Planning a Move to Australia? Start With These Financial Essentials

Preparing to Relocate to Australia: Financial Planning Guide

If you’re preparing to relocate to Australia, the right financial planning can help avoid costly surprises.

From tax residency to investment strategy, here are the key steps to consider before you make the move.

Finalise Your Tax Affairs Before Leaving

Settle your tax status in your current country. If you’re employed, your company may need to notify local authorities. If self-employed, make time to handle this yourself. Keep all documentation for reference when you arrive in Australia.

Understand Australia’s Tax Landscape

Certain overseas investments may become tax-inefficient or non-compliant under Australian rules. Restructure your portfolio to align with your new tax environment. Watch for potential gains that could be triggered once you become a resident. Strategic timing on what you keep, sell, or restructure before the move can improve tax efficiency.

Review Your Superannuation Options

You can continue contributing to your Australian super while living abroad, depending on your fund’s rules. Before returning, check your contribution history and consider making additional concessional or non-concessional contributions if eligible.

Revisit Your Mortgage and Property Strategy

If you hold property in Australia or abroad, consider refinancing options and the tax implications of rental income. Mortgage terms can differ for returning residents, so get ahead of any required paperwork.

Review Your Insurance Cover

Life, health, and income protection plans taken out overseas may no longer apply once you return. Make sure you have appropriate coverage for your new location, especially if there will be a gap in local employment benefits.

Plan Your Currency Transfers

Foreign exchange movements can have a major impact when transferring larger amounts. Use trusted FX providers who offer better rates and lower fees than retail banks.

Update Your Will and Power of Attorney

If you have assets in more than one country, create or update Wills in each relevant jurisdiction. Confirm your Powers of Attorney remain valid or appoint new ones in Australia as needed.

Talk to Us Today

Relocating to Australia involves legal, tax, and investment decisions with long-term impact. We’ll help you review your position and create a plan tailored to your goals.

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