Aussie Expat Podcast

Welcome to the one hundred and twelfth 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 is there a best time of the year to return to Australia and should you plan your return around any specific dates. With the majority of Australian expats planning to return to Australia at some point in time we are often asked is there a good and bad time in the calendar year to move home. And the answer is it depends on the country you are moving from rather then the considersations you need to take into account in Australia. In this episode we run through the following topics: • Is there a good and bad time to repatriate to Australia? • How do countries differ when it comes to repatriation time frames? • If I return mid year does the ATO tax me on my overseas earnings before I returned to Australia? Links that we discussed in this episode include: • Upcoming events - https://atlaswealth.com/events • Facebook G

Welcome to the one hundred and eleventh 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 to qualify to become a non-resident and what is the actual process that Australian expats must follow to notify the ATO. Qualifying to become a non-resident for tax purposes with the ATO isn't as simple as you think. With the current rules dating back to 1936 (when you used to jump on a ship to become a expat) there is some interpretation required which is why the Board of Taxation recommended the Australian government update the residency rules and we should see this play out in the next year or two. We also run through the mechanics of actually notifying the ATO that you are now a non-resident and the crucial steps you need to follow. In this episode we run through the following topics: • How do I become a non-resident for tax purposes with the ATO? • What are the new residency rules and how do they apply t

Welcome to the one hundred and tenth 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 lessons we learned in 2023 and how to make the most of the opportunities in 2024. Looking back on 2023 investors were trying to navigate markets that were fixated on hard and soft landings in the world economy's and unfortunately many investor chose to sit on the sidelines due to the uncertainty which resulted in them missing out on a great year of returns. So how do investors avoid repeating this experience? The stay disclined, ensure they are appropriately diversified and their their investment portfolio is positioned for the years to come, not what happened in previous years. In this episode we run through the following topics: • What re the lessons from 2023? • Why time in the market, rather than timing the market, is important? • The pros and cons of putting money into a offset account versus investing it in

Welcome to the one hundred and ninth episode of the #Expatchat podcast and the first one for 2024 where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the lessons we learned in 2023 and how we can use that in the coming year to our advantage. We also run through some questions that have been posted in our Australian Expat Financial Forum Facebook group which you can join if you are not laready a member in the link below. The 2023 calendar year had it all with worldwide discussions about hard landings, interest rate movements, recessions and the conflict between Israel and Hamas. One of the things it did teach us was that if the above list deterred you from investing or staying invested you would have lost out from some healthy returns in the market as investors looked past this towards a future of reducing interest rates, inflation settling and hopefully a peace deal in the Middle East. In this episode we run through the following topics:

Welcome to the one hundred and eighth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we do a recap on the 2023 calendar year and discuss the major topics that expats had to deal with. This year we had a wide variety of geo-political events combined with the world economies exercising their monetary and fiscal policies to curb the inflation most economies have been experiencing. In this episode we run through the following topics: • What are some of the takeaways from 2023? • Whereto for investors in 2024? • What are interest rates going going to do over the next 12 months? • Will we see the new tax residency rule changes come into effect? Links that we discussed in this episode include: • Upcoming Webinars - https://atlaswealth.com/events • Facebook Group - Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on

Welcome to the one hundred and 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 when does an Australian expat need to lodge a tax return. There is a lot of conflicting information out there about this topic which causes the confusion amongst expats and the answer is that some Australians do need to lodge tax returns whilst others don't. Typically you are taxed in Australian on what is called Australian sourced income (for example rental income, termination payouts, deferred income from employer shares etc) so if you have earned this type of income you will have to lodge a tax return. In this episode we run through the following topics: • Does an Australian expat need to lodge a tax return? • What qualifies as Australian sourced income? • What if my trading platform or bank does not know I am overseas? • Is a HECS/HELP debt lodgement the same as a tax return? Links that we discussed in this ep

Welcome to the one hundred and sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we revisit the topic of the Main Residence Exemption and the confusion amongst Australian expats that still surrounds the changes that came into play on the 1st of July 2020. With many Australian expats owning property when they leave Australia, especially their former principle place of residence, how this asset is treated when you are a non-resident for tax purposes is completely different to that of an Australian tax resident. The premise behind the Main Residence Exemption is that you can live in a property that you make your principle place of residence, move out of it and rent the property for up to 6 years and should you chose to sell it in that period you do not pay capital gains tax. However should an Australian expat follow this path not only will they pay capital gains tax when they are a non-resident for tax purposes bu

Welcome to the one hundred and fifth 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 where Australian expats should direct their surplus cash - to their super fund, pay off their mortgage, in a investment account or put it into a term deposit. The answer maybe one, two or all of the above and what you chose will be dictated based on your liquidity requirements as well as the intentions of the funds. The other large considersation are the tax consequences. Paying off your mortgage may make you feel good but what about when you get the tax bill at the end of the financial year. What are the tax implications of either strategy? In this episode we run through the following topics: • Pros and cons of putting money in superannuation • Pros and cons of paying off a mortgage or putting excess funds in a offset account? • Pros and cons of setting up an investment account • Pros and cons of putting money in a

Welcome to the one hundred and 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 foreign pensions and what Australian expats need to know when managing and repatriating them. Many Australians will accrue some form of foreign pension when they live and work overseas, whether it is a 401k, Canadian RRSP, UK pension, End of Service Benefit, Provident Fund and many others. But what can cause confusion is what should you do with them when you are looking to move back to Australia. Do you leave them where they are or should you try and move them home? What are the tax implications of either strategy? In this episode we run through the following topics: • What is the ATO's position on foreign pensions? • Do you move them back before you return or later on? • What are the tax implications of either strategy? Links that we discussed in this episode include: • Upcoming Webinars - https://atlaswealth.

Welcome to the one hundred and third episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we answer some questions that have been posted on our Australian Expat Financial Forum Facebook Group. The Facebook group is a great place for Australian expats to ask their questions as well as share information when it comes to managing their finances when living overseas. With over 2,500 Australian expats in the group there is a different perspective for many of the locations that Australians live. In this episode we run through the following topics: • Should you transfer your super fund to the UK? • Do you need to pay tax on your Australian superannuation account when living in the US? • How to manage your tax credits as a expat? • Handling banks when they request your foreign Tax Identification Number (TIN)? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financi

Welcome to the one hundred and 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 why timing can make the difference of thousands, tens of thousands and sometimes hundreds of thousands of dollars for Australia expats. The nature of an Australian expat means that we are always moving, sometimes staying in one location longer then the other however what this moving means is that in order to optimise your finances you need to ensure that your timing of events is structured in a way that ensures you don't experience any unintended consequences. Australian expats sometimes fail to understand that by timing different actions at different stages when managing your finances can have a drastic affect on your wealth. In this episode we run through the following topics: • Does it make a difference if I sell or redeem an asset in one country or another? • Doesn't the Double Taxation Agreement protect me fro

Welcome to the one hundred and first episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we have a guest on Edward Cole from Cross Border Financial Planning USA talk about a general overview of what Australian expats need to know and understand about US Retirement accounts and the exit tax. Every year many Australian head over to the US on an E3, L1 or Green card visa. Understanding your retirement options is paramount for long term planning, especially with no one paying in your superannuation any more. We deep dive into different strategies around taxable accounts when it comes to forming a long term investment strategy. We discuss the shift to moving overseas back to Australia and how the exit tax might apply. In this episode we run through the following topics: • Different types of investment accounts: - Types of investment accounts in the US - How they differentiate from the US retirement a

Welcome to the one hundredth 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 importance of wills and enduring powers of attorneys (EPOA's) for Australian expats. When we move overseas it is quite easy to forget about what would happen to our estates should the worst occur - a death of you or a loved one in the family. However its not until you are experiencing such a troubling time that you wished that these matters were addressed beforehand. Statistically speaking not many Australian residents have wills and the number of expats we meet are even less which is cause for concern. In this episode we run through the following topics: • Do I need to have a will as a Australian expat? • Do I need to have a will in each country that I hold a asset in? • If I am a beneficiary of a will and live overseas how will this be treated? Links that we discussed in this episode include: • Inheriting assets as

Welcome to the ninety 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 why some expats manage their finances when they move abroad like they are playing monopoly. We saw a funny post on instagram the other day that said: "Imagine playing monopoly and never buying any assets or investments that generate income. Imagine you just went around collecting $200, giving your money to the rich and trying to stay out of jail". After reading this we thought that a lot of Australian expats chose to live their expat life like this, throwing away a great opportunity not only to travel and enjoy a great adventure but also to return to Australia with more money in the bank then when you left. In this episode we run through the following topics: • Why should Australian expats care about their finances? • What they can do to improve their situation? • What are some easy wins to make their time overseas successfu

Welcome to the ninety 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 when should a Australian expat start planning for retirement. When Australians move overseas quite often their superannuation fund and the mechanisms behind saving for retirement tend to fall by the wayside as they focus on building their wealth using other vehicles. What a lot of people don't realise is that when they are living overseas and they are not contributing at least 10% of their income to superannuation unless they are saving this amount elsewhere they could be financially disadvantaged compared to their colleagues back in Australia. In this episode we run through the following topics: • Do I need superannuation if I am not retiring to Australia? • Can I contribute to my superannuation just before I retire? • What structures should I consider when retiring? • Can I utilise foreign pensions and social security? L

Welcome to the ninety 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 what Australian expats need to consider when they are looking to retire overseas and draw upon their superannuation account as a account based pension (ABP). All depending on what country to intend to retire in will depend on whether there will be any local taxes applied to your allocated pension. The Australian superannuation system is unique when you compare it to savings plans and pensions around the world and it is one of the reasons why there maybe confusion overseas on whether it should be taxed or not. In this episode we run through the following topics: • How is super taxed in Australia when you retire? • Can a Double Taxation Agreement (DTA) assist or hinder your retirement income? • Are Australian government employees treated differently compared to other superannuants? Links that we discussed in this episode inc

Welcome to the ninety sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we have a guest on from Cross Border Financial Planning USA. Edward Cole talks about a general overview of what Australian expats need to know and understand about US Retirement accounts. Every year many Australian head over to the US on an E3, L1 or Green card visa. Understanding your retirement options is paramount for long term planning, especially with no one paying in your superannuation any more. We deep dive into what your options are, the different types of tax treatment, and contribution caps as well as what it all means when you begin withdrawing from these accounts later in life. Discussion Points on Todays Podcast Episode In this episode we run through the following topics: Basics and Eligibility: • Can you explain the basic differences between traditional IRAs, Roth IRAs, and 401(k)s? • As an Australian expat, am I eligible

Welcome to the ninety fifth 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 release of our Australian Expat Relocation Guide series, with the first destination being Dubai, as well as answering some questions that were recently asked in our Australian Expat Financial Forum Facebook Group. Home to almost 16,000 Australian expats, the United Arab Emirates has become a popular destination for Australian expats, with the majority living in the key cities and emirates of Dubai and Abu Dhabi. Over 1/3 of the world’s population lives within a 4-hour flight from Dubai. Centrally located between Europe, Asia and Africa, Dubai has become one of the world’s most important trading ports and hubs. With recent UAE Government changes initiatives have been launched to attract the world to come and live in Dubai. But Dubai and the UAE are different to Australia, in many ways, and we hope with this Guide y

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