Advice please - I am a 'kept man' and I am wanting to know what if anything I have to do about filling a tax return.

My wife works for an Australian company and although I have a 457 as well I am not working or at least I am not being paid! We have bought a reno house and I am busy doing this up with a view to selling (hopefully at a profit) after more than 12 months so no CGT.

So what happens regarding a tax return?

Not 100% sure on the tax return Ian but i would have thought it necessary to declare that you weren't liable for any tax. It's something i've got to look at myself as it's my first year.
Going of topic slightly....My wife says i must be the only guy that stays home and sends the missus out to work, so you've just made me feel like Will Smith when he discovers there is someone else alive.

You don't have to be working to be liable for tax and to file a tax return.

The question is whether you have an income in excess of $6000 in any given tax year. Income for Oz tax purposes covers a wide variety of topics - bank interest, dividend income, profit on sale of property, investments, other assets etc. etc.

You and your wife are required to file separately even if you have a joint income such as a bank account. I suggest that you both get hold of a tax return and guide - available from most newsagents and have a read of the opening pages and see if it applies to you.

On a 457 you will not be liable to tax on any overseas income but you will be liable for all Oz produced income.


Ian, you say that you are doing up a reno property and will sell it after 12 months and that you expect no CGT will apply. This is true if you can claim that the property is your main residence. If you already have a property overseas and you are on a 457 then you are on a thin line to say that it is not your main residence since this is where you are supposed to be returning to after your 457 is up. Take some advice if you do have another property.

Thanks Paddy
I don't have another property. I sold up in the UK last summer (just in time!) and used this to fund the purchase here. We are living in the house / building site so it is very definitely my principal residence.
I wish my income was over $6000 but it isn't.

fly2hi
I spoke with the tax people and you just have to fill in a form saying you don't have to fill in a full tax return. You can download it from the web.
Many colleagues are very envious thinking I can spend all day on the golf course. I may be staying at home but a house husbands job is never done! Apart from all the housework I am expected to renovate the whole property and do the garden. Still it was my decision to earn my money doing up the property and to be honest its better than going to work every day.