CPF Tax Audit

[depeche]

Hi, I renounce my SG citizenship and got back the CPF in 2009. The fund was transferred into my OZ bank account(Big Mistake)!
Now, i received a ATO tax audit about the fund and are liable to pay a hufty backdated tax bill payment....big headache!!! Any bros got words of advice to share? Thanks in advance!!!

 

[axe168]

Hi, I renounce my SG citizenship and got back the CPF in 2009. The fund was transferred into my OZ bank account(Big Mistake)!
Now, i received a ATO tax audit about the fund and are liable to pay a hufty backdated tax bill payment....big headache!!! Any bros got words of advice to share? Thanks in advance!!!

Easy piece of cake.. Go online CPF and produce a lastest monthly statement. Show them your contribution or income earned is dated way back prior your Oz residency status. Read carefully the ATO guidelines, with effect from obtaining your residency in Australia, your income is taxable - this does not apply to 'PRIOR' residency.. Wake up dude !

 

[depeche]

Thanks Axe...I told that to my accountant too...he is advising the ATO on that principle. So far ATO has not replied but it seem that they don't take the story...Must be the effect of Mr Swan trying to find ways to filled the holes of revenue! I have never report that CPF amount in 2009 tax return...bad luck!!!

Any bros here also kana audit???

 

[QXD]

Even if they rule in your favor regarding the funds transfer, you are still liable to be fined at least $1000 for every year that you did not declare receipt of this lump sum. Mind if I ask how did you route the money to Oz?

Unfortunately, like they always say, "When it doubt, DECLARE."

Sorry dude, that's the rules, I really know how you feel about this, but with that sizable chunk of cash in your account, very hard for you to cry poor.

ATO has been very busy trying to crawl up my back too recently, at least 12 times for 4 separate "suspicious" tax activities since Mid-April. Total tax arrears that they were claiming ran to pretty significant figures. Enough so for me to consider legal representation then.

What you have shared all the more solidifies my belief that Labor is now making a cash grab from the rich instead of trusting them to pump the money back into the economy in an orderly, rational manner.

But as far as I'm concerned, no way they are going to rip me off to shout an abo's next visit to the grog shop.

Thanks Axe...I told that to my accountant too...he is advising the ATO on that principle. So far ATO has not replied but it seem that they don't take the story...Must be the effect of Mr Swan trying to find ways to filled the holes of revenue! I have never report that CPF amount in 2009 tax return...bad luck!!!

Any bros here also kana audit???

 

[neddy]

Hi, I renounce my SG citizenship and got back the CPF in 2009. The fund was transferred into my OZ bank account(Big Mistake)!
Now, i received a ATO tax audit about the fund and are liable to pay a hufty backdated tax bill payment....big headache!!! Any bros got words of advice to share? Thanks in advance!!!

It is just sickening that you have this problem. I transferred my CPF to OZ during the Howard years and not a word from ATO.

This ATO data mining thing is really getting out of hand. Plus, Singapore is a low-tax haven and money laundering centre. How many Aussie millionaires are moving to Singapore?

Thanks for your warning.

Fuck Labor! It all started with KRudd giving $900 to those qualified Aussies, including the overseas citizens. He created the budget deficit.

There is a truth when people say, Leftists solve problem by spending money, conservatives solve problem by saving money. Careful who you vote for!


When I do tax returns this year, I may need to fight ATO again if they try to be funny with me.

 

[eatshitndie]

keep an open account with an sg bank and deposit there. in the u.s. here, any transfer of personal funds from overseas exceeding usd9k raises eyebrows with federal agencies. plus, sg is a zero tax haven for capital gains. do your day trading there....without being there.

 

[depeche]

Hi QXD, I provided them my OZ ANZ details for the CPF boad to trsfer.
The main purpose was because i brought a property and needed the fund for deposit...Anyway, if need be gonna get legal representation...sigh!

 

[valiant20]

So does that mean any funds going into Oz bank account from Singapore to buy a Oz property gonna get investigated by ATO?? (F***, gonna get an ATO letter if that's the case!)

How to declare if its not income earned in Oz?? Not even considered a tax-resident!

 

[axe168]

Dude, I kena questioned by ATO for GST refund of $18k.. You know what ? ATO dude is a ex-Singaporean :-) We had a few laughs.. finally, he said he is satisfied that I am having a genuine chicken business.. he forwarded me some guidelines and close the case.

(In the middle of the lengthy conversation, I rebutted him, how about reading my chicken Act and legislation, if he has any clue.. if he makes a mistake, I shall sentence him to jail, hehe).

I guess my cheque is coming my way - fingers crossed.


Hey dude, just tell the ATO - in short, money or income earned before your Oz PRship is only subjected to Singapore tax - if ATO can have a share, it implied countries all over the world can have a share too ! Bloody idiots ! Probably you will be liable for the minor interest earned :-(

 

[axe168]

Hi QXD, I provided them my OZ ANZ details for the CPF boad to trsfer.
The main purpose was because i brought a property and needed the fund for deposit...Anyway, if need be gonna get legal representation...sigh!

You must always remember.. the govt officers are a bunch of stupid idiots.. when challenge with the appropriate clause, they will chicken out !

 

[depeche]

If you are based in Sg and not a tax-resident...I don't think you need to worry at all because you can always find reasons! Also, LUCK must be on your side not to be audit by ATO... but maybe IRAS??? haha!!

 

[QXD]

The only time you are allowed to bring in any of money no questions asked is within 12-18 months from the time you settled in Oz.

Beyond that, it gets tricky, but is possible, and all you need is to prove plausible doubt that the money trail starts and begins with your name.

Now you know why the older, newly-retired migrant folks (mid 50s to early 60s) who were ex-bankers/doctors/lawyers make so many trips back and forth SG.

Think the only thing they bring back to Oz is their fill of SG Hawker Food meh? (Muling)

What about that retired Indo businessman running a small shop in Oz that never seems to have customers, think his shop sales off the charts meh? (transfer payments)

So does that mean any funds going into Oz bank account from Singapore to buy a Oz property gonna get investigated by ATO?? (F***, gonna get an ATO letter if that's the case!)

How to declare if its not income earned in Oz?? Not even considered a tax-resident!

 

[QXD]

Bro, it's not luck, you get a group of 10 recently migrated Singaporeans, bought a house to stay and stayed around 4-6 years, at least 2-3 kenna audited since the last FY.

Not something everyone would openly admit to, as mostly, people tend to suspect that someone they know ratted them out.

I know of those who kenna audited, simply because they came to me for advice in private. One case had to just pay taxes on the 3 years of interest he earned in CPF during the time he was here is Oz + compound interest on taxes unpaid + fine for not declaring, while the other went to court and won but not awarded damages. I suspect he paid his lawyer more than what he would have paid ATO as he has an almost rabid hatred of lawyers since.

I won't give you hero stories or lies here. So at least be prepared, if you need a lawyer, calm down, think clearly, write your thoughts down, keep it clear in your mind and you MUST find someone you can trust that you can then lay down the facts coherently.

If you are based in Sg and not a tax-resident...I don't think you need to worry at all because you can always find reasons! Also, LUCK must be on your side not to be audit by ATO... but maybe IRAS??? haha!!

 

[Aussie Prick]

Hi, I renounce my SG citizenship and got back the CPF in 2009. The fund was transferred into my OZ bank account(Big Mistake)!
Now, i received a ATO tax audit about the fund and are liable to pay a hufty backdated tax bill payment....big headache!!! Any bros got words of advice to share? Thanks in advance!!!

Relax. For most Singaporeans, most if not all your CPF was amassed before you became a resident for tax purposes. In this case your CPF was contributed to on a pre tax basis prior to you being subject to Australian taxes and therefore not subject to Australian taxes as its not income, salary, capital gains, gain on sale, wages, tips or other taxable income. At the point where your CPF is remitted it becomes savings - and i can confirm the US IRS treats all CPF funds as such.

Its the Singaporeans who are tax residents in Australia who simultaneously earn in Singapore, contribute to CPF, and get paid interest have to answer to the tax authorities there because while resident in Australia for tax purposes, your worldwide income is subject to taxes. Those that do this are careful not to be tax residents for that fiscal year as only Australian sourced income is taxable in this case.

Assuming your first and last CPF contribution occurred before you became a resident for tax purposes, you should be fine. Only the interest paid while you were resident can only theoretically be applied in this case.

 

[winnipegjets]

Move back to Singapore.

 

[depeche]

Move back to Singapore.

Got good lobang then shall moved back...you got a job offer for me with employment pass...hehe?

Thanks for all the replies...

 

[axe168]

You are repeating my words in a better way.. many thanks !

So what is your views on Ozland, crashing down ? lack of oxygen ? Tsunami coming keke :-)

Relax. For most Singaporeans, most if not all your CPF was amassed before you became a resident for tax purposes. In this case your CPF was contributed to on a pre tax basis prior to you being subject to Australian taxes and therefore not subject to Australian taxes as its not income, salary, capital gains, gain on sale, wages, tips or other taxable income. At the point where your CPF is remitted it becomes savings - and i can confirm the US IRS treats all CPF funds as such.

Its the Singaporeans who are tax residents in Australia who simultaneously earn in Singapore, contribute to CPF, and get paid interest have to answer to the tax authorities there because while resident in Australia for tax purposes, your worldwide income is subject to taxes. Those that do this are careful not to be tax residents for that fiscal year as only Australian sourced income is taxable in this case.

Assuming your first and last CPF contribution occurred before you became a resident for tax purposes, you should be fine. Only the interest paid while you were resident can only theoretically be applied in this case.

 

[Aussie Prick]

You are repeating my words in a better way.. many thanks !

So what is your views on Ozland, crashing down ? lack of oxygen ? Tsunami coming keke :-)

In your case anything is possible. For the rest of Australia, it all depends on China...........

 

[axe168]

So what do you reckon ? There will be a recession from China ? or China's growth will last at least 10-15yrs ? please consider SG has 40yrs of growth hor..
Let me say it again, dude... We are currently sitting on gold soil. kekeke..

In your case anything is possible. For the rest of Australia, it all depends on China...........

 

[depeche]

Oei, this tread has turn to Axe & Prick issue???