A taxpayers tax residency status may change whether the move is a once off overseas job assignment, a permanent departure or for regular contractual obligations.
Taxpayers that remain as an Australian tax resident will continue to lodge their income tax return as per normal declaring Australian and foreign sourced income.
Taxpayers who leave during the income year may be required to lodge an income tax return up to the date of departure if they will no longer be a tax resident from that point onwards.
Other than lodgment requirements, taxpayers may need to also consider:
- Treatment of their main residence;
- Treatment of their other capital gains tax assets;
- Continuance of their private health insurance cover;
- Balance on their higher education loans; and
- Their superannuation benefits.