| New rules for the taxation of foreign exchange gains and losses could trap the assets of inbound expatriates working in Australia, according to Deloitte. The new rules, in amended legislation passed by Federal Parliament in early December, are designed for the taxation of forex gains and losses recorded by corporate entities. But Deloitte says the rules also apply to residents with overseas financial assets, with major implications for overseas executives and professionals working in Australia. Deloitte Tax partner Sally Morton said that under the new rules, realisation of gains and losses would occur whenever... |