Australian expats targeted in cash grab by the Australian government and the Australian Tax Office in an intentional broadening of the net.
The Australian government and the Australian Taxation Office (ATO) have come up with four new ways to increase tax revenue. The new tax laws will target Australian expats. The purpose behind the tax changes are meant to simplify the tax rule for expats, but in actual fact the new tax laws broaden the net. The new tax laws will broaden the scope and reach of current tax powers.
Anyone who spends more than 45 days in Australia will be classed as an Australian Resident for tax purposes and will be taxed at the higher tax rate.
Those who still own property in Australia and decide to sell it will be charged from the time that they originally purchased the property, not when they migrated. This will significantly impact those who have already lived abroad for an expended period of time.
The new laws will also affect those that have pensions overseas. They will be required to repatriate those funds within a six month period.
We have be saying for some time, the Australian government is short of funds and they will come after yours. Well, here we are. These laws are not targeted at executives who spend most of their time overseas, these laws will predominately affect Australians who have decided to leave Australia to look for a better life.