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Australian Expats
Living overseas offers Australian expats so many experiences and opportunities. From the expansion of your network and world view, through to the advantage of lower taxation, moving abroad is lifechanging.
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But financial planning abroad can feel like you’re playing whack-a-mole. Get your head around different tax laws, then a foreign exchange risk pops up. To really maximise your wealth, you need to be constantly on alert.
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That’s where Summit Financial can help. We understand the home and overseas challenges, contradictions, and the opportunities better than most, so we’re poised to help you maximise your time abroad.
Investing Overseas
Creating the right investment strategy that’s aligned to your financial goals will help you reach them faster. For example, investment wrappers can be used assets that might otherwise be held personally, which can help you retain and grow your wealth. Wrappers provide protection, meaning if you hold them for 10 years, you’re not liable for income and Capital Gains Tax if you become an Aussie tax resident – a little known benefit of living abroad.
Buying Australian property
It’s possible to obtain a mortgage, or even have your current one reviewed, but as a non-tax resident there are particularities you’ll need to consider. Some lenders have policies that don’t look too favourably on foreign income – some even charging a premium for it – so we can provide you access to specialist advice and products for your particular situation.
​Buying and selling
property abroad
As an overseas resident selling Australian property, you’re subject to foreign residential capital gains withholding, and Capital Gains Tax may also apply if you’re selling a foreign property. We can help you navigate the various processes with a tax-efficient plan.
Returning Home
With life expectancy on the rise, making sure you’re doing all you can to prepare for a successful return home or retirement is crucial. As an Australian expat, you’re still able to make contributions to your Superannuation fund, for example. Whether you’re returning home to work, or planning to retire when you get back, we can develop and implement a strategy that’ll help get you, and your assets, on home turf effectively.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less that you invested.
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The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.
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Please note your home or other property may be repossessed if you do not keep up repayments on your mortgage.
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Advice relating to a will, matters of guardianship, trust, Lasting Power of Attorney involves the referral to a service that is separate and distinct to those offered by St. James’s Place.