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Australia & Singapore Agree to Share Financial Data to Fight Tax Evasion

Australia & Singapore Agree to Share Financial Data to Fight Tax Evasion

Following the recent announcement that Singapore and Australia have agreed to automatically exchange financial data of tax residents of the two countries by September 2018 in an effort to prevent tax evasion, Fortiz Accountants received a spike of enquiries by concerned Singaporeans living in Melbourne, as well as, Singaporeans planning to migrate to Australia.

ATO Media ReleaseIRAS Media Release

Over several coffee chats in Melbourne and Singapore, we fielded a range of questions.

Some of the common questions related to the transfer of CPF funds to Australia, rental properties in Singapore owned by Singaporeans who are Australian tax residents, possible capital gains taxes implications on the sale of HDB flats after moving to Australia, etc.

The 6-month rule, the 6-year rule and the other taxation topics, such as, taxation on worldwide income earned by Australian tax residents were explained.

Our complimentary coffee chats were well-received. New friends were made in the process! :-)Contact us for assistance if you are migrating from Singapore to Australia, a recent migrant from Singapore, planning to purchase an investment property in Australia or a Singapore entrepreneur planning to start a business in Australia.