Report: temporary residents  – tax issues for this class of taxpayer

The basis of taxation in Australia has always been the residency status of the individual. All tax practitioners would be familiar with the concepts of being either a resident or a non-resident of Australia for tax purposes. Generally, a resident of Australia is taxed on worldwide income while a non-resident is taxed on Australian sourced income only.

In undertaking its review of Australia’s international tax regime in 1999, The Review of Business Taxation (RBT) identified the taxation treatment of foreign expatriates as an area in need of reform. In response to RBT recommendation 22.18 the Government introduced new rules for the taxation of “temporary residents”. As we will see these taxation rules rely heavily on immigration law. This paper considers the new temporary resident rules introduced with effect from 1 July 2006.

Report: the significant investor visa – what you should know before applying for this visa

The Significant Investor Visa (SIV) was introduced on 24 November 2012 and provides a new path for migrants who can invest a minimum of AUD 5 million in certain Australian investments to obtain permanent residency in Australia.  This report provides an overview of the qualifying requirements and types of Australian investment which qualify as well as an overview of Australian tax and other considerations.