Eagle. Thx. Big subject. Very complex. They hate losing tax...

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Taureanbull

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26/04/24

07:21

Post #: 73515429
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Originally posted by Eagle0 ↑

This is something I've contemplated in the past, upping sticks and moving to a more desirable location. You'd have to pay an exit tax which I'm reasonably confident would include capital gains up to the point you leave. You could choose to exit the country and delay doing a tax return but then you'd face interest payments and penalties should you decide to return to Australia for residency and tax resident purposes.

You'd also have to cease all elements of your residency such as driver's license and Medicare card etc to show the ATO in the future that you ceased being a resident for tax purposes. I'm pretty sure this includes property as well, even if you put the property in a trust the ATO would still consider it an element of maintaining residency in Australia.

I'm not clear on how much time you could spend in Australia without triggering a tax residency status, eg less than 180 days in the country per year or similar, but I suspect from vague memory that is a factor.

Like most things in this regard hindsight is always 20/20. Preparation is the key and if you were already established in a low tax regime and were "a citizen of the world" then future investments such as NEU would have a good chance of being substantially lucrative sans taxation.

(Not professional advice DYOR)

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Eagle. Thx. Big subject. Very complex. They hate losing tax payers.

NEU Price at posting: $18.85 Sentiment: None Disclosure: Held
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Eagle. Thx. Big subject. Very complex. They hate losing tax...

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