Implications of Individual Tax Residency

Once the tax residency of an individual taxpayer is set - dive into assessability of income, availability of concessions & more!

In this session, we cover:

• Introducing the Case Study: Margot & Tom

• Scenario 1: Tom becomes a tax resident

  • CGT implications upon a foreign resident becoming an Australian tax resident

  • Taxable Australian property (TAP)

  • Residency of companies & trusts

  • Section 99B – foreign trust distributions

• Scenario 2: Tom sells shares in his (previously foreign) trust

• Scenario 3: Tom’s aunt passes away and has a non-resident deceased estate

• Scenario 4: Margot & Tom move to Los Angeles!

  • Ceasing to be Australian tax residents

  • CGT events I1 & I2

  • Double Tax Agreement - Australia & USA

  • CGT discounts for former residents

• Scenario 5: Tom inherits his late grandfather’s Australian main residence while overseas

  • CGT event K3

  • Main residence exemption for foreign residents

  • Life events test

Date recorded: 2 April 2025