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Residency And Taxation In Australia

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Question:

Discuss about the Residency and Taxation in Australia.
 
 

Answer:

Introduction

In the modern day, the effect of globalization has taken the world at a storm making it indeed a global village. There is a closer interplay of factors that determine conducting business activities on a global scale. One of these variables is taxation. While individual countries have their policies detailing the manner in which taxation can be imposed on foreign who have sought citizenship, Australia in particular has a very different approach to this. It therefore means that taxation and citizenship is a delicate part of foreign policy across all the countries in the world. The situation that Kit presents is one that mirrors dual citizenship although there is a generally overlapping of issues which makes it important for an in-depth analysis. The essay will undertake a very analytical perspective in putting across the view whether kit is a permanent resident of Australia or not and the general taxation purposes that can be derived from this establishment.

The issues of Residency

The most crucial determinant in establishing whether a foreign is a resident of another country is the nature of their behavior. This will cue in their investments, assets, family residence as well as their own residence which could be different. For case of Kit, first of all he is mentioned as a permanent resident of Australia which basically indicates that he stays the better part of his year or rather life in Australia. In general, his life revolves around Australia. Despite working for an Indonesian company, the basic part of it is that he has to go back to his residence (Passenger Movement Charge, 2010). Kit is more identified in Australia using the social constructs than any other country in which he has an association with, be it business or family. In essence, the first aspect that qualifies him to be Australian is as aforementioned, his permanent residence in Australia in that regard.

His parent nationality which is Chilean is only but ceremonial. He has established very minimal contact with it. More so, the fact that he spends most of his time in Australia indicates that he may as well go on without even attending to any issues that might crop up in Chile. In this regard, it is therefore very difficult to peg his nationality on Chile because generally, it is the country that an individual is able to undertake most of his holdings that will have a bigger bearing on their lives and this will also take a center stage when it comes to the determination of the international citizenship as well. However, Kit has some of his portfolio in Chile which also generates some income for him. In this case, he has to spend most of this income on the country the stays in which is Australia . While some of this can be spent in Chile, it is probable that he will always spend most of it in the country that he resides in which is Australia (Taylor & Transnam, 2016). Chile will only act as a production center or rather a foreign investment to Kit because of his general behavior regarding the handling of his business.

A key tenet of establishing citizenship is the location of the family at that particular time in point and whether the person stays with them or not. All this constitutes to the aspect of an individual behavior in view of his national identity or rather his citizenship in that matter. Kit qualifies as an Australian citizen because of the fact that he stays with his family in Australia (Federal Court of Australia, 2010). In fact they actually moved there fours before he ended up working for an Indonesian company. Kit has all of his family in Australia. Even so, it also indicates that Kit pays visits to his family when he is not committed because that explains the nature of their stay since Kit is away most of the time. In this regard, Kit’s wife has lived in Australia for four years and their two children which pretty much sums up the fact that Kit is an Australian citizen. Lastly, understanding his residency will also center on the aspect of property ownership; in this case, the fact that he even bought a house in Australia indicates that he has particularly established his citizenship as Australian rather than Chilean.

 

Taxation purposes

A number of factors act as guiding tools in the case study in order to understand the manner in which taxes can be imposed on Kit owing to his residency. As aforementioned, Kit’s behavior which is a key determinant of residency concludes that his residency is Australian and therefore he will be covered under the Australian law that spells out this taxation (Australian Tax Office, 2016). The following aspects qualifies him to be liable to have his salary and investment be under the Australian stipulations.

First, he has opened up a bank along with his wife in Australia. Presumably, his salary is paid through this bank; the Westpac Bank located in Australia. His earnings will therefore have to go through the Australian scrutiny along with his wife as well if she is working. Furthermore, since Kit has a permanent Australian residency as mentioned in the case study, it only means that his earnings in Chile have to stream into Australia where he lives. As mentioned earlier, Chile only plays a role of an investment location but the returns have to be redirected to Australia owing to the fact that this is his residency (Office of the State Revenue, 2015). More so, management of his returns is also likely to be conducted in Australia. It is even easier to conclude this because he has a bank account in Australia; the Westpac Bank.

Conclusion

In summary, the delicate nature of residency and taxation means that means that individuals have to bear the brunt of taxes in other countries which could end up different from those in their parent countries. Kit a Chilean by birth has a permanent residency which is proved by his family stay, his financial obligations due to his bank account in Australia, much of his stay there as well and most importantly his investments streaming into Australia as well as his salary payments. In particular, having is salary paid in an Australian Bank means that he is taxed by the Australian authorities.

 

References

Australia Tax Office (2016). Exempt foreign employment income, ATO. Retrieved from: dfat.gov.au/about-us/publications/corporate/protocol-guidelines/Pages/6-exemption-from-duties-and-taxes.aspx 

Federal court of Australia (2010). Immigration and border protection: migration, practice and procedure. Retrieved from: www.fedcourt.gov.au/publications/judgments/latest

Office of the State Revenue (2015). Payroll Tax rates and thresholds. Queensland Treasury and Trade press.

Passenger Movement Charge (2013). Australia Customs and Border protection service, PMC . Retrieved from: https://austaxpbr.com.au/document/PBR_69660

Taylor, J., & Tran-Nam, B. (2016). Interdisciplinary nature of taxation. eJournal of Tax Research, vol. 14 pp. 55-68.

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