The new temporary resident rules provide tax advisors with a range of opportunities and challenges. This paper discusses a range of topics including:
- overview of the 2007 migration programme
- who is a temporary resident?
- can you be a temporary resident, if when you enter Australia, you intend to remain here indefinitely?
- can a spouse’s citizenship status affect your client’s temporary residence status or their right to purchase residential real estate in Australia?
- what types of income are exempt from tax?
- what types of capital gains are exempt from tax?
- how is your client’s ineligibility to Medicare dealt with?
- when is your client eligible to a ‘departing superannuation payment’?
- are you liable for professional negligence if you fail to warn your client of the consequences of change of status.