Being an Australian expatriate has its advantages and disadvantages.
Whilst living in a foreign country can be exciting and paying lower income tax rates can be rewarding, many expatriates are still faced with incredibly complex financial decisions that may make or break their time whilst working offshore.
As an Australian expatriate, it is of paramount importance that you understand the implications and benefits when making a financial decision whilst residing offshore so that you can maximise your financial position.
We want to help you understand, and be aware of some of the most complicating financial implications so that you can continue to grow and preserve your financial assets.
Some common hurdles of being an Australian expatriate
As an expatriate, you may benefit from the comparatively low-income tax environment, but are you aware of the heavy foreign tax treatment to your Australian properties?
Most Australian expatriates underestimate the power of inflation and its eroding effects. What steps can you take to prevent your inflation from eroding your savings?
When working offshore, expatriates are likely to be taxed less. While this means they could increase their saving potential, not many are not fully utilising this benefit. What else can you do to increase your income potential while working in Asia?
In this 20 page guide, you will discover:
The financial hurdles of being an Australian expatriate
Learn how to manage your property in Australia
Tax-efficient ways to help you grow your wealth in Asia
Identify what protection plans you should put in place
Your tax treatment and position
Know how much you need to retire back in Australia
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested. An investment in equities will not provide the security of capital associated with a cash deposit account.
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.
Australia's inflation rate runs at approximately 1.4% per annum. If you are holding savings in a local or foreign cash deposit account, it is unlikely you will receive an interest rate equal to or greater than the inflation rate.
Source: Reserve Bank of Australia, 2021 (averaged over the last 4 quarters)
The guide provided by St. James's Place Wealth Management is general communication provided for informational purpose only. It should not be relied upon as financial advice and it does not constitute a recommendation, an offer or solicitation. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851.
Members of the St. James’s Place Partnership in Hong Kong represent St. James’s Place (Hong Kong) Limited, which is an insurance broker company licensed with the Insurance Authority (Licence No. FB1075), a licensed corporation with the Securities and Futures Commission (CE No. AAV439) and registered as an MPF Intermediary (Registration No. IC000852).
Members of the St. James’s Place Partnership in Shanghai represent St. James’s Place (Shanghai) Limited which is part of the St. James’s Place Wealth Management Group and is a Wholly Foreign Owned Enterprise (WFOE). WFOE registration No. 91310000566573326L. Please note that due to local legislation we are unable to offer our financial planning services to nationals of the People’s Republic of China.
St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.