Save
Unclear residency status lands investors in hot water
The Tax Office is reminding those investing in Australian property markets about strict certification requirements.
Unclear residency status lands investors in hot water
The Tax Office is reminding those investing in Australian property markets about strict certification requirements.

Investors in Australia who are not Australian residents for tax purposes may need approval before they are allowed to invest in Australian markets.
This could include applying for an exemption certificate, which would allow them to make offers on multiple properties, but only proceed with purchasing one.
The purpose of this certificate is to allow a buyer to search for property without applying for approval each time they make a bid.
Temporary residents can also use the exemption certificate to purchase:

- an established dwelling to live in
- a new dwelling
- a single block of vacant land for development
The ATO also reminds Australian residents that they are taxed on their worldwide income, including foreign income from capital gains on overseas assets.
“You must declare income from all sources in your Australian tax return. If you have paid tax on any of this income in another country, you can claim a foreign income tax offset in Australia,” the ATO said.
Important reminder
As an Australian resident, if you have already paid tax on your income in the country you earned it, you could be eligible for the foreign income tax offset credit.
You need to have all the appropriate records to pay for this.
However, the offset amount you are entitled to will not always be the same amount of the tax paid overseas.

Tax saving
Navigating tax laws for capital gains in 2023
The landscape of Australian tax laws surrounding capital gains is ever-changing, with 2023 being no exception. Read more

Tax saving
What you need to know about the tax implications of crypto
One million Aussies are now invested in crypto, but many have not thought about how these investments will affect them at tax time. Read more

Tax saving
Welfare overhaul could give recipients a leg-up
Australia’s Centrelink recipients who’ve been doing it tough are in for a potentially easier time if the federal government pursues ambitious reforms that could provide sturdier safety nets. Read more

Tax saving
Students should think twice before tapping into their super
Former students might want to think carefully before they look to take advantage of the federal government’s biggest first home buyer incentive. Read more

Tax saving
Advocates call for an end to tax cuts
Social services sector advocates have warned that further tax cuts may make solving Australia’s biggest challenges much harder. Read more

Tax saving
ATO and AUSTRAC may gain new phone-tapping powers
A proposed update to electronic surveillance legislation could see the ATO armed with new powers that would allow the agency to bug phones and intercept online communications. Read more

Tax saving
Over 2m Aussies asked the TPB for help during the last year
As the economy recovers, Australia’s tax regulator says it’s planning to put unregistered practitioners under the microscope. Read more

Tax saving
Will you pay higher taxes due to bracket creep?
Bracket creep will see Australians paying more tax on average, unless further cuts are introduced in the future. Read more

Tax saving
Navigating tax laws for capital gains in 2023
The landscape of Australian tax laws surrounding capital gains is ever-changing, with 2023 being no exception. Read more

Tax saving
What you need to know about the tax implications of crypto
One million Aussies are now invested in crypto, but many have not thought about how these investments will affect them at tax time. Read more

Tax saving
Welfare overhaul could give recipients a leg-up
Australia’s Centrelink recipients who’ve been doing it tough are in for a potentially easier time if the federal government pursues ambitious reforms that could provide sturdier safety nets. Read more

Tax saving
Students should think twice before tapping into their super
Former students might want to think carefully before they look to take advantage of the federal government’s biggest first home buyer incentive. Read more

Tax saving
Advocates call for an end to tax cuts
Social services sector advocates have warned that further tax cuts may make solving Australia’s biggest challenges much harder. Read more

Tax saving
ATO and AUSTRAC may gain new phone-tapping powers
A proposed update to electronic surveillance legislation could see the ATO armed with new powers that would allow the agency to bug phones and intercept online communications. Read more

Tax saving
Over 2m Aussies asked the TPB for help during the last year
As the economy recovers, Australia’s tax regulator says it’s planning to put unregistered practitioners under the microscope. Read more

Tax saving
Will you pay higher taxes due to bracket creep?
Bracket creep will see Australians paying more tax on average, unless further cuts are introduced in the future. Read more