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19: Decoding Tax Residency: When Are You Within the Australian Tax Net?
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Are you wondering if you are still a tax resident of Australia after moving overseas? In this episode, Sally Preston provides an in-depth overview of how to determine individual tax residency in Australia. She covers the ATO's 2023 updated ruling on the factors to consider for tax residency.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- The 4 tests for individual tax residency in Australia (3:12)
- What are the "resides" test factors? (5:36)
- How the "domicile" test works and what constitutes a "permanent place of abode" overseas (13:50)
- The 183-day test for individuals arriving in Australia (21:53)
- Examples illustrating when residency is maintained or severed based on facts (27:28)
Sally breaks down the key tests, factors, and examples from the ATO's ruling to determine if you remain an Australian tax resident after relocating abroad. This is an essential listen for anyone moving overseas from Australia to understand the tax residency rules and considerations.
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