Foreign-based executives of ASX companies, globe-trotting investors and professional sports stars will be automatically taxed as Australian residents if they spend more than 183 days in Australia in any 12-month period.
That's a key recommendation of the first proposed rewrite in 80 years of the "uncertain and complex" tax rules that govern residency, which was released by the federal government on Monday.
"The inadequacy of the existing rules is of increasing prevalence and has the potential to undermine the integrity of the income tax system," the report by the independent Board of Taxation warns.
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