Megan Morgan is a resident of Australia for tax purposes. She is thinking of permanently leaving Australia
Question:
Megan Morgan is a resident of Australia for tax purposes. She is thinking of permanently leaving Australia and becoming a non-resident for tax purposes. Megan seeks your tax advice on the following questions. You should ensure that you fully explain the tax implications for Megan. If you need more facts, be sure to indicate those that are needed and consider the potential Australian tax consequences if those facts apply
Q1.1:
Will there be capital gains consequences when Megan ceases to be a resident of Australia for tax purposes?
Q1.2:
What are the tax consequences if Megan keeps her apartment in Melbourne after she has become a non-resident and rents the apartment out?
Q1.3:
If Megan receives a fully franked dividend from A Co. and an unfranked dividend from B Co. after she becomes a non-resident, how will those dividends be taxed? Both A Co. and B Co. are Australian resident companies.
Q1.4:
If Megan sells her Toyota car to a second-hand car dealer, and her Sydney 2000 Olympics stamp collection to a friend before she stops being a resident of Australia, how would any gains or losses from these disposals be taxed?
Managerial Accounting
ISBN: 978-0077826482
3rd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips