19 October 2023 Issue 5 Jim O’Donnell TEP

In or out?

Jim O’Donnell assesses what advisors can learn from the new Australian Taxation Office ruling on the residency tests for individuals

Key points

What is the issue?

Advisors need to be clear on when their clients become or cease to be Australian residents for tax purposes, as this can have major tax implications.

What does it mean for me?

A new Australian Taxation Office ruling consolidates and updates previous rulings and uses examples to provide greater clarity on how the current residency tests in Australia apply following recent case law.

What can I take away? 

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