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Despite the Budget 2022 announcements made in May 2021, it is important that taxpayers consider their residency circumstances based on the current legislation. With international borders re-opening for those in Australia, it is also vital to consider the impact of residency tests on those who are in Australia due to
Read MoreCOVID-19 and central control and management residency test for companies Determining a company’s residency depends on a combination of where it was incorporated or where it is centrally managed or controlled and where the voting power of its shares is controlled. For non-residents of Australia with a company incorporated overseas, COVID-19 could po...
Read MoreThe forgotten residency test – Commonwealth super test When you think of Australian tax residency tests, most people will remember the ‘183 day’ test, some ‘the resides’ test and others ‘the domicile’ test. But often forgotten, and usually not considered, is the ‘Commonwealth super’ test. This test is relevant to contributing members of the...
Read MoreSuperannuation is the money set aside for your retirement. When you move countries, it is important to understand what happens to your superannuation. In Australia, superannuation amounts from foreign super funds may be accepted to either a complying Australian super fund or you personally – however there are traps along the
Read MoreChanges to Superannuation Residency Rules – Budget 2021-2022 Announcement For individuals with a self-managed superannuation fund (‘SMSF’), the Government has announced several changes to the residency requirements of maintaining a SMSF, which will ensure that more SMSF’s maintain their complying status whilst members are overseas.
Read MoreChanges to Individual Residency Tests - Budget 2021-2022 Announcements Following recommendations from the Board of Taxation, the Government has announced in its most recent 2021-2022 Budget changes to the current individual residency tests. The modernisations of the changes is intended to take the complexity out of determining your residency status...
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