Tax Insights
What it is to be an expat
Geoff Taylor has been advising expats and returned expats for over 20 years and provides some of his insights into what it is to be an expat including some of the challenges they face and the many benefits they enjoy.
Going overseas
The Australian tax residence rules are complex and can be difficult to navigate if you are not an experienced tax professional. Tax ruling TR 2023/1 is worth a look if you are intending to move overseas, but it is also very important to understand how the rules apply to your personal situation. In this video Geoff covers some of the key issues you need to be aware of.
Going home
This video covers the range of issues UK based taxpayers need to consider when repatriating to Australia. Majenda Australia has a specific advice service that is designed to provide personalised tax advice to UK based expats prior to repatriating to Australia.
Returning to Australia
The general rule of thumb for tax planning for expats is ‘tax optimise for the country where you are now … or where you are going’. If you are repatriating from overseas to Australia, there are lot of issues to consider including whether to retain or sell overseas assets, when to repatriate funds, whether the transfer of overseas pension money will be taxed or not and if so how, and under what circumstances an individual will trigger tax residence in Australia.
Retiring Overseas
Retiring overseas is becoming increasingly popular for Australian expats and many people are ‘country shopping’ to find the country that supports both their lifestyle needs but also ensures minimal or no tax. However, there are traps you need to be aware of such as changes to local domestic tax rules that could introduce a tax regime where none existed before and result in you paying more tax than you would have if you had retired to Australia.
Expat Property Investing
This video provides a run down on the ins and outs of investing in Australian property as an expat and what you need to be aware of. This includes an overview of both state and Federal taxes and explains the benefits of ‘negative gearing’.
UK Pension Transfers
The process of transferring a UK pension to a QROPS compliant fund in Australia is complex and this video provides a short overview of the issues you need to be aware of. There are a range of ‘pathways’ you can follow in dealing with your UK pension including leaving it where it is until a later date, moving it to a QROPS compliant fund as soon as you are over the qualifying age and are tax resident of Australia or simply drawing down on the pension and paying whatever tax is applicable. The solution that will be right for you will depend very much on your personal circumstances and your plans for the future.
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