Returning to your home country after a period of time overseas requires careful consideration and planning. Ensuring that your affairs are in order and that your finances and investments are administered efficiently is of paramount importance. Additionally, it is important to understand the tax implications that could affect you and your assets in the repatriation process.
Ideally, we recommend you seek professional financial advice at least 12 months prior to your intended return. In the lead-up to your departure, there are many considerations that come into play such as surrendering investments at the wrong time or arranging them in an inappropriate manner which can lead to significant and unexpected tax consequences. Furthermore, it can take considerable time to restructure investments (if it is appropriate to do so), and it is essential to review existing arrangements to ensure their continued tax efficiency.
We want to help you understand and be aware of some of the most complicated financial implications so that you can continue to grow and preserve your financial assets. Here is a checklist to make sure that your move back to Australia goes as smoothly as possible.
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 the amount invested.
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.
Planning is key to successful and financially efficient repatriation.