Tax Traps/Are you Taxable & Don't Know it? (ATO Residency Examples)

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Today we are discussing an important topic - tax residency. There are many misconceptions and misunderstandings when it comes to this subject. This can be very dangerous because you might end up being taxable somewhere where you don't expect to be.

Just because you spent less than 183 days in a country, doesn't necessarily mean that you're free from paying taxes in that country! Some countries are not looking just at the number of days, but also many other things. Tax residency is not just a function of time, it's also the function of facts. These facts will vary from country to country.

It's possible to leave the country, spend a couple of years abroad, and when you come back they ask you to pay taxes for the entire time you were absent! This is a tax trap that's extremely important to avoid.

Today we are going to cover lots of examples of tax residency from ATO (Australian tax office).

Here is the link to these examples:

https://www.ato.gov.au/Individuals/coming-to-australia-or-going-overseas/In-detail/Residency/Examples-of-residents-and-foreign-residents/?=redirected_residencyexamples

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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

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Author: Michael Rosmer

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