Case study 1: Residence and source
Kit is a
permanent resident of Australia. He was born in Chile and retains his Chilean
citizenship. Kit spends most of the year working off the coast of Indonesia on
an oil rig for a United States company. He was recruited for this job in
Australia and signed a contract with the company here. For the last four years,
Kitâs wife has lived in Australia with their two children. They purchased a
home in Australia three years ago. Kit and his wife have a joint bank account
with Westpac Bank. Kitâs salary is paid directly into his account. All of the
familyâs other investments, including a share portfolio that generates dividend
income, remain in Chile. Kit gets one month off from work every third month
and, on these occasions, he meets with his family either in Australia or on
holidays around South America (usually in Chile where his parents reside).
Discuss
whether Kit is a resident of Australia and how his salary and investment income
would be taxed (10 marks, max. 1000 words).
Case study 2: ordinary income
In 1979, a
doctor who lived and worked in Sydney purchased a 20 acre parcel of rural land
on the outskirts of the city for $100,000. Over the years, he used the property
as a âhobby farmâ for growing fruit trees and as aâweekend retreatâ for relaxation. Recently, the surrounding area has become
more developed and the property has increased in value. The doctor has also
recently run into financial difficulties as a result of a malpractice suit and
he is considering selling his property.
Advise him
as to whether he would be required to include any amount in his assessable
income as a result of the sale (10 marks, max. 1000 words).
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