Taxation Management

Expatriate Tax

As an expat living overseas, what taxes do I pay on my earnings in Australia?

When Australian citizens become non-residents for tax purposes they are only taxed on income sourced from within Australia – an approach which differs from many other countries around the world.

The tests that establish off shore residency for tax purposes are quite complex and dependent on individual circumstances.

Australian expatriates usually have concerns around capital gains tax issues, property rental income earned while living offshore, appropriate quarantining of superannuation savings, etc. and many want to repatriate savings back home and continue to build personal wealth for their future benefit.

Working overseas can be very satisfying in terms of personal experience and many Australians progress their careers offshore through personal choice or through promotion into senior management within multinational companies.

Depending on your circumstances, your time as an expatriate can represent your best opportunity to amass real wealth by virtue of a higher income earning capacity combined with the added advantage of being able to manage your tax position between two (or more) differing tax regimes. Appropriate financial planning ensures you enjoy the experience of being an expatriate while still taking full financial advantage of your period living and working overseas.

Banksia Partners has assisted numerous expatriates to manage their Australian financial assets while living overseas, and can access appropriate tax and legal advice to ensure Australian expatriates structure their affairs to minimise current and future Australian tax liabilities while at the same time maximising the opportunity to build personal wealth.

Contact us today to make a no obligation appointment and see if we can assist you onto the path of future financial prosperity.