I couldn’t find a solid answer to this online, so I’m hoping someone here can help!
I’m looking to move to NZ, probably around January. If I were to receive, say, $40k AUD Pay here between June & December, and $45k NZD between January & June, would I pay tax on the whole amount on AUD, the whole amount in NZD, or would my taxable income be considered $40k AUD here, and $45k NZD there?
I understand I must report all foreign income within Australia, and I do have a HECS debt, but will be below the threshold for Medicare levy surcharge. I just do not understand how much tax I can expect to pay.
Thanks in advance!
Are you a tax resident in AU? If so you would be liable for the whole tax amount in AU because you would be still a resident for tax purposes this FY (not based on just length of stay). However as NZ would have a double taxation agreement you would get an offset in NZ for the tax you paid to AU.