Tax residency is crucial for understanding Australian tax obligations, especially for individuals with foreign income or assets. Australian residents are taxed on worldwide income, including foreign income, with credits available for taxes paid overseas under double tax agreements. The Bongiorno Group’s Tax Manager Chantelle Turner and Director Nick Fennessy explain the four tests which assess tax residency. They include: the ordinary concepts test, which examines residency intent and ties to Australia; the domicile test, focusing on a permanent place of abode; the 183-day test, considering time spent in Australia; and the superannuation test, relevant to government employees abroad. Non-residents face higher tax rates and lose certain benefits like the capital gains discount.

The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.

For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/

 This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

Tax residency is crucial for understanding Australian tax obligations, especially for individuals with foreign income or assets. Australian residents are taxed on worldwide income, including foreign income, with credits available for taxes paid overseas under double tax agreements. The Bongiorno Group&rsquo;s Tax Manager Chantelle Turner and Director Nick Fennessy explain the four tests which assess tax residency. They include: the ordinary concepts test, which examines residency intent and ties to Australia; the domicile test, focusing on a permanent place of abode; the 183-day test, considering time spent in Australia; and the superannuation test, relevant to government employees abroad. Non-residents face higher tax rates and lose certain benefits like the capital gains discount.
The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria.
For more information, please call 03 9863 3111 or visit <a href="https://bongiorno.com.au/">https://bongiorno.com.au/</a> 
&nbsp;This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product.

The Money Doctors is a fortnightly podcast series offering conversations on financial wealth and money matters for Australian medical and dental professionals.

This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group.

The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors is a fortnightly podcast series offering conversations on financial wealth and money matters for Australian medical and dental professionals.
This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group.
The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals. 

This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group. 

The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.

The Money Doctors offers conversations on financial wealth and money matters for Australian medical and dental professionals. 
This podcast is proudly brought to you by leading financial services organisation the Bongiorno Group. 
The general advice in this series has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product disclosure Statement before deciding to acquire the product.