In the global business environment, organisations and individuals are increasingly seeking opportunities outside Australia, and accordingly many Australians are working overseas either for the short term or much longer term. This paper looks at the tax issues facing Australians when they live and work overseas on a short or long term basis. Topics covered include:
- determining Australian residency status
- the impact of their foreign country residency status
- the application of double tax agreements
- what income remains subject to tax in Australia
- taxation of personal income and the impact on Australian investment strategies such as negative gearing
- capital gains tax
- double taxation, exemptions and foreign tax credits
- the impact on Australian superannuation
- eligibility for Australian Medicare and impact on private health insurance
- eligibility for Australian 'social security' such as FTB and baby bonus
- issues faced on repatriation to Australia.