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Traviz

Australian Taxation on retirees?

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KennyF

BTW there is a series of Tax forums being conducted in Australia over the coming weeks as a starting point for reform. It would be interesting to see residency tax is on the agenda as I believe there has been a lot of pressure to change this ridiculous rule.

 

Do you have any more info about this?

 

KonGC

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KennyF

Thanks for that.

I had a browse through some of the entries and got the imprecision that it's more "what more can the ATO get".

 

KonGC

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Forex

Probably the most important issue in this paper is a proposed increase of the tax free threshold from $6,000 to $18,200, to be introduced from 1 July 2012. This is suppose to compensate tax payers for the introduction of the Carbon Tax and do away with the Low Income Tax Offset.

 

I'm not sure how the increase in threshold will affect the 'non-residence' tax as I couldn't find a reference to it in the paper. But I would think with that kind of increase they will tighten the criteria for retirees hoping to live overseas and still get the tax free threshold.

 

Cheers

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