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Short-term Residence Concession 7 June 2006

The current Short-term Residence Concession (“STRC”) refers to married couples using terminology derived from tax law that was in effect when the concession was published. The changes being introduced from 2006 in the system for taxing married couples mean that the STRC needs to be revised. The introduction of other measures such as the distributable profits charge and the personal income tax cap has also led to a review of the STRC.

Treasury has decided that there is no continuing need to retain the STRC. Accordingly, the concession will be withdrawn with effect from 6 April 2007, thereby allowing any people affected to make appropriate arrangements and clarify their position with the Income Tax Division.

A News Release concerning this matter has been issued today and can be found by clicking here.

M Couch

Assessor of Income Tax

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