I started a fully online biz 2 years ago and at first I barely made bank but now in my second I’ve made close to 180k net. First time in my life i have tax concerns not only that I really hate how authoritarian my country has become i want to be free, and move freely. Australia has become a prison in a lot of ways. Next year projections 400k net , thats a lot of tax I’ll owe so yea learning about this new way of life and thinking of leaving Australia and becoming a global citizen
I left for Malaysia, best decision I've made. Affordable property is abundant for foreigners, lots of cheap labour and the food & people are great. It honestly feels like Singpore 2.0 here.
The new rule is actually better! Your accountant missed the important part. There’s a flowchart. If you live in australia more than 183 days during the financial year then automatically you’re tax resident. If you live less than 183 days but more than 45 days then you enter another tests (e.g. center of interest, etc)..If you live less than 45 days per financial year then you’re automatically non-tax resident and you don’t have to prove that you have a permanent place abroad nor established a place somewhere else. This is the best part, unlike old rules where you have to give evidences to ATO where’s your place of abode, your other second home, all you need to do with the new changes is to ensure not to stay more than 44 days during the financial year in australia. So you can come even every year without being worried about ATO challenges you where you live. You can keep traveling around the world without a second home and become a true digital nomad without being tied to another country as long as you don’t spend more than 44 days in Australia every financial year
Not correct. While you have to stay less than 45 days per year to guarantee you do not become a tax resident if you dont have a home abroad, you still need to prove to the ATO that you have become a non resident for tax purposes. So you cannot just go on holiday and expect to be non resident if you dont return for more than 45 days a year, you first need to PROVE long term residence in another country then not stay for more than 45 days.
What about if you’re a citizen you’re entire life and decide to pack up and leave? What happens then with this 45 day rules for 3 years when it’s been my permanent residency for my entire 50 years? And then what happens to my properties, especially my personal home after living in it for 12 years, how long can you rent it before you have to pay capital gains tax on that particular property?
I want to know how can I be taxed as a resident of Australia when I retire overseas. I want to live overseas using rental income from properties in Australia but if I will be taxed as a non-resident then I will basically have most of the income just go to taxes
Yes it is how it is. Even if you become non-tax resident, then the benefit of tax-free threshold is also lost $18,200. Means you will pay full tax on your rental income from Australia whilst residing overseas as a non-tax resident of Australia. So basically, we are punished of becoming an expat 😊
You got to be joking me.. Wow just as I start looking into becoming a non tax residence a few months ago they want to do this bullshit! Okay I've been researching on the best countries for non tax And there is some cheap options like Vanuatu/Malaysia Any advice on what is the cheapest & easiest country to gain citizenship with so I can plan and hopefully get out before these changes happen! Thanks
I'm leaving Australia as a resident/citizen moving overseas next year. I'm selling my houses here. I would like to engage world wide accountancy to assist with exiting the system legally.
Just a little reminder to people, the federal government in Australia is the liberal/national party , they have been in power for 19 of the last 25 years, they are the highest taxing government, yet they blame labor party for high taxes, the LNP are the worst money managers, with a debt 5 times that of labor, but again the Murdoch media gives the LNP a free ride. Just look at the latest 35% tax on timber from Russia, it's not hurting Russia, it's hurting Australians. And the government is making more money from the war .it's all smoke and mirrors.
What about a situation where spouse and children are still in AUS so you stil have a home and a mortgage and retirement fund and you get a tax free job overseas! for few years...? the tax free" will not be really tax free then as ATO will ask you to pay tax on it! so unless teh tax free job is worth lot more it does not make sense.. do you know what I mean!
Australia has some of the highest taxes on earth and a lot of people are simply starting to leave. So their response is to make it 10 times harder to leave their tax net and make it 10 times easier to get stuck in their tax net. Australia is GROSS!
@@WealthyExpat I’m hoping you can assist or we make a phone call. We’re does a small family go to Get out of Australia with not much cash saved 100k Covid killed the business
Thank you Raphael for another interesting vid. Sadly I fear things are getting harder for small business to survive in Australia. Big business with it's political lobbying and party donations are treated vastly different while small business is crucified. Let's hope the new legislation doesn't go through in it's current draft. Thank you Bri
I'm a peruvian living in Australia with a temporary visa (working holiday). I have a bank account here and I use it for buy crypto and save cash. If I return to my country and I keep my bank account working, do I have to pay taxes in Australia?
@@silverpro8356 total Aus sourced income, yes. That's if tax non-resident. If tax resident, and either in Australia or not, you get the joy of paying tax on worldwide income. Great system eh? 🤮
@@EnderViBrittania as tax non-resident, it's 32.5% from $0 to $120k. Then 37%, up to 180k, and 45% for more than 180k. So, if you are taking yourself elsewhere, it's best to take your investments out of the country too. It's a very poorly structured system. NB. These rates also apply to any capital gains that are over 12 months.
your accountant is absolutely clueless dude, you need a new one. Its harmful to spread misinformation like this. You do NOT need to change your domicile away from being Australian, you need to pass the resides test which means the ATO needs to be satisfied that you are building ties with that other country and you are a tax resident there. This is all usually done whilst retaining Australian domicile, otherwise Aussies wouldn't be able to do the UK non dom program
Great video! I would like to know Mark if I am an Australian citizen and want to become a ''non resident'' do I need to denounce my citizenship? because with these new laws will they chase me for tax purposes if I still hold my citizenship?
@@worldwideadvisory yet? lol so I can become a non resident tax purpose, even though I hold an Australian citizen, as long as I make ATO happy with the required tests?
Hi When Applying for Dubai residence by company formation do you need to prove source of income? How would this work for wealthy bitcoiners that have no employment income but sit on a lot of crypto?
How is that so? Out of 25 years, 19 years under Liberal + NCP and taxes had been and still increasing skyhigh, except for the rich. Time to kick out the present lots.
@@tasd5673 India can be a better place. Because the living expenses are low and freedom is also protected. But you need to understand the place very well or else the locals can squeeze money out of you. Bangalore is a nice place if you are interested to live in a city. It's like the silicon valley of India with lots of companies. If you don't want to live in a city, better checkout Kerala. I would suggest you to stay in India for a while and then decide. If you have like 500k or above, you can stay in Sharjah, Ajman, ras al khaimah part of UAR
Not necessary to close all Australian bank accounts - however reliance on them is normally the issue. Again that's just one factor in the whole suite of it.
Tempting, just keep your head down with the FSB. Economy similar to 1920s USA wrt regulations and taxes. No PC woke reign of terror. low debts and so can easily raise % rates to help counter inflation., Enormous central bank physical in country Gold reserves and universally accepted by other BRICS nations. dumped USA T bills years ago and less exposed to Western financial implosion when it comes. Ruble sort of commodity based and therefore one of the best performing 2022 currencies. Encouraging small business with less stringent regulations enforcement and taxes.
It’s nice to see your youtube page keeps growing 😊
Thanks to you and many others bro !
I had no idea about this, it's alarming and insane.
Great interview Raf. What are best countries to live without mandates for wealthy expats from Australia.
I started a fully online biz 2 years ago and at first I barely made bank but now in my second I’ve made close to 180k net. First time in my life i have tax concerns not only that I really hate how authoritarian my country has become i want to be free, and move freely. Australia has become a prison in a lot of ways. Next year projections 400k net , thats a lot of tax I’ll owe so yea learning about this new way of life and thinking of leaving Australia and becoming a global citizen
I left for Malaysia, best decision I've made. Affordable property is abundant for foreigners, lots of cheap labour and the food & people are great. It honestly feels like Singpore 2.0 here.
They can lock me up..Once I leave they wont get one cent out of me...
The new rule is actually better! Your accountant missed the important part. There’s a flowchart. If you live in australia more than 183 days during the financial year then automatically you’re tax resident. If you live less than 183 days but more than 45 days then you enter another tests (e.g. center of interest, etc)..If you live less than 45 days per financial year then you’re automatically non-tax resident and you don’t have to prove that you have a permanent place abroad nor established a place somewhere else. This is the best part, unlike old rules where you have to give evidences to ATO where’s your place of abode, your other second home, all you need to do with the new changes is to ensure not to stay more than 44 days during the financial year in australia. So you can come even every year without being worried about ATO challenges you where you live. You can keep traveling around the world without a second home and become a true digital nomad without being tied to another country as long as you don’t spend more than 44 days in Australia every financial year
Great way to think about it Alex! Not wrong - every situation differs so we want to work with you to ensure we can come with the best solution
I think the new rules are better for australian digital nomads
Not correct. While you have to stay less than 45 days per year to guarantee you do not become a tax resident if you dont have a home abroad, you still need to prove to the ATO that you have become a non resident for tax purposes. So you cannot just go on holiday and expect to be non resident if you dont return for more than 45 days a year, you first need to PROVE long term residence in another country then not stay for more than 45 days.
@Gabriel Yea the 3 years rule that you still have to pay after you leave is non-sense & pretty annoying..
@@Alex-lk6yv Exactly - the rules provide clarity but make its difficult to cease residency if you a long term tax resident
Has this gone into effect yet or has a date been set?
Yes, the grass is greener on the other side. Go where?
Thanks for the info
Australia just don't want their citizens to get ahead
Facts
Did this Bill ever pass???
incredible content. Thank you
Thanks!
What about if you’re a citizen you’re entire life and decide to pack up and leave? What happens then with this 45 day rules for 3 years when it’s been my permanent residency for my entire 50 years?
And then what happens to my properties, especially my personal home after living in it for 12 years, how long can you rent it before you have to pay capital gains tax on that particular property?
Hi, I heard about UAE has 5% tax recently, also, I'm already dual citizen is there any option where I legally avoid paying taxes ? In Australia?
Only if not in free zone
I want to know how can I be taxed as a resident of Australia when I retire overseas. I want to live overseas using rental income from properties in Australia but if I will be taxed as a non-resident then I will basically have most of the income just go to taxes
Yes it is how it is. Even if you become non-tax resident, then the benefit of tax-free threshold is also lost $18,200. Means you will pay full tax on your rental income from Australia whilst residing overseas as a non-tax resident of Australia. So basically, we are punished of becoming an expat 😊
You got to be joking me.. Wow just as I start looking into becoming a non tax residence a few months ago they want to do this bullshit!
Okay I've been researching on the best countries for non tax
And there is some cheap options like Vanuatu/Malaysia
Any advice on what is the cheapest & easiest country to gain citizenship with so I can plan and hopefully get out before these changes happen! Thanks
It comes down to so many factors . @rick rimpson - do not hesitate to reach out to us.
I'm leaving Australia as a resident/citizen moving overseas next year. I'm selling my houses here. I would like to engage world wide accountancy to assist with exiting the system legally.
We’re to I’d like to leave
Just a little reminder to people, the federal government in Australia is the liberal/national party , they have been in power for 19 of the last 25 years, they are the highest taxing government, yet they blame labor party for high taxes, the LNP are the worst money managers, with a debt 5 times that of labor, but again the Murdoch media gives the LNP a free ride. Just look at the latest 35% tax on timber from Russia, it's not hurting Russia, it's hurting Australians. And the government is making more money from the war .it's all smoke and mirrors.
Yep, I agree
Australia is DONE. I'm working on my exit as we speak
What about a situation where spouse and children are still in AUS so you stil have a home and a mortgage and retirement fund and you get a tax free job overseas! for few years...? the tax free" will not be really tax free then as ATO will ask you to pay tax on it! so unless teh tax free job is worth lot more it does not make sense.. do you know what I mean!
Thanks JI TI - at the moment each individual situation needs to be assessed on a case by case basis. Please reach out and we can chat.
St Kitts & Nevis Economic Passport
8:05 Wow 😳😳😳😳😳
Australia should be one of the most Draconian tax regimes.
the problem australia is a worldwide taxation. compare to singapure. the 4 big bank director all are not australia tax resident
No, it's not.
Hi Raff does this mean that UAE is not a good option for Australian tax payers
Not really - just need to ensure you cease ties to Australia so you are no longer an Australian Tax Resident
@@worldwideadvisory Not many Australians will do that .
Uae jitenga!
Australia has some of the highest taxes on earth and a lot of people are simply starting to leave. So their response is to make it 10 times harder to leave their tax net and make it 10 times easier to get stuck in their tax net. Australia is GROSS!
Exactly their goal, to keep Australians trapped
@@WealthyExpat I’m hoping you can assist or we make a phone call.
We’re does a small family go to Get out of Australia with not much cash saved 100k Covid killed the business
Thank you Raphael for another interesting vid. Sadly I fear things are getting harder for small business to survive in Australia.
Big business with it's political lobbying and party donations are treated vastly different while small business is crucified.
Let's hope the new legislation doesn't go through in it's current draft.
Thank you
Bri
Nice kimono...
I'm a peruvian living in Australia with a temporary visa (working holiday). I have a bank account here and I use it for buy crypto and save cash. If I return to my country and I keep my bank account working, do I have to pay taxes in Australia?
Likely not - we need to look into your situation but a bank account may not necessarily connect you to Australin taxes.
Thieves.
Lets not forget that as a tax non-resident all Australian sourced income is taxed at 32.5%. No tax free threshold either.
That cant be right so if your not living in australia you still have to pay 32.5% of your total income even if your overseas ?.
@@silverpro8356 total Aus sourced income, yes. That's if tax non-resident.
If tax resident, and either in Australia or not, you get the joy of paying tax on worldwide income.
Great system eh? 🤮
@@silverpro8356 lets not forget 2% medicare on top. Borders closed, not allowed in for 2 years, but they still take that 2%, and won't give it back.
@@steveg6512 32.5% flat tax, regardless of amount of Australian sourced income?
@@EnderViBrittania as tax non-resident, it's 32.5% from $0 to $120k.
Then 37%, up to 180k, and 45% for more than 180k.
So, if you are taking yourself elsewhere, it's best to take your investments out of the country too.
It's a very poorly structured system.
NB. These rates also apply to any capital gains that are over 12 months.
your accountant is absolutely clueless dude, you need a new one. Its harmful to spread misinformation like this. You do NOT need to change your domicile away from being Australian, you need to pass the resides test which means the ATO needs to be satisfied that you are building ties with that other country and you are a tax resident there. This is all usually done whilst retaining Australian domicile, otherwise Aussies wouldn't be able to do the UK non dom program
Australia, the unlucky country.
Great video! I would like to know Mark if I am an Australian citizen and want to become a ''non resident'' do I need to denounce my citizenship? because with these new laws will they chase me for tax purposes if I still hold my citizenship?
Also what if I have a SMSF?
No not yet, you’re not taxed on citizenship like the US for example
There is not talk about citizenship taxing so may not be necessary. Worth looking into.
@@purpledonut7806 you need to be VERY careful with SMSFs and tax residency - big implications!
@@worldwideadvisory yet? lol so I can become a non resident tax purpose, even though I hold an Australian citizen, as long as I make ATO happy with the required tests?
100% right the worst Country
Honest
Hi When Applying for Dubai residence by company formation do you need to prove source of income? How would this work for wealthy bitcoiners that have no employment income but sit on a lot of crypto?
Bitcoiners don’t own crypto, they own bitcoin. Crypto is 💩.
I want out of this country
Me to out next year and once I leave Im no longer resident for tax...
Out of Aus forever, leave the bogans to the bogans
Imagine how bad taxes will be under a labour government, if they win the federal election this yr?
Haha. Do you really think it will be better under Liberal? Remember, who’s been in power for the last decade and more. Wake up
How is that so?
Out of 25 years, 19 years under Liberal + NCP and taxes had been and still increasing skyhigh, except for the rich.
Time to kick out the present lots.
not only tax, they are really controlling in the case of covid vaccinations. Better australians move to better country
Hi buddy can you recommend anywhere for a small family with 100k cash to move to
@@tasd5673 India can be a better place. Because the living expenses are low and freedom is also protected. But you need to understand the place very well or else the locals can squeeze money out of you. Bangalore is a nice place if you are interested to live in a city. It's like the silicon valley of India with lots of companies. If you don't want to live in a city, better checkout Kerala. I would suggest you to stay in India for a while and then decide. If you have like 500k or above, you can stay in Sharjah, Ajman, ras al khaimah part of UAR
Are you sure about having to close all bank accounts? I have moved my family to Turkiye but prefer the safety of Australian banks
Not necessary to close all Australian bank accounts - however reliance on them is normally the issue. Again that's just one factor in the whole suite of it.
Us, Eu, Can, Aus, Nz are 💩 on 🔥
India will be on the top for highest taxes.
australia and canada are new modern fascist countries, and many others are becoming too, expecially western countries.
Move to Russia .. flat tax 13 percent.
Then i could enrol in the army and fight in Ukraine wow
@@stevepollard4783 or live in Siberia with some bears and a Babushka.
Tempting, just keep your head down with the FSB. Economy similar to 1920s USA wrt regulations and taxes. No PC woke reign of terror. low debts and so can easily raise % rates to help counter inflation., Enormous central bank physical in country Gold reserves and universally accepted by other BRICS nations. dumped USA T bills years ago and less exposed to Western financial implosion when it comes. Ruble sort of commodity based and therefore one of the best performing 2022 currencies. Encouraging small business with less stringent regulations enforcement and taxes.
@@kidsoxoxox well this aged poorly . Less regulation for businesses lol other than holding currency being illegal
🦓💨🇨🇦🇦🇺🇪🇺🇬🇧🇺🇸🇮🇱