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  1. #1
    Join Date
    Oct 2016
    Posts
    196

    Default Australian bank and tax status

    Hi I have an aussie bank account and it has like 10k+ in it as I worked there in the past.

    The bank wants to know if I've got tax status elsewhere.

    I have no income in aus and my only tax residency is in NZ.

    I'm not sure what to do, do I tell them I'm nz tax resident? What are the implications? Shall I just close the account but its handy when I go there on holiday.

  2. #2

    Default

    declare you're not an Aus tax resident. You don't want to be an Aus tax resident as Aus taxes on WW income. Therefore any capital gain made world wide is taxable under the Aus tax system.

    I'm not an accountant so don't take this as ADVICE but I'd be ok to declare I'm not an Australian Tax resident.

  3. #3

    Default

    Tell them you're not Aus tax resident, provide your NX tax no., they will deduct NRWT on any interest and leave you alone. Your account remains good for when you travel there. I have the same situation.


 

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