Ubank

[rainbows7]

Hi there,
Hoping for some advice.
I left my life savings with ubank almost 2 years ago. I'm now living overseas and unsure wheather I will return to Oz or not. Because of the unknown, I feel it's safer to leave where it is, to prevent unnecessary bank charges. However, having spoken to ubank recently, they informed me I need to be aware of ATO charging me, once I've left the country for more than 6 months. Has anyone any advice on what I should do? How much will the ATO charge me? I assume it's a percentage of my savings. Will the ATO definitely be able to charge me? How will they know I'm out of the country, if my bank address is still Oz? How do I find out finer details? What's best? Pardon my ignorance.
Thanks in advance for any help/advice.

[MeNThem]

I would presume its probably talking about paying tax on the interest earned. If you have a decent amount of savings in that life savings, then it will be earning some serious $, which is what the ATO will be interested in. You may not be in Aus earning a wage etc, but you are an income-earning Australian... and because you are overseas, you are considered non-resident for taxation purposes, which means you get taxed I think as soon as you earn anything.

You should probably then be submitting tax returns each year and yes, probably paying the ATO some $.

I'd suggest making contact with an accountant and getting formal advice....