In what situations will an individual be regarded as a resident of…In what situations will an individual be regarded as a resident of Australia for taxation purposes? An Australian born taxpayer obtains a three-year contract of employment with a firm in Hong Kong commencing 1 April. He does not intend to remain in Hong Kong after that period and envisages moving to the United Kingdom. Unforeseen circumstances result in him returning to Australia after 18 months on September 30. Is he a resident or non-resident for Australian taxation purposes during the period he is absent from Australia? Explain your answer. What if he only intended to live in Hong Kong for 18 months and then move on to the United Kingdom? Are the following receipts taxable in Australia: a. $5,000 earned by Ailsa, a non-resident, from investments in the US;b. $5,000 earned by Bert, a non-resident, from investments in Australia; andc. $5,000 earned by Clem, an Australian resident, from investments in Japan. Explain the difference between an ‘allowable deduction’ and a ‘tax offset’? Provide three (3) examples of tax offsets. Find the commentary on the CCH/Intelliconnect website on section 6-5 of the Income Tax Assessment Act 1997 dealing with whether gross or net receipts can be included in assessable income under section 6-5. In a few words, what is the answer? LawSocial ScienceTax law BBA ACC 303
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