The Australian Exit Tax: Moving From Australia to Dubai Step By Step Guide
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The Australian Exit Tax: How To Make The Move To Dubai
In today's video, we share insights from international taxation expert Bradley Murphy, based in Australia. Find out the critical concept of becoming a non-tax Australian resident and the essential steps involved in achieving this status when moving abroad, particularly to the UAE.
Gain valuable insights into cutting ties with Australia, securing long-term visas, and navigating the complexities of international taxation.
We'll also explore common challenges and misconceptions, debunking myths surrounding the process. Don't miss this informative discussion on Australian exit tax and the journey to Dubai!
🕒 Timestamps:
00:00 Introduction
01:54 Meet Bradley Murphy
02:33 What does it mean to be an Australian Non-Tax Resident?
04:56 What are the requirements & process for becoming an Australian Non-Tax Resident?
08:47 What are the Timeline for stop paying taxes in Australia?
11:01 How to notify ATO on leaving Australia?
12:27 How to prove someone has moved out of Australia and have a permanent base overseas?
16:18 Is there a checklist & do you provide guidance on items needed to prove non-residency in AU?
17:12 How to make sure income generated in UAE Freezone company is not taxed back in Australia?
21:31 What is an Exit Tax and who is it applicable on?
25:21 What are the common misconceptions people have on become a non-tax resident?
✅ 𝐈𝐟 𝐲𝐨𝐮 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬 𝐯𝐢𝐝𝐞𝐨, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐥𝐢𝐤𝐞 𝐢𝐭 𝐚𝐧𝐝 𝐬𝐡𝐚𝐫𝐞 𝐢𝐭.
✅ 𝐃𝐨𝐧'𝐭 𝐟𝐨𝐫𝐠𝐞𝐭 𝐭𝐨 𝐬𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. SetupHero can and does not provide advice unless/until engaged by you
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Thanks fellas for this
Moving to Dubai?? No way
I undersand that with the new law you have to be overseas for 3 years now once you have done all the steps to get out of Aus, is that correct? Also if I understand you correctly, any crypto I bought before leaving Australia and hodled in my wallet (unsold) I still owe the Aus Tax capital gains on that crypto when I leave, is that correct? Thanks.
This is just good information and good content to just roughly know what is needed to move to UAE or any tax free state. Thank you so much
@SetupHero
5 ай бұрын
Glad that it was helpful! and I wish you best of luck on your tax free journey.
In dubai, it’s not easy to find a good job and it’s difficult to find a job at very good salary. Beyond a point it gets stagnant. Rather stay in Australia, invest in properties and make your money.
Useful
I need to come and see you!! It’s so annoying paying Australian tax when I’m only here half of the year.
@SetupHero
4 ай бұрын
Let's get this sorted ASAP.
I'm 52, I'm going to move my company overseas in 2024, I'm a sole trader, my question is in regards to superannuation, how do I move my super fund internationally?.
@COOLARUL
4 ай бұрын
Get advice from a super specialist. If you have a SMSF you may lose the tax concessions if you move and spend most of your time overseas. However if your super was with a large public offer fund, such as a bank or industry fund you may be ok. This is why it is important to get advice from a specialist.
@Willberight2moro
4 ай бұрын
I dont think you can access it at 52 and certainly not transfer overseas... Only exception is if you are terminally ill...
Do you have to close the bank accounts?
@SetupHero
4 ай бұрын
Not by default.. but need to create a banking strategy that fits into the overall exit plan
47% tax plus 10% GST = 57% tax And nothing to show for
@patrickbateman1660
4 ай бұрын
47% over 180k
@COOLARUL
4 ай бұрын
No not 57% your maths is pathetic. Fresh Food, health and rent , 3 big expenses, have no GST.
@sln7839
4 ай бұрын
Not everyone are in the 45% tax bracket
@spacewalktraveller1
3 ай бұрын
The dole bludgers have plenty to show for it.
Australian government has to shaft you one more time.
It is a myth that Australia is a high tax country. In the OECD Australia is in the bottom quarter of taxes, therefore a low tax country. The problem is the mix of tax. Individual income tax is high because Australia has low indirect taxes (eg GST , VAT, sales taxes), low resource taxes and no wealth taxes, such as death taxes. If Australia taxed wealth and resources properly, rather than income it could reduce individual income taxes to a very low or nil rate.
@glennoc8585
4 ай бұрын
For lower income the threshold is way too low and the second tax band starts way too early
Pay all your taxes and move your after tax money out