Dear all,
I have opted for AU$100K capital investment to gain 5 bonus for 136 Send Independent migration. I have came across the below infos regarding the investments and have some questions regarding it:
'Interest is paid on the sum invested, typically at 6 monthly intervals. While the investor is non-resident withholding tax will be applied to the interest at the rate of 10%; once the investor is resident in Australia a Tax File Number should be provided to the Treasury with which funds are invested, at which point interest will be paid gross (to be included on the annual Tax Return though). If a TFN is not provided once the investor is resident tax at the highest rate plus the Medicare Levy will be deducted, reducing the interest payable by 48.5%.'
My questions are: 1) How do i obtain the interest payment if i don't move to OZ until 1-2 years later after the first entry? Do i have to open a bank account during my first entry for that and inform the respective treasury to credit the interest to my bank account?
2) Since i will only be moving to OZ in 1-2 years time after grant, do i have to apply for Tax File number for this captial investment purpose during my first entry?
3) The statement stated '...at which point interest will be paid gross (to be included on the annual Tax Return though). Does that mean that my investment together with the interest earned will be taxable? Even if i don't live and work in OZ until 2 years later (which is after the investment)?
3) If both the investment and interest earned are taxable, what is the % taxable?
Anyone who had done the capital investment, please kindly advise me....Thanks in advance..
PTM
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