I’m completely naïve about this subject. To take an example, if I as an Australian citizen earn income in a foreign brokerage account, is this taxable under the Australian taxation system? Does the tax only apply if I return profits to Australia? Does the same apply for earning interest in a foreign bank account (I assume if the foreign bank deducts withholding tax then any Aus tax could be offset)?
Now whatever the case above, I assume that if I earn income while I’m actually overseas, that is NOT taxable under the Australian system. That being the case, is it possible to avoid Aus tax on foreign investments by spending a certain amount of time out of the country and if so, how long is that?
If anyone wants to recommend a website that deals with this stuff I’m all ears. Thanks.