Of course, not all Australian expats return home, but many see their overseas forays as an extended adventure and eventually want to enjoy our excellent lifestyle again.
So as an Aussie, you can definitely come home. But while slipping back into the Australian lifestyle might be fairly easy for you, it’s important to get the financial side of it right before zipping up your suitcase and heading home. Here are some things to consider.
Almost certainly, while you’ve been working and living in your adopted home country, you’ve been paying tax there. So don’t forget to formally tell the tax authorities that you’re leaving for good, because it may involve settling outstanding amounts. You’ll also need to consider a number of Australian tax issues before returning home to ensure that you minimise any potential tax issues and maximise your tax planning opportunities in preparation for returning home.
During your overseas adventure, you may have accumulated certain cash assets. Firstly, you may be keen to bring your cash back to Australia. There’s a few ways to do this. You can either transfer it via a local or international bank, which is probably the easier option, but the more affordable route might be to use a special foreign currency exchange service. If you’ve accumulated quite a lot of cash, it is probably worth the effort.
You may also have been away long enough to have made certain investments, including in local property or buying shares. One option is simply to keep your toe in the financial waters of your adopted country by keeping your investments. But you should also look into how the Australian Taxation Office will classify your investments now that you’re returning home, because it’s possible you made the investment on the basis of the tax treatment outside of Australia, and that may change once you become a tax resident of Australia again.
Of course, not every overseas jurisdiction has a superannuation system quite like Australia’s, but it is possible that as a result of working in your adopted country for some time, you’ve accumulated some sort of pension, retirement or super savings. You will need to look into the details of the system at hand when it comes to potentially getting this money out and transferred to your Australian super, including whether the costs involved make it worth the effort.
If you need any assistance or further advice regarding your financial return to Australia, contact us today. We’ll be happy to help.