hi there can anyone help me with regards to withholding tax i live in uk and visits oz for 3months at atime i have opened a savings account and intend to put a large sum into it that will earn interest so i asked the bank what happens about interest who said i need to ask the tax office whom i rang and was passed around to severel people and finaly i was told apply for aa tfn and give to bank he told me which form to fill in online but when i went online to read about this form it clearly says if you are a foreign residentfor tax purpose you do not need tfn and you donnot need to give a tdn number to your bank so i rang another number that was given on this form and was told thats right you do not need a tfn and that they will withhold tax of 10% and that i cannot claim it back as it is a final tax but i do not work in uk so do not pay tax on interest so does any one know can i claim back the withholding tax wether in uk or here sorry for the long story but i have been sent round in circles some advise would be much apreciated thankyou
Last edited by snifter; 18-11-2015 at 01:29 AM.
Reason: changed title and moved sections
Hi there. I can't help with what you are asking. I have changed the title on your thread and moved it to our money and finance forum and hopefully someone may be along to offer some advice.
You may be better speaking to an accountant or some such perhaps?
Hi yes as a non resident you will have 10% withholding tax taken from any Aus bank interest. Now we just included this on our UK tax return and paid the extra owed to HMRC. Once we arrived in Australia we needed to provide a TFN number to the bank or they would have taken more than 30% tax!
Not sure how you could claim it back, as a non resident you get no free tax allowance in Australia and if it is your only Australian income you do not need to do a tax return.
Maybe ask HMRC if it is possible to claim it back from them. Unless you are depositing a lot of cash then it won't be much anyway.
There is form that you can fill in and apply for a tfn as non resident. foreign national and in Australia on a temporary visa. It has to be downloaded and returned with certified ID to the ATO in Australia. Has to be done by post. My daughter is in the process of getting one for her husband, but it has been a trial. In his case it is to show he has no Australian income. I'll see if I can get the link from her, as it definitely there somewhere.
Originally Posted by snifter
thankyou every one for your reply very kind of you all think i will have to get an accountant .