Clarifying the corporate residency test - 15 October 2020 has been saved
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Clarifying the corporate residency test - 15 October 2020
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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.
Clarifying the corporate residency test
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