I have been getting some queries on my post on opening an Australian bank account. I guess the reason is because the aussie dollars have reached parity with the Sgd lately and people are becoming more interested.
I have kept my Australian account for about 2 years 5 months just purely for holidaying and have not been taxed a single cent on my interest income. I will summarise the way to avoid taxes legally or at least minimise the tax incurred.
1) Put a non-Australian address ( a.k.a put your Singapore address)
If you put an australian address, maybe because you have an investment property there, the Australian Tax Office (ATO) will deem you a resident and tax your interest. As you are not working there, you have no tax file number ( TFN) and so will leave this field as blank. That’s spells disaster!
The bank will, …