Home – New Forums Money matters Tax for oz online business operated from overseas?

  • This topic is empty.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #972459
    joy_kev
    Member
    • Total posts: 12
    Up
    0
    ::

    Hi,

    I’ve recently relocated to overseas and still managing an online business in Australia, the business is only about 9 months old. I’ve been lodging BAS quarterly so far but not sure if there is any other tax I’m required to pay?

    Since I’m the sole operator for the business, do I need to do my own individual tax return?

    Thank you

    #1056264
    Mr Accountant
    Member
    • Total posts: 4
    Up
    0
    ::

    Hi Joy_Kev,

    You will need to prepare an Individual Austrlian Tax Return with the Austrlian Business Income & Expenses as required.

    Happy to help.

    Regards

    Mike

    #1056265
    Alan Maddick
    Member
    • Total posts: 410
    Up
    0
    ::

    Also if you are deemed to be a tax resident in the country you’re living in you will need to include your Australian Source Income on the tax return in the country you are in. (as well as the income you are earning over there)

    #1056266
    John C.
    Member
    • Total posts: 439
    Up
    0
    ::
    SmallBusinessWorks, post: 69407 wrote:
    Also if you are deemed to be a tax resident in the country you’re living in you will need to include your Australian Source Income on the tax return in the country you are in. (as well as the income you are earning over there)

    Is it safe to assume that you would only need to pay income tax on a particular income stream in one or the other country? Surely they can’t expect you to pay income tax twice?

    #1056267
    Alan Maddick
    Member
    • Total posts: 410
    Up
    0
    ::

    What country are you in? potentially you can pay tax twice, if the countries have a tax agreement (as Aus does with most western countires) you will get a credit for the tax already paid in the country of origin so that you don’t get taxed twice.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.