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ATO Common Standard Reporting - ano masasabi nyo guys?

engr_boyengr_boy SydneyPosts: 279Member

nabanggit lang sya ng isang friend about this new rules; na LAHAT ng income mo sa LAHAT ng bansa ay dapat dinideclare. paano yung may businesses or investments like Pag-ibig Fund MP2, VUL (BDO Life, Manulife, BPI), UITF sa Pinas or bank accounts sa Singapore, etc. dineclare nyo ba lahat mga ito ngayong FY2018-19?

https://www.ato.gov.au/General/International-tax-agreements/In-detail/Common-Reporting-Standard/?=redirected

https://www.theguardian.com/australia-news/2019/aug/15/new-tax-data-reveals-australians-hold-100bn-in-offshore-accounts

https://www.afr.com/politics/federal/tax-return-refunds-top-10b-as-ato-warns-on-overseas-savings-20190815-p52hbu

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Comments

  • you declare your worlwide income if you are considered a resident for tax purposes and you only declare those income that are realized. For Pag-ibig MP2, di mo naman malalaman yung interest once you redeem it on the 5th year. Am I correct? Pero if you can see it like interest in bank accounts, then it must be declared. Same with VUL, those are unrealized gains/losses and it is an insurance too. For us, we did declare everything pero maliit lang sya kasi the average rate this FY2019 is around 38-39 ata. Saka meron foreign income tax offset for taxes paid overseas if with dta with the country.

  • engr_boyengr_boy SydneyPosts: 279Member

    thanks for the reply, @juliatheambitiousoul. correct ka sa MP2. buti na lang wala pang 5 years. mukhang ok naman kami sa pinas stuff like Pag-ibig, VUL, etc. pero yung sa singapore. bank accounts lang considering napakaminiscule ng interest na makukuha mo, baka ire-do na ko na lang part na yun. para safe lang.

    Occupation: Surveyor (ANZSCO 232212)
    07.01.12 - IELTS - British Council - L8.5 R7.0 W9.0 S7.5 OBS 8.0
    15.12.13 - Invited for 189 (Skilled Independent) Visa
    25.12.13 - Lodged 189 Visa
    02.02.14 - CO Allocated Adelaide GSM Team 07
    15.05.14 - Visa Grant - Change of Team (Adelaide Team 6)
    27.10.14 - Initial Entry (Perth)
    16.03.19 - RRV (Return Resident Visa) Subclass 155 - applied and granted automatically!
    25.09.19 - Applied 309/100 Partner Visa for wife
    XX.10.19 - Applying for Australian Citizenship

    Pine Gap: Australian soil inaccessible to Australians. So Australian!

  • @engr_boy pag inamend mo ba ung tax return mo, may shortfall sa tax payable or excess refund? If wala nman, I think no need to amend since no effect sya but it's better to consult your accountant. :) Don't you want to close your Singapore accounts or waiting for better exchange rates bago nyo ilipat? hehe baka madormant. Ok naman mag-invest sa Philippines even if maging citizen na. Just declare it and keep records.

  • engr_boyengr_boy SydneyPosts: 279Member

    @juliatheambitiousoul baka meron shortfall but can't really tell. di ako alam rules nila for double taxation etc. i always did my taxes by myself kasi straight forward. but maybe i need an accountant's help now. i like keeping money sa singapore kasi madalas naman ako mapadaan whenever i go home and i make sure occasionally money goes in and goes out para di ma-dormant yung accounts. ang dami kasing tax evaders of a certain asian ethnicity haha. damay damay na tuloy lahat.

    Occupation: Surveyor (ANZSCO 232212)
    07.01.12 - IELTS - British Council - L8.5 R7.0 W9.0 S7.5 OBS 8.0
    15.12.13 - Invited for 189 (Skilled Independent) Visa
    25.12.13 - Lodged 189 Visa
    02.02.14 - CO Allocated Adelaide GSM Team 07
    15.05.14 - Visa Grant - Change of Team (Adelaide Team 6)
    27.10.14 - Initial Entry (Perth)
    16.03.19 - RRV (Return Resident Visa) Subclass 155 - applied and granted automatically!
    25.09.19 - Applied 309/100 Partner Visa for wife
    XX.10.19 - Applying for Australian Citizenship

    Pine Gap: Australian soil inaccessible to Australians. So Australian!

  • @engr_boy hindi nga pala macocompute sa mygov ung tax noh but there's a tab there na 'amend' di ba. just click that and put the necessary information. Since you came here ba ang iaamend mo? Just make a list and convert it and maybe this can help you estimate https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=IncomeTaxEstimator/questions&anchor=IncomeTaxEstimator&anchor=IncomeTaxEstimator/questions#IncomeTaxEstimator/questions.

    Pero ok din nmn may accountant, deductible din nmn ung fee nila.

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