decide to do from Michael Whyte's 4 options? - we are in a similar situation to yours only we are coming back to Oz after being on boats for last 10 years and want to obtain a passive income from selling our PPOR overseas.

As this is still 18 mth's to 2 years down the track I havent actually done anything yet, but reckon rent PPOR for a few years (ouch 30% tax) and LOE for a few years while waiting for Brissy prices to go up before selling PPOR and putting into a fund.

Which managed fund did you decide on?

Mon

I'll keep an eye on thing's and make a decision closer to the date. I also still need to find out if an Australian fund is allowed under the NON-resident ruling.

Dave

 

[Mon]

If you are not a resident for taxation purposes then what is the benefit of filing this with your accountant?If you don't file you are still taxed at 30 cents in the dollar.
Your post has no point

Redsquash

You have to do a tax return each year so the ATO is sure you're not earning an income in Australia. If you didn't have any IPs or other income yielding investments then you wouldn't need to file a return