Clarifying the corporate residency test - 15 October 2020 has been saved
Clarifying the corporate residency test - 15 October 2020
In the Federal Budget handed down on 6 October 2020, the Government announced that technical amendments will be made to clarify the corporate residency test. The amendments are to provide that a company which is incorporated outside of Australia will be treated as an Australian tax resident if it has a significant economic connection to Australia. This test will be satisfied where both the company’s core commercial activities are undertaken in Australia and its central management and control is in Australia.