How the Australia Tax Residence Rules Will Change and Why You Should Leave Australia Soon.
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✅ How to Pay Less taxes as an Australian:
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In this video we talk about the new Australian tax residency requirements coming into effect in a few months where Australian tax residents won’t be able to leave until they’ve spent 3 years outside of Australia. Then can they only request to be non resident of Australia for tax purposes.
Australia is modeling the USA with citizenship based taxation without actually calling it citizenship based taxation, but making it increasingly difficult to leave the country and become tax non resident. I interview Mark, owner of Worldwide Accountancy in Australia who helps my clients move out of Australia and become tax resident in other countries.
Who is the Wealthy Expat?
The Wealthy Expat is run by Rafael Cintron, it’s a Youtube channel and vision dedicated to helping you lower your taxes, get a second citizenship, and travel the World to increase your freedoms and happiness. Rafael Cintron is a 7-figure entrepreneur who’s traveled to more than 60 countries, gotten multiple residence permits all over the World, and a second citizenship by investment. He is committed and passionate about teaching you these topics.
If you want to learn more about Rafael and his strategies book a free call with him here:
In this video we talk about:
tax friendly countries, citizenship by investment, avoid taxes, pay zero taxes, australia taxes, leave australia, australia tax residence, australia tax residency, australia crypto taxes, lower taxes australia, australia taxation, australia move out, leave australia, move from australia to dubai, australia tax.
Other related people in this topic:
Nomad capitalist, robert kiyosaki, offshore citizen
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I’m not a financial advisor nor do I pretend to be. Always do your own research.
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I'm leaving Australia as a resident/citizen moving overseas next year. I'm selling my houses here. I would like to engage world wide accountancy to assist with exiting the system legally.
Just a little reminder to people, the federal government in Australia is the liberal/national party , they have been in power for 19 of the last 25 years, they are the highest taxing government, yet they blame labor party for high taxes, the LNP are the worst money managers, with a debt 5 times that of labor, but again the Murdoch media gives the LNP a free ride. Just look at the latest 35% tax on timber from Russia, it's not hurting Russia, it's hurting Australians. And the government is making more money from the war .it's all smoke and mirrors.
<I appreciate you and your content, Technical Analysis is good but I find It truly confounding that major crypto youtubers just look mostly at pure T.A. and completely ignore the bigger narrative of why BTC pumps/pumped and why the future outlook will be even rosier than it seems. It's kind of irresponsible to ignore the fact that each ETF launch so far has caused a major dump at the peaks of BTC but recently seeing nice upside move. We were already on shaky footing with historically low volume and almost pure whale pumps, narrowly avoiding a long-term bear market. More emphasis should be put into day trading as it is less affected by the unpredictable nature of the market. I’ve been day trading crypto for 2 months with Madison Callaway daily signals and insights and was able to make 17 BTC as profit from my initial 8 BTC..
Move to Russia .. flat tax 13 percent.
Thank you Raphael for another interesting vid. Sadly I fear things are getting harder for small business to survive in Australia.
Big business with it's political lobbying and party donations are treated vastly different while small business is crucified.
Let's hope the new legislation doesn't go through in it's current draft.
Thank you
Bri
Australia should be one of the most Draconian tax regimes.
Thanks for the info
not only tax, they are really controlling in the case of covid vaccinations. Better australians move to better country
incredible content. Thank you
Thieves.
Lets not forget that as a tax non-resident all Australian sourced income is taxed at 32.5%. No tax free threshold either.
It’s nice to see your youtube page keeps growing 😊
I'm a peruvian living in Australia with a temporary visa (working holiday). I have a bank account here and I use it for buy crypto and save cash. If I return to my country and I keep my bank account working, do I have to pay taxes in Australia?
I will take a Australian passport. Great country too.
Australia just keeps getting worse and worse by the day 😂 Thankfully, I decided to leave early on and am already established outside of Australia. It's honestly crazy that laws like this can even be considered let alone, likely to be passed through parliament. Boy oh boy, get out while you can Australians!
Great video! I would like to know Mark if I am an Australian citizen and want to become a ''non resident'' do I need to denounce my citizenship? because with these new laws will they chase me for tax purposes if I still hold my citizenship?
The new rule is actually better! Your accountant missed the important part. There’s a flowchart. If you live in australia more than 183 days during the financial year then automatically you’re tax resident. If you live less than 183 days but more than 45 days then you enter another tests (e.g. center of interest, etc)..If you live less than 45 days per financial year then you’re automatically non-tax resident and you don’t have to prove that you have a permanent place abroad nor established a place somewhere else. This is the best part, unlike old rules where you have to give evidences to ATO where’s your place of abode, your other second home, all you need to do with the new changes is to ensure not to stay more than 44 days during the financial year in australia. So you can come even every year without being worried about ATO challenges you where you live. You can keep traveling around the world without a second home and become a true digital nomad without being tied to another country as long as you don’t spend more than 44 days in Australia every financial year
australia and canada are new modern fascist countries, and many others are becoming too, expecially western countries.
Are you sure about having to close all bank accounts? I have moved my family to Turkiye but prefer the safety of Australian banks
Australia has some of the highest taxes on earth and a lot of people are simply starting to leave. So their response is to make it 10 times harder to leave their tax net and make it 10 times easier to get stuck in their tax net. Australia is GROSS!
Hi When Applying for Dubai residence by company formation do you need to prove source of income? How would this work for wealthy bitcoiners that have no employment income but sit on a lot of crypto?
Thanks for this great video Rafael & Mark – really helpful as An Aussie in the process of moving. Question for Mark – If I have everything to go by the end of this current tax year e.g. yearly lease, company setup, UAE residency, gym memberships, banking etc – Do you believe its possible that if these laws are passed in 12 months, I will suddenly have to start paying tax again as I've been in Aus full time for the past 3 years, therefore spending more than 45 days. So essentially I'm wondering are laws like this retroactive?
Us, Eu, Can, Aus, Nz are 💩 on 🔥
🦓💨🇨🇦🇦🇺🇪🇺🇬🇧🇺🇸🇮🇱