ATO homing in on foreign tax residency consequences for individuals

Longstanding income recognition issues associated with individuals ceasing Australian tax residency and collecting the liabilities of foreign tax residents remain ATO focus areas.

Compliance with the tax consequences of ceasing Australian tax residency and collecting the tax liabilities of foreign tax resident individuals are among the issues highlighted by the Australian Taxation Office (ATO) in its recent list of matters attracting its attention.This highlights the ongoing difficulty the ATO has with getting taxpayers to comply with their obligations in these areas and also serves as an opportunity to revisit some of the key rules applying in these situations.Ceasing...

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Authors: Jackie Shelton, Terry Hoban,

Published Date: 21 November 2019