CLAW3201 Lecture Notes - Lecture 2: Arbitrage, Withholding Tax, Taxation In Australia

• School: University of Sydney
• Department: Business Law
• Course: CLAW3201
• Professor: Tania Koit

Document Summary

Australian residents are taxed on all income received regardless of source. Foreign residents are taxed only on income sourced from australia. Concepts of residence s 995-1 itaa 1997 australian resident means a person who is a resident of australia for the purpose of the. A taxpayer need satisfy only one test to be considered a resident of australia. If a taxpayer does not satisfy any of the tests, he / she is considered a foreign resident for taxation purposes. Test 1: ordinary concepts test (primary test) (cid:858)to dwell per(cid:373)a(cid:374)e(cid:374)tl(cid:455) or for a (cid:272)o(cid:374)sidera(cid:271)le ti(cid:373)e. (cid:859: based on common / case law, applies to individuals coming into australia. Levene v irc [1928] ac 217 uk taxpayer who took temporary trips abroad but had close ties to uk still considered uk resident. Irc v lysaght [1928] ac 234 moved abroad but still had close ties to uk so uk resident.