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FIND MANNINGHAM | DECEMBER 2021
www.findmanningham.com.au
Our Local Community: Wishing Everyone A Good End To The Year By Warren Strybosch
We would like to wish you all a happy end to the year, and we hope that everyone can find some time to recharge over the holiday break. It has been a very difficult year for many people in Victoria and some people and families still have some challenging times ahead. We want to thank you all for supporting our community paper. We look forward to continuing to grow this paper next year and finding new or better ways to serve our local community through this initiative. We want to especially thank the small business owners, those who have contributed articles, the in-kind sponsors, and those
who have given up their time and provided resources to this community paper. Your support has not gone unnoticed. We would ask the local community to support those businesses listed on page 2, who have provided financial support towards this endeavour and look forward to other businesses joining us in 2022 as well as some corporate sponsors. From all the team at the Find Foundation, Thank you.
You may be liable for tax when transferring funds into Australian from overseas. By Warren Strybosch
Some Australians transfer funds from overseas into Australia from various sources and do consider it to be income for tax purposes. However, a recent court case has concluded that income brought into Australia, if it cannot be proved it was not from income generating sources, may be considered assessable income and tax accordingly. Recently, the Administrative Appeals Tribunal (AAT) found that an Australian citizen who conducted much of his business in Malaysia was a resident of Australia for tax purposes in the 2016 income year. The AAT concluded that he was subject to tax in Australia on amounts he transferred to his Australian account from Malaysia. The reason being is that he was unable to prove.
the income transferred to Australia was not assessable income. As such, the AAT deemed the money to be assessable and ordered tax to be paid on the amount transferred across. In finding that he was a resident for tax purposes, the AAT affirmed that there was sufficient “continuity of association with Australia” as indicated by such things as maintaining a home in Australia, the number of times he visited Australia in the 2016 year (11 times for a total of 83 days) and his business interests in Australia. (Sanderson and FCT [2021] AATA 4305, 16 November 2021.) This is a warning to all Australian Citizens bringing money into the country. If you are found out to be doing so and cannot prove the money was obtained from non-assessable sources, it is very likely you will be liable to pay tax on that money.
