Are you an Australian resident for tax purposes? You don't need to be an Australian citizen or a permanent resident to be considered a tax resident. We advise on tax residency and its implications for inbound and outbound individuals.
Under the Australian tax law, residents and non-residents are treated differently. Generally, tax residents are taxed on their worldwide income, while non-residents are taxed on their income earned in Australia. Different marginal tax rates are applicable to non-residents. CGT rules also differ significantly depending on residency.
The difference between resident and non-resident can result in potentially severe financial consequences.
We advise all on tax residency matters, including ATO disputes, complex international issues and corporate residency.
We assist with:
- individual tax residency;
- corporate tax residency;
- disputes with the Australian Taxation Office (ATO);
- applying double tax agreements between Australia and other jurisdictions;
- the controlled foreign company (CFC) rules;
- the transferor trust rules and distributions from foreign trusts;
- inbound tax planning; and
- outbound tax planning.
Our usual approach is to:
- provide you with a clear and transparent fee quote;
- discuss your requirements, goals and desired outcomes;
- work collaboratively with other professional advisors;
- deliver our work to you in accordance with your wishes; and
- regularly update you and your professional advisors during the process.