Things I like to hear from my accountant!

[tyggerjai]

"You need to declare your chinese income but it is not taxed here, you only pay tax on the income you earn from Australian sources."

Which would be ... not very much for 07-08, and will be absolutely nothing for 08-09.

I've asked if I can claim the expenses involved with moving over here as a deduction. We shall see how that goes :)

Comments

[frou-frou.livejournal.com]

I should imagine that your accountant will say that you could only deduct the moving expenses if you were paying tax on your income - which you're not. But then, if you're not paying tax, a deduction won't make any difference anyway will it?

[tyggerjai.livejournal.com]

I'm paying tax on the Australian income for 07-08, though. So if I can drop my total (Chinese + Australian) income into a lower bracket, I do in fact pay less tax on the Australian income.

[frou-frou.livejournal.com]

Yes, but the moving costs didn't help you earn the Australian income, they helped you earn the Chinese income. Anyway - see how you go, but that's what I think he/she will say.

[tyggerjai.livejournal.com]

Ah. Yes to the first point, no to the second, then. I'm not hopeful about the deduction for that reason, but if I can get it, it does make a difference.

[photogfrog.livejournal.com]

I used to be able to write off all moving expenses within Canada and when I made the first move to Japan, I wrote off half, as I was leaving. Naturally, Aus is different, but they should allow it.