Expat Chat Episode 75 - Update On Tax Residency Rules

Welcome to the seventy fifth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we provide an update on the proposed tax residency rules and what sort of timeline Australian expats can expect. For many years Australian expats have been working from the existing Tax Residency rules that have been around since the 1930's. In 2019 the Board of Taxation published the Reforming Individual Tax Residency Rules – A Model for Modernisation report with the aim of updating the tax residency rules which both Australian residents and non-residents comply with. In the May 2021 Federal Budget the uncumbent government at the time introduced the recommendations and set about a pathway for updating the tax residency rules. Since then the silence has been defeaning from Canberra. A tiny mention has been made by the Labor party but certainly no formal policy decisions have been announced. In this episode we run through the following topics: • What is the status of the proposed tax residency changes? • What is the status of the petition that was sent to Canberra? • What is the new draft ruling by the ATO on tax residency? • What do I need to do when notifying the government? Links that we discussed in this episode include: • ATO Draft Ruling on Tax Residency - https://atlaswealth.com/news/ato-releases-draft-ruling-tr-2022-d2-on-tax-residency-principles/ • Facebook Group - Don't forget to join our Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/ • Expat Mortgage Podcast - https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/ • Atlas Tax details - https://atlaswealth.com/how-we-can-help/expat-tax-accountant/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt