Expatriate: Is a citizen who is a resident in another country, or. A native of elsewhere residing in a specific place, but still identifying with their native "home".
M Squared & Associates Pty Ltd provide a range of services to both inbound and outbound expatriates employed in the oil and gas, mining and construction industries, including:
- Advice in respect to an individual’s residency status for tax purposes for both expatriates working overseas or non-Australian nationals employed in Australia.
- Preparation and lodgement of Australian income tax returns.
- Advice relating to Australian expatriates working overseas.
- Advice in respect to the temporary resident provisions under Australian domestic law and the interaction with Australia's double tax agreements.
- Review of standard or customised employment contracts and their suitability for claiming the exemption from Australian income tax on foreign employment income under the former section 23AG.
- Preparation and lodgement with the Commissioner of Taxation of applications for private binding ruling ('PBR' as to whether the taxpayer’s foreign sourced employment income may be exempt from tax in Australia.
- Advice relating to the income tax implications of Living-Away-From-Home allowances ('LAFHA').
Recent changes to legislation in respect to the exemption from Australian income tax on earnings derived overseas under section 23AG has been a severe detriment to expatriates working overseas and businesses who employ them. Since the announcement of these changes, M Squared & Associates have been working towards developing a strategy to tax efficiently structure the salary packages for our clients adversely affected by these changes. Should you fall within this category, please don't hesitate to contact us to determine how we can help you reduce your effective tax rate.
