Many expats transfer large sums of money to Australia when they move. Is that money going to be taxed after it’s transferred? What about customs?
Category: Taxes for Expats Living in Australia
Chances are you will be filing a tax return in Australia as well as back home.
The number one tax mistake most expats make when they move to Australia is they stop filing a tax return back home. Even if you don't owe any tax, you will still need to file a tax return every year. This is especially true for US expats living in Australia.
When you first move to Australia, you will need to get a Tax File Number (TFN). After you get your TFN, you will need to link your Australian bank account to your TFN. I have a post on how to get your TFN when you arrive in Australia below. Unfortunately, you cannot get your TFN before you arrive in Australia. Be sure to check out that post as I go through the process step-by-step.
After you have your TFN, you're ready to file your tax return in Australia. Below I have two posts on filing your Australian tax return. One is a quick guide to filing taxes in Australia and the other is an FAQ post where I asked Sydney Moving Guide readers what their top tax filing questions were. The answers are from H&R Block in Australia. Definitely check out both those posts.
For US expats living in Australia, your taxes just got more complicated. There are a few more forms you will need to know about plus things like how your Australian superannuation is going to affect your tax return back in the States. You need to be familiar with FBAR and FATCA before you file your first tax return from overseas.
I would start with my post on understanding US expat taxes then get into the posts on FBAR and FATCA.
If you have any further questions about your move, please post them in the Q&A forum, and I will answer them shortly.
Most Viewed Posts for Taxes for Expats Living in Australia Category
As a US expat, your taxes just got more complicated. Not filing your taxes correctly can result in some very large fines. Here’s what you need to know.
SMG readers wrote in with their questions about paying tax in Australia as an expat. Questions range from transferring money to tax deductions.
Here’s what you need to know about filing a tax return in Australia plus income tax tables, how to file your taxes online, and a list of due dates to know.
What do you need to get your TFN number in Australia? Where do you need to go? How long does it take? Here’s everything you need to know.
How to report your Australian Superannuation when you file your yearly US tax return is very confusing. Here are the basics to what you need to know.
All US expats living abroad need to know what an FBAR form is and if they are required to file one. Here’s what you need to know.
What is FATCA and how does it affect your tax return. This post covers Filing Thresholds Values, Physical Presence Test and Bona Fide Residence Test.
If you don’t qualify for Medicare in Australia, and are a taxpayer, you can claim a Medicare Levy Exemption and get any tax you paid back.