In the current war for talent, employers are looking overseas for their recruitment of skilled labour to fill long and short term needs and many foreign nationals are seeking Australia as an attractive place to work and/ or retire. This paper looks at the tax issues individuals face when transferring or relocating to Australia either temporarily or permanently.
Topics covered include:
- determining residency status for Australian and home country purposes
- the application of the double tax agreements, claiming exemptions and foreign tax credits
- taxation of personal income, capital gains, overseas investments and foreign currency transactions
- Medicare and Australian "social security" such as FTB, baby bonus
- Australian superannuation and foreign superannuation funds
- impact of type of visa and an application for permanent residency/citizenship
- repatriation or retirement?