Aussie Expat Podcast

Welcome to the ninety fourth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the upcoming referendum that is being held in Australia next month and whether an Australian expat can and should vote. According to the Australian Electoral Commission (AEC) an Australian expat is eligible to vote as an Overseas Elector as long as they are an Australian citizen over the age of 18 and are intending to return to Australia within the next 6 years. The next question is whether an Australian expat should vote and here we are not referring to them exercising their right to vote but moreso will it cause further complications with respect to their claim of being a non-resident for tax purposes with the Australian Taxation Office (ATO). Under the current tax residency rules if you were to vote the question of whether you would be classified as a tax resident is very grey and is one of the reasons the proposed tax re

Welcome to the ninety third episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about what you need to consider when you are leaving Australia and moving overseas to join the expat ranks. According to the Australian population clock one Australian resident is moving overseas permanently to live every 2 minutes and 12 seconds which means that Australians are embracing the expat life after the Coronoa virus halted those movements. Whether you have been working in Australia for 5 years or 15 years you would have accumulated some assets and making that move overseas can complicate your understanding of how to manage those assets due to the different rules you need to consider. There is also a fair bit of housekeeping you need to do before you move overseas but the good news is that not all of this has to be done before you jump on the plane and some of it can be done after you leave. In this episode we run throug

Welcome to the ninety second episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the recent weakness of the Australian dollar, what causing it and where it maybe going in the future. It would be virtually impossible to meet an Australian expat who isn't affected by a currency exchange rate movements and there is a good chance that they would be able to quote you the current exchange rate to their local currency. What the Australian dollar, as well as other currencies, do on the foreign exchange market can determine a wide range of decisions for Australian expats, including whether to move money back to Australia, whether to hold off buying a house and if it maybe a good time to repatriate. So where is the Australian dollar going in the future and what do Australian expats need to keep an eye on to determine what may change its course. In this episode we run through the following topics:  • Where is the

Welcome to the ninety first episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we provide an update on the latest developments with respect to the proposed changes to the tax residency rules affecting Australian expats. After there was no mention of the proposed changes to the tax residency rules in the recent Federal Budget the market intepreted this as the changes were to be put on the back burner especially after the Australian Taxation Office released their updated Tax Ruling on non-residency rules for Australian expats. Fast forward a month and the Australian Treasury department has released a Consultation paper asking for feedback on the Board of Taxations proposed changes. What does this mean for Australian expats? In this episode we run through the following topics:  • What are the proposed changes to tax residency? • What is the purpose of the consultation paper and how does this work with the expat tax r

Welcome to the ninetieth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we deep dive into consideration in which expats needs to consider when repatriating back to Australia. This might involve the timing of key decisions, like selling assets or transferring assets and tax might play into this too. Some of the broader topics we discussed in todays episode was the repatriation considerations around different types of asset we often accumulate while residing overseas for several years. These might be shares, savings, foreign pensions, and property just to name a few. In this episode we run through the following topics:  • Timing considerations when looking to return back to Australia and how residency is a factor • Deemed acquisition and how it applies to shares and maybe property • The concessions we can access again when back in Australia and what that means for overseas assets • Foreign pensions, are they

Welcome to the eighty ninth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the different conversations we have had with clients over the last week, with a wide range of topical issues being discussed this helps provide some insight into many expats having the same problems or same issues on their minds. We cover some broad topics into todays episode with the deep dive into CGT on the main residence with a twist of it being overseas, the important of having a will in place and whether you can choose what residency might be right for. Plus we discuss briefly the recent change to the RBA and what it means going forward. In this episode we run through the following topics: • Selling an overseas main residence and how capital gains tax is evaded or whether it applies due to the MRE. • Is it better to keep your residency in tax or become a non-resident of Australia. • The importance of ensuring you h

Welcome to the eighty eighth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the new super changes which are now in effect for the 2024 financial year. These changes impact current contribution amounts and caps, superannuation balances as well as what we can have in account based pension mode. The recent changes allow Australians to get more into their Superannuation funds, which is great news yet indexation was not applied to a lot of contribution types. We also discussed the notion of ‘Use it or lose it’ which applies to the catch up concessional contribution strategy, which has been in place since the 2019 financial year. Lastly, the downsizer contribution eligibility age has now been dropped to 55, which gives expats a greater chance to boosting super before age 60. In this episode we run through the following questions: • What the Transfer Balance Cap (TBC) is? • The changes applying to the T

Welcome to the eighty seventh episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we threw the topic over to ChatGPT to give us a list of the most commonly asked questions by Australian expats. Over the next three episodes we will be running through some of the questions that ChatGPT has highlighted and shining some light on the topics of expat tax, tax returns, tax obligations, currency transfers, contributing to superannuation and many more. In this episode we run through the following questions: • What are the implications of buying property in Australia as an expat? • How can I plan for my children's education expenses while living overseas? • What are the potential financial pitfalls or challenges I should be aware of as an Australian expat? • Are there any specific financial planning strategies or tools that can benefit Australian expats? • How can I manage currency exchange fluctuations and minimize the imp

Welcome to the eighty sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we threw the topic over to ChatGPT to give us a list of the most commonly asked questions by Australian expats. Over the next three episodes we will be running through some of the questions that ChatGPT has highlighted and shining some light on the topics of expat tax, tax returns, tax obligations, currency transfers, contributing to superannuation and many more. In this episode we run through the following questions: • What are the investment options available to Australian expats, and how can I manage them effectively? • How do I ensure that I'm maximizing my retirement savings while living abroad? • Are there any tax treaties between Australia and my current country of residence that can help me avoid double taxation? • Should I maintain an Australian bank account while living overseas, and how can I manage it effectively? • How can

Welcome to the eighty fifth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. We've had a bit of a break as James was on a well deserved break and the offices are very busy at the moment with the end of the financial year fast approaching. In today's Expat Chat we threw the topic over to ChatGPT to give us a list of the most commonly asked questions by Australian expats. Over the next three episodes we will be running through some of the questions that ChatGPT has highlighted and shining some light on the topics of expat tax, tax returns, tax obligations, currency transfers, contributing to superannuation and many more. In this episode we run through the following questions: • Should I continue to file tax returns in Australia while living abroad? • How can I minimize my tax obligations as an Australian expat? • What are the tax implications of receiving income from both Australia and my current country of residence? • How can I transfe

Welcome to the eighty fourth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk incorrect assumptions that Australian expats make when managing their property back home. Owning property is a core part of an Australians wealth building strategy however when they move overseas sometimes they will assume that the same rules apply even though they are a non-resident for tax purposes or alternatively they will rely on sources who may not be fully aware of the rules and regulations or that they may have changed in recent years. Since May 2012 the Australian government has made a number of changes to the tax laws as they relate to Australian expats and when it comes to managing your financial affairs even the smallest mistake can cost you a lot of money. In this episode we run through the following topics: • How does the tax treatment work when a property is a mixture of investment and principle place of residence?

Welcome to the eighty third episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about how does an Australian expat manage their financial affairs when they are unsure if they are definately moving back to Australia and if they are when that maybe. Many Australian expats who move overseas maybe do not have a definite timeframe as to when they will move back to Australia, if at all but this should not step them ensuring they have a properly documented strategy when it comes to managing their finances overseas. Change is a constant in life and when you become an expat the amount of change can be greater then that what is experienced by someone living back in Australia. Many Australian expats can fall into the trap of doing nothing with their money when there is so much uncertainty however this can often lead to analysis paralysis and in turn undesirable financial outcomes. In this episode we run through the foll

Welcome to the eighty second episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about the different types of tax concessions available to Australian property owners and whether Australian expats eligible for any of them. The Australian property sector is a large contributor to the Australian economy and to keep it appealing to investors both the federal and state governments off tax concessions to property owners. However since 2012 there have been a number of changes to the tax legislation that has precluded Australian expats for taking advantage of these concessions and in turn reduced the appeal of investing in Australian property. In this episode we run through the following topics: • What is a tax concession? • What is the Main Residence Exemption? • What is the 50% capital gains tax discount? • What tax concessions are available to Australian expats? Links that we discussed in this episode include:

Welcome to the eighty first episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about the different styles of investing and what may or may not be suitable for you as a expat. Ever since the stock market was invented there has always been a lot of debate as to what is the best strategy to invest - passive investing, active investing, thematic investing and many others. At the end of the dayit really comes down to what type of investor you are and what you are trying to achieve. In this episode we run through the following topics: • What is passive investing? • What is active investing? • What is thematic investing? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://a

Welcome to the eightieth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about exit taxes and how expats are often surprised about these charges when leaving a country. An exit tax is a tax on persons who cease to be tax resident in a country. This often takes the form of a capital gains tax against unrealised gain attributable to the period in which the taxpayer was a tax resident of the country in question. In this episode we run through the following topics: • What is an exit tax? • What is deemed disposal? • What are some of the countries that have exit taxes? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcast

Welcome to the seventy ninth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about whether now is the time for an Australian expat to purchase a property in Australia. With the recent pullback in property we are seeing a lot of property spruikers saying now is the time to buy but is it? The performance of the property market in the earlier part of this year surprised some with the sell off abating and this has been seen by some in the property industry as a sign that the market is turning however we liken it to that great saying of "one swallow doesn't make a winter" just like one month of positive returns doesn't mean the selling is finished. There are still many headwinds in the property market which include rising interest rates, rising inflation and the reset of over 800,000 fixed rate mortgages to variable rate mortgages in the coming months. In this episode we run through the following topics: • Whe

Welcome to the seventy eighth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about what an Australian expat needs to consider when they're looking to return to Australia and would like to sell assets they have accumulated overseas. They say timing is everything and this could not be more true when you live overseas and are planning a repatriation back to Australia. Sometimes the difference of selling an asset before you go or after you arrive in Australia can run into the tens and sometimes hundreds of thousands of dollars in tax. In this episode we run through the following topics: • How does a asset sale get affected by the type of asset? • Should I sell before or after I return to Australia? • Can I use the Main Residence Exemption (MRE) when I return to Australia? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financial Forum Facebook Gr

Welcome to the seventy seventh episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we talk about the sensitive topic of inheritances, both being received by Australian expats as well as when a Australian expat passes away overseas. We are currently in the largest wealth transfer in history as the assets accumulated by the baby boomers are transferred to their respective family members however how does this change for those Australians living overseas? Living overseas and receiving an inheritance as an Australian expat has its own difficulties and we hope that this episode today makes the process easier to understand and execute. In this episode we run through the following topics: • How does a inheritance work from a tax point of view? • Can I access the Main Residence Exmeption when inheriting property as a Australian expat? • How does a inheritance work from a tax point of view? • What is a K3 event and why do Austr

Welcome to the seventy sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we discuss the rules surrounding transfers to Australian superannuation funds by expats and what limits they need to adhere by. Superannuation is one of the most commonly heald assets by Australian expats, especially if you have previously worked in Australia. However when you move overseas there can be some confusion surrounding super - should I contribute to super as a expat, will contributing to it cause me to become a tax resident of Australia and what are the dollar limits to contributing to super. In this episode we run through the following topics: • Can I contribute to a superannuation fund as a Australian expat? • What are the different types of contributions that I can make? • What are the contribution limits? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financia

Welcome to the seventy fifth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we provide an update on the proposed tax residency rules and what sort of timeline Australian expats can expect. For many years Australian expats have been working from the existing Tax Residency rules that have been around since the 1930's. In 2019 the Board of Taxation published the Reforming Individual Tax Residency Rules – A Model for Modernisation report with the aim of updating the tax residency rules which both Australian residents and non-residents comply with. In the May 2021 Federal Budget the uncumbent government at the time introduced the recommendations and set about a pathway for updating the tax residency rules. Since then the silence has been defeaning from Canberra. A tiny mention has been made by the Labor party but certainly no formal policy decisions have been announced. In this episode we run through the following t