Back at home

[A Good Old Tax Question]

I've returned to Australia (the land of 48.5% tax!!) but kept my bank account open in Singapore.

Is there any thing to stop my employer making a one off salary payment (say $20k) into my Singapore account to escape tax?

Who would know and who would care?

Thanks

[Well,]

have you decleared yourself a non-tax resident?  have you been here more than 183 days?

[Tax Hating Dude]

Well I left Singapore in September.  I am no longer a resident but was there for 9 months in this calendar year. What if I wait to January 1 and my 'Australian' employer deposits one months salary in my Singapore account?
Does any one know?

I'm happy to take a risk with the Australian authorities...but would the  Singapore aithorities know/care?

[Freeloader]

Accountants speak thy wisdom otherwise our friend will surely not be able to afford the second Merc.

[Twat]

Twat!!

[Lester25]

You wouldn't be liable for tax in Singapore as you are a non-resident.

However both you and your employer would be committing an offence in Australia if you didn't report this income as part of your Australian tax return, regardless of whether it is paid into a bank in Australia or Singapore it is income earned from employment in Australia and is taxable in Australia. I would doubt very much that your employer would agree not to include it in the certificate they give you at the end of the tax year indicating how much income they have paid you, and I doubt they would agree to pay it gross without deducting tax.

[Mr Enron]

Many assumptions here.

What is your employer - employee contractual arrangement. If you are a typical employee and are subject to PAYG then forget it.

If you are some form of contractor who has use a coy and trust as a vehicle then it is possible.

However, if you are considering taking the risk for a measly $20k AUD then suggest not to consider.

There are far more legally grey ways of offsetting taxable income through a corporate entity. Be aware the avoidance provisions and personal services legislation in the Income Tax Assessment Act are severe so make it worth your while.

I have a friend who did the following:

* Created a discretionary trust
* Purchased a shelf company
* Spent his 2 years income and did not remit tax or GST to the ATO.
* Accrued a tax bill of $300k AUD.
* Purchased a clean company "Enron Inc" with existing debt in excess of his acrrued tax liability at 5 cents in the dollar
* Directed the income via the trust to "Enron inc" which with the losses offset the income.

He ended up with a tax refund.

Play by the rules and end up poor.  I used to be in tax law in my younger years and this is nothing compared to what the Top 1000 richest in Australia.

Suggest you find a way to become self employed and use legal loopholes too reduce your tax liability and earning potential.