Recorded Webinar: Calling Australia Home: The Many and Varied Definitions of Foreign Residency and How They Impact Estate Planning

It is well understood that it is important to determine whether or not an individual, corporation or trust is a foreign resident for tax purposes. What is less well understood is the extent to which the definition and test for foreign residency varies as between laws, and in the context of property transactions as between state and federal law. Knowing which definition to apply and understanding the potential impact of this on an estate plan is vital to ensure compliance with all relevant notification obligations and prevent unintended adverse financial consequences for the estate.  This session shall look at:

• The tests which determine residency under state and federal law (for individuals, corporations and trusts) and the impact on the estate
• The circumstances in which an Australian citizen could still be regarded as a foreign resident
• The relevant notification and associated obligations imposed on foreign residents, corporations and trusts under both State and federal law and the impact of deeming provisions
• Spotlight on recent 99B guidance by the ATO - key learnings for estate planners
• Practical worked examples and case studies