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Mines and Minerals Ltd. (MML), a company engaged in the extraction of minerals like bauxite,...

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Accounting

Mines and Minerals Ltd. (MML), a company engaged in the extraction of minerals like bauxite, alumina and lithium, is incorporated in Cayman Islands. In its books of accounts, MML shows business in four countries including Australia. The company has 50% shareholders from Australia. For the year 2020-21, MML has worldwide income of $8.5 million (including Australian sourced income of $2.5 million). The Board of directors of the company meets annually in Cayman Islands. However, the minutes of the Boards meetings do not include some of the key operational decisions relating to the financial year 2020-21.

Required: Using relevant legislation and case law, discuss whether MML is an Australian tax resident and what amounts (if any) would form part of its assessable income.

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