Update : On Friday, March 8 2013- some ten months after the budget announcement - the Government has released an Exposure Draft outlining how these changes will apply and providing one month for consultation. We, or our sister site Exfin, will shortly provide details and more commentary.
When overseas, Australian politicians like to be seen in the company of successful Australian expatriates - usually in London, New York, Los Angeles and other attractive city environments. Few, if any, visit Australians working in remote resources projects in Africa, South America or various parts of Asia - it's probably neither newsworthy or comfortable for them.
If you would love a holiday home overseas, but don't want to tie up large amounts of capital in a property which you may only use a few weeks a year, or want more variety in terms of your holiday location, fractional ownership might be the answer.
There are very few places in Australia where you can "survive", particularly as a family, without a car. Unfortunately, they are an expensive necessity, and we find most Australian expats, migrants and temporary residents either buy a new or used car within weeks of arriving in Australia. Some arrange for the car to be available at the airport on their arrival!
There have been some recent indications that the ATO is more actively challenging individuals who claim to be non-resident for tax purposes. In particular, many Australians working in zero tax regimes, such as the Middle East, have recently received assessments based on the ATO's assertion that they have remained resident for Australian tax purposes.
We are not going to pretend that our recent poll, asking you to choose between Thailand, Malaysia, Philippines, Indonesia and Sri Lanka as retirement detinations will bear scientific scrutiny. However, it does suggest that Thailand is very much the favoured destination for Australian retirees into Asia - receiving 55% of all the votes.
We now have a Federal election scheduled for Saturday, September 7, 2013 and unfortunately the rules and regulations surrounding voting overseas continue to make it difficult or impossible for Australians to maintain their ability to vote. This is completely contrary to the position regarding tax residency, where it is becoming increasingly difficult to escape the clutches of the ATO.
We seem to have a Government as present which, when faced with a fork in the road always decides to take the "wrong one". Consequently, facing a Budget blow out of very significant proportions (too much spending and too little "mining tax" revenue") they decided to focus of the "Cookie Jar", which is every right minded politician's view of superannuation.