Hello everyone. I'm a newcomer from Australia, and I came here with my wife of 15 years, who is Filipina. I'm sure there are other Australians in the same situation as me. I retired on the age pension and have a little money in an Australian bank. I've sorted out the pension transfer, but since I'm going to put a small amount into a term deposit, I have a question about the "tax resident" issue.
Is there anyone in the same situation who knows a tax accountant who works with Australian expats? Please contact me and introduce them to me if you can. I'll also need to file my return for this financial year when the time comes.
The bank asked me to confirm my situation. I want to get it sorted out, because otherwise I might end up paying a lot of tax.
Thanks in advance.
Don't use an Australian term deposit unless you're an Australian tax resident. Open an account somewhere else.
Be aware that giving up your resident status affects Medicare and your private health insurance rebate. If you set an excess you can lower your premiums, and if you need treatment you can go to Australia and get it straight away, without needing to stay for 6 months or a year.
For tax accountant recommendations, don't go chasing "expat specialist accountants." They charge thousands of dollars, which is a ridiculous rip-off price, and they don't do any more than an ordinary local tax accountant would do for $200-500. That's from my own experience.
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