Wealthy people are renouncing American citizenship

Re:Wealthy people are renouncing American citizenship by BelenusMordred on Thursday August 05, 2021 @11:07AM (#28074779)

The laws recently changed last month. If you spend more than 45 days in the country or tick two of the following dot points you are now considered a tax resident and need to pay income tax:

* the right to reside permanently in Australia

* Australian accommodation

* Australian family

* Australian economic interests.

https://www.lexology.com/library/detail.aspx?g=a9c5000f-bde6...

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Re:Wealthy people are renouncing American citizenship by mythz on Thursday August 05, 2021 @11:17AM (#28074932)

This sounds like proposed changes, I'm not seeing these rules reflected on ATO's guidance:

https://www.ato.gov.au/Individuals/coming-to-australia-or-go...

This suggests it wont come into effect until 2022:

> Since draft legislation is not yet available, the rules likely will not apply before 1 July 2022.

https://www.taxathand.com/article/17653/Australia/2021/New-t...

> If you spend more than 45 days in the country or tick two of the following dot points

The proposed secondary rules only applies after spending 45+ days in a FY, not OR. Which is important because this new criteria basically applies to most people born in Australia, so it basically reduces the 183 day test to 45.

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Re:Wealthy people are renouncing American citizenship by Izikiel43 on Thursday August 05, 2021 @05:16PM (#28079968)

So, just by being australian and having family there you check box #1 and #3 automatically?

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