There are many tests which determine whether an Australian living overseas is foreign resident for Australian tax purposes.
One of the main tests is called the Commonwealth Superannuation test. Under this rule, to be considered as a foreign resident, you must not be a contributing member of CSS or PSS (not PSSap).
If this test is satisfied then the Australian taxpayer is regarded as a resident of[...]
Tax fraud or evasion is treated very seriously by the courts. There are close to 100 serious criminal tax offence matters currently before the courts for […][…]
Superannuation legislation does not deal with the situation of one trustee behaving improperly in relation to their Self Managed Super Fund (SMSF) obligations and the other […][…]
One of the benefits of a Self-Managed Superannuation Fund (SMSF) is the 15% tax rate. However if income is ‘non-arm’s length’, the income will be subject to […][…]
A recent AAT decision has found that taxpayers who acted on the advice on the agent and entered into a loan arrangement using their SMSF funds had early accessed their benefits and were therefore assessable on those benefits at the time that they were initially released. The arrangement was a sham even though the taxpayers did not have the necessary intent to enter into a sham arrangement. The agent was aware it was a sham and the agent’s intention was the applicable one.[…]