Private ruling: Residency
Date of advice: 26 August 2020
Published: October 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are your foreign incomes assessable in Australia? | A1: No. Having considered your circumstances as a whole and the residency tests, you will be a resident of Australia for income tax purposes. As you would be travelling to, and residing in, Australian under a Visa subclass XX you will be a temporary resident. Due to the operation of the applicable Double Taxation Agreement and the Australian temporary resident rules your foreign income will not be assessable in Australia. Such income may well be assessable in other countries. You may wish to seek advice on whether such incomes are assessable in Country A or Country B.

Relevant facts and circumstances: You are a Country A citizen who is considering living in Australia on a permanent basis, travelling on a Visa subclass XX. You and your spouse own a property in Australia where you wish to live. Your main residence, your family and most of your assets are located outside Australia. You are currently not an Australian resident. You either receive, or will receive, income from the following sources - · A social security pension from Country B. · Periodic withdrawals from 2 types of Retirement Accounts. · Payments from a variable annuity, a self-funded and self-directed retirement investment. · A monthly pension from a previous employer.

Relevant legislative provisions: Income Tax Assessment Act 1997 S ection 6-5 | Income Tax Assessment Act 1997 S ection 6-10 | Income Tax Assessment Act 1997 S ection 768-910 | Income Tax Assessment Act 1997 Subsection 995-1(1) | Income Tax Assessment Act 1936 Subsection 6(1)