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Edited version of your private ruling
Authorisation Number: 1012463688277
Ruling
Subject: Temporary residency
Questions and answer
As a temporary resident in Australia is your investment income from overseas taxable in Australia?
No
This ruling applies for the following period
Year ended 30 June 2012
Year ended 30 June 2013
Year ended 30 June 2014
Year ended 30 June 2015
Year ended 30 June 2016
The scheme commenced on
On or after 1 January 2012
Relevant facts
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
You arrived in Australia early in the relevant year.
You have a temporary visa for study purposes.
You plan to reside in Australia for the period of time corresponding to your studies.
You intend to return to your country of origin permanently on completion of your studies.
In order to complete a property investment you are closing some of your investment policies overseas.
You want to pay tax on any income only in Australia.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 768-910
Income Tax Assessment Act 1997 Section 995-1
Reasons for decision
If you are an Australian resident for tax purposes and meet the requirements to be a temporary resident, the temporary resident rules mean:
Most of your foreign income is not taxed in Australia except income earned from employment performed overseas for short periods while you are a temporary resident. This income is subject to income tax and would still be declared in your return for the year in which you earned it. Where you paid tax in a foreign country, you may be entitled to claim a foreign income tax offset when you lodge your tax return.
As your income from overseas is sourced from investments the income is not assessable in Australia.
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