CDU 0.00% 23.5¢ cudeco limited

im calling short term bottom, page-80

  1. 5,948 Posts.
    lightbulb Created with Sketch. 371
    lory,

    you said,
    Wayne in Asia again. He was there for 6 months last year and around this time again, and nothing concrete came from that trip. I do not know of any other top executive being away from the company for soo long.
    ==========

    As an aside, to avoid Australian Tax, an individual has to establish that they have a home i.e. domiciled, not a residence overseas.

    In the simplest terms explained to me, a home .., "its where your heart is, where you keep your teddy bear". You can not spend more than 183 days a year in Australia. The ATO will then consider you not a taxpayer subject to tax for tax paying purposes. You can maintain businesses and residences in Australia and still keep your non-resident status.

    I am aware an Australian small gold company MD had a Dubai residence and qualified and was out of Australia for 6 months a year. Singapore and Hong Kong are also popular. Paul Hogan who fell foul of Project Wickenby, had a residence in the US, so care needs to be put in to show everything is above board and beyond reproach.

    The tax payer would need to establish the situation well in advance of receiving any substantial windfall gains otherwise it would be viewed as tax avoidance and subject to penalties and up to the individual to prove the ATO wrong in its determination. A period exceeding two years minimum of being domiciled overseas would be required to firmly establish they were non-residents, plus a host of other personal issues to show you were not resident in Australia, such as being located close to family in the new domicile.

    Quite usual in the retirement planning stage of their lives for individuals to make preparations for life in relaxing sunny climes after a busy life.

    To answer your re-framed question, overseas "domiciled" (important terminology) MD/CEO is not without precedence obviously easily seen by spending more than six months of every year outside Australia, and it does not need to be contiguous or continuous, six months in total.
 
watchlist Created with Sketch. Add CDU (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.