Hidden away in the back of the Australian Budget and unmentioned in the Treasurers speech, was a simple statement confirming that:
“The Government will replace the individual tax residency rules with a new framework that is easy to understand, provides certainty and reduces compliance costs for globally mobile individuals and their employers.”
The Budget has flagged that these changes will likely come into effect from the 1st July 2022.
A new damning “Bright Line” test is proposed that would deem someone a Resident for Australian Tax Purposes if they are in Australia for more than 183 days in a year. This has very serious and unfair consequences for many expats during this pandemic.
What is more concerning is the proposed ‘Factor Test’ for someone that has spent more than 45 days in Australia. This test is a simple tick box test made up of 4 questions that are so ‘loaded’ that almost any expat would score enough to be considered a resident if they tick 2 of the boxes.
Register for this exclusive free webinar as we clarify:
- Proposed changes to the Australian Residency Rules
- Negative impacts of the “Bright Line Rule & Factor Test”
- What the new Superannuation changes will mean for expats
- Lobbying against unreasonable Residency Rule changes
Australasian Taxation Services, a SMATS Group company, has been at the forefront of Australian Tax Residency as an expat tax specialist for over 26 years. We consider these new residency rules to be unreasonable, unjust and unacceptable. We need to collectively lobby the ATO and Parliament for fairer residency rules.
SPEAKER: Steve Douglas, Executive Chairman, SMATS Group
Steve Douglas is the Co-Founder & Managing Director of Australasian Taxation Services (1995) and Chairman of SMATS Group and an avid property investor and developer himself. He is also a Chartered Tax Advisor, Fellow of the Taxation Institute of Australia and a Registered Tax Agent. SMATS Group attends to the needs of over 10,000 property investors and ATS, it’s tax division, has grown to become one of the Top 100 Accounting Firms in Australia (AFR 2019, 2020).
Steve has a passion for education and knowledge sharing and is a regular presenter on taxation and property market matters affecting Australian property investors, expatriates and retirement tax planning.
In April 2020, Steve was one of the few public commentators that predicted stability and improvement in the Australian property market where many others were forecasting sharp falls and volatile times.
Steve has been featured in articles by the Australian Property Investor Magazine, Singapore Business Times, South China Morning Post, Australian Entrepreneur Magazine, Benchmark, Western Australian Property & Investment and Property Link magazine.
In 2009, Steve was recognised as one of the leading 50 Australians in Asia by Advance and invited to participate in the Advance Asia 50 Summit and in 2010 was awarded the Singapore Austcham Entrepreneur Award and in 2017 Steve was The Finders “Expatreneur Awardee 2017”.
SMATS Group is a full-service company with unique experience and qualifications in taxation, lending, property & financial advisory, that provides clients with a comprehensive understanding to optimise their personal outcomes.
Webinar = Singapore time zone (UTC+8)