Working offshore or arriving in Australia presents a wealth of planning opportunities. It is a critical time for clients to seek professional advice. The post section 23AG regime is live for the 2010 tax return. A series of changes in key legislation around tax and employee share plans means it is time for a review of any clients who may work offshore or intending to seek overseas employment.
The Australian Taxation Office has also issued a number of important rulings and determinations that will impact the use of Australian Self Managed Superannuation Funds by Australians working or living overseas.
This event covered the following topics:
- when do you pay foreign tax and when do you pay Australian tax?
- what are the implications of the 1 July 2009 changes to s.23AG? The loss of the exemption on overseas employment income from Australian tax will affect clients' tax returns for the 2010 year onwards.
- failure to understand and correctly apply the foreign income tax offset rules will impact on client's tax liabilities
- how should employers be managing PAYG and FBT for offshore employees in particular the impacts of the recent draft TD
- when can you use a SMSF if you are living or working overseas?
- what should inpats and expats be doing with employee share plans?
- opportunities and pitfalls for inbound individuals getting the benefits of the temporary resident rules.