SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
In the 2015-16 Federal Budget, the government announced that it will change the tax residency rules for most people who are temporarily in Australia for a working holiday.
These people will be treated as non-residents for tax purposes, regardless of how long they are here. They will not be able to access the tax-free threshold and will be taxed at the second marginal rate (currently 32.5%) from their first dollar of income up to $80,000.
The change will take effect from 1 July 2016.
Legislation for this measure has not yet been drafted.