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Published on 24 Apr 2007
| Took place at The Chifley on Lennons, Brisbane
The movement of people across international borders creates a range of issues and challenges for the individuals involved, not the least of these is taxation. Many individuals do not plan to become expatriates - it is in many cases an accidental situation that they find themselves in. Unfortunately many individuals do not plan ahead and as a result, expose themselves to a taxation minefield!
The taxation issues that arise when individuals work or live outside their home country or change home countries can be varied. Accordingly, one of the biggest challenges is identifying the issues that may arise with international travel and work, and plan for the contingencies that may then occur.
The issues for inbound and outbound expatriates differ significantly and advisers who are able to identify the issues faced by each of these individuals are able to assist their clients in consciously preparing for and dealing with the challenges they will face.
These materials use real world examples to highlight the issues and apply the principles addressed.
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My client the accidental expat: inbound individuals
In the current war for talent, employers are looking overseas for their recruitment of skilled labour to fill long and short term needs and many foreign nationals are seeing Australia as an attractive place to work and/or retire. This paper looks at the tax issues individuals face when transferring or relocating to Australia either temporarily or permanently. Topics covered include:
determining residency status for Australian and home country purposes
the application of the double tax agreements, claiming exemptions and foreign tax credits
taxation of personal income, capital gains, overseas investments and foreign currency transactions
Medicare and Australian 'social security' such as FTB, baby bonus
Australian superannuation and foreign superannuation funds
impact of type of visa and an application for permanent residency/citizenship
In the global business environment, organisations and individuals are increasingly seeking opportunities outside Australia, and accordingly many Australians are working overseas either for the short term or much longer term. This paper looks at the tax issues facing Australians when they live and work overseas on a short or long term basis. Topics covered include:
determining Australian residency status
the impact of their foreign country residency status
the application of double tax agreements
what income remains subject to tax in Australia
taxation of personal income and the impact on Australian investment strategies such as negative gearing
capital gains tax
double taxation, exemptions and foreign tax credits
the impact on Australian superannuation
eligibility for Australian Medicare and impact on private health insurance
eligibility for Australian 'social security' such as FTB and baby bonus
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