Your Australian tax status will usually have a large bearing on the level of tax that you will pay in Australia, depending on the type of assets you own, when you plan to sell those assets, and where you derive your retirement income.
When you move overseas for an extended period you can usually choose whether you remain an Australian tax resident or become a non-Australian tax resident.
Care should be taken when making this decision. The difference between Australian resident and non-resident tax rates for individuals are as follows:
RESIDENT TAX RATES 2021-22
FOREIGN RESIDENT TAX RATES 2021-22
We understand that this can be a complicated area for most people. Our main point here is to seek help if you need to understand what’s best for you.
The team at Retire to Asia can assist in answering questions regarding this topic. We can help you determine what tax status is best suited for you and provide tips in how you can structure your overseas retirement to beast suit your tax status with the ATO.
If you’d like more information or have any questions, please feel free to call 1800-961-377 or email in**@re**********.au and let the team at Retire to Asia help make your dream lifestyle a reality.
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