Regular travel overseas for up to 12 mnths, tax resident?

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 · Accepted Answer

MPrivate · Answer

Hi OverseasTravel (https://community.ato.gov.au/s/user?u=OverseasTravel), Your ties with Australia will certainly remain strong, which is important if you intend to be considered a resident here. However, you haven't mentioned whether you plan to return to Australia permanently after the regular in-and-out travel phase. If you have significant assets, you might want to consider obtaining a private ruling from the ATO or advice from a tax specialist based on the detailed facts and circumstances of your situation. This would provide you with greater certainty, especially regarding tax implications on income generated from investments and potential capital gains tax on your assets. Additionally, have you considered the residency rules in the foreign country where you intend to spend most of your time? It's crucial to understand how these rules may interact with Australian tax residency, as they could have implications for your tax obligations both in Australia and abroad.

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