ATO Common Standard Reporting - ano masasabi nyo guys?

engr_boy

nabanggit lang sya ng isang friend about this new rules; na LAHAT ng income mo sa LAHAT ng bansa ay dapat dinideclare. paano yung may businesses or investments like Pag-ibig Fund MP2, VUL (BDO Life, Manulife, BPI), UITF sa Pinas or bank accounts sa Singapore, etc. dineclare nyo ba lahat mga ito ngayong FY2018-19?

https://www.ato.gov.au/General/International-tax-agreements/In-detail/Common-Reporting-Standard/?=redirected

https://www.theguardian.com/australia-news/2019/aug/15/new-tax-data-reveals-australians-hold-100bn-in-offshore-accounts

https://www.afr.com/politics/federal/tax-return-refunds-top-10b-as-ato-warns-on-overseas-savings-20190815-p52hbu

juliatheambitiousoul

you declare your worlwide income if you are considered a resident for tax purposes and you only declare those income that are realized. For Pag-ibig MP2, di mo naman malalaman yung interest once you redeem it on the 5th year. Am I correct? Pero if you can see it like interest in bank accounts, then it must be declared. Same with VUL, those are unrealized gains/losses and it is an insurance too. For us, we did declare everything pero maliit lang sya kasi the average rate this FY2019 is around 38-39 ata. Saka meron foreign income tax offset for taxes paid overseas if with dta with the country.

engr_boy

thanks for the reply, @juliatheambitiousoul. correct ka sa MP2. buti na lang wala pang 5 years. mukhang ok naman kami sa pinas stuff like Pag-ibig, VUL, etc. pero yung sa singapore. bank accounts lang considering napakaminiscule ng interest na makukuha mo, baka ire-do na ko na lang part na yun. para safe lang.

juliatheambitiousoul

@engr_boy pag inamend mo ba ung tax return mo, may shortfall sa tax payable or excess refund? If wala nman, I think no need to amend since no effect sya but it's better to consult your accountant. Don't you want to close your Singapore accounts or waiting for better exchange rates bago nyo ilipat? hehe baka madormant. Ok naman mag-invest sa Philippines even if maging citizen na. Just declare it and keep records.

engr_boy

@juliatheambitiousoul baka meron shortfall but can't really tell. di ako alam rules nila for double taxation etc. i always did my taxes by myself kasi straight forward. but maybe i need an accountant's help now. i like keeping money sa singapore kasi madalas naman ako mapadaan whenever i go home and i make sure occasionally money goes in and goes out para di ma-dormant yung accounts. ang dami kasing tax evaders of a certain asian ethnicity haha. damay damay na tuloy lahat.

juliatheambitiousoul

@engr_boy hindi nga pala macocompute sa mygov ung tax noh but there's a tab there na 'amend' di ba. just click that and put the necessary information. Since you came here ba ang iaamend mo? Just make a list and convert it and maybe this can help you estimate https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=IncomeTaxEstimator/questions&anchor=IncomeTaxEstimator&anchor=IncomeTaxEstimator/questions#IncomeTaxEstimator/questions.

Pero ok din nmn may accountant, deductible din nmn ung fee nila.