Low Income earner need TFN?

Discussion in 'Accounting & Tax' started by liverpool77, 28th Jun, 2017.

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  1. liverpool77

    liverpool77 Active Member

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    Simple question (for some!),,,,,

    In law is here from overseas and has received some income by way of interest from a loan provided to child to purchase property. This income will be around $1,000 for this financial year and therefore well under the $18k threshold.

    I understand there is no need to lodge a tax return however should they register for a TFN and/or should they lodge a "non-lodgement" advice to ATO?
     
    liverpool77, 28th Jun, 2017
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Foreigner is on different tax rate than locals im betting? @Paul@PFI ?
     
    D.T., 28th Jun, 2017
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Are they a resident for tax purposes here?
     
    Terry_w, 28th Jun, 2017
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    If foreign withholding tax reporting and compliance is not complied with the resident taxpayer loses deductibility. But tax advice should already have explained that.

    Non Residents arent taxed on interest but MUST comply with witholding reporting and paymnet . Deadline is 28th July.
     
    Paul@PAS, 28th Jun, 2017
    #4