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This is false. You only pay income tax if you are a resident of Australia. If you are a resident of another country you pay tax there - Australia is not like th
by danieltillett 7y ago
This is false. You only pay income tax if you are a resident of Australia. If you are a resident of another country you pay tax there - Australia is not like the USA in regards income taxes.
- marcus_holmes 7y agounless you were foolish enough to incorporate in Australia, or grant equity while still resident in Australia. The ATO will tax any capital gains at full value if they get half the chance. And they're a law unto themselves, with no independent appeal or way of refuting a decision that they made.
- danieltillett 7y agoThere is nothing foolish about incorporating in Australia given we have franking credits so that taxes paid by the company are passed down to the individual. While I have no great love of the ATO, it is a million times better than the IRS. Of course you can appeal a tax ruling in Australia. If you have done something that is an open-and-shut case of tax avoidance then this might not help much.
- marcus_holmes 7y agoDuring my MBA one of our lecturers was a tax lawyer, and the stories he told of the ATO utterly shafting people were horrendous. I might be biased because of this ;)