HELPING YOU TO AVOID THE NASTY SURPRISES WHEN YOU RETURN HOME

Preparing for Repatriation to Australia

Are you preparing for your return home after your time abroad as an Australian expat?

When it comes to your personal finances, there are many factors to consider both before considering your repatriation to Australia, in addition to when you’ve returned to Australia. Whether you’re looking to retire in Australia, start your own business, relocate with your current employer, or search for new employment opportunities following your arrival, there is much to consider and our aim at Ally is to ensure that this process is as seamless as possible.

Repatriation to Australia can be a daunting and challenging experience

There are many considerations to explore prior to repatriating to Australia. For many who have become Australian expats, this has been driven by career, financial or personal goals to seek opportunities abroad and to get ahead. Whatever your goals may be, by ensuring that your personal finances are prepared for your return home, we can ensure that this has not been a wasted experience. Ally will work with you and your other professional advisers across the globe to ensure you get the advice you need both in Australia, and in relation to your foreign assets, insurance and taxation”

Some of the key considerations to work through before you pack your bags to head home are as follows:

Retirement Savings

If you've participated in the local retirement savings scheme or system in your current country of residence, it's important to be aware of your options to repatriate.

Should I transfer?

An important question to explore is whether you can, and if you should, transfer your retirement savings back into Australia.

Overseas & Foreign Pensions

Many Australian expats will save and invest through the local pension scheme, so it's important to understand what happens when you return home.

Can I Transfer It Home?

Many overseas and foreign pension schemes can restrict the transfer of pensions to compliant funds only. It’s therefore important to review your options and implications of such a shift.

Offshore Investments

Many expats will accumulate global investments while working abroad such as shares, savings plans and offshore bonds so you must consider whether to hold or sell.

How will it be taxed?

An important consideration upon repatriation for any offshore investment is how it will be treated for tax purposes upon return.

Personal Insurances

If you've taken up life or other personal insurances abroad, it's important to consider whether you should retain them upon returning to Australia.

Is your cover valid?

Some of the global personal insurance providers will still cover you upon returning home, however it’s important to do your homework here.

Non-Residence for Tax Purposes

For many expats, the ability to accumulate assets in a tax-free or friendly jurisdiction is attractive, but how will these investments be treated upon your return.

Becoming a tax resident

Becoming a tax resident of Australia can be an awakening experience, particularly for those living in low-tax jurisdictions. Ensure you have the right strategies in place here.

Transfer of Assets Home

Whether it be an overseas property, foreign pension fund or cash in the bank, it's important to understand which assets can and should be transferred home with you.

Which assets to transfer?

It’s important to consider which assets, if any, should be kept offshore. Whether it’s bank assets, foreign property or pensions, it’s important to know your options.

International Health Insurance

If you're covered by your employer, or if you've implemented health insurance with a global provider, it's important to review whether you'll retain this upon return.

Cheaper options onshore?

You may find that a local health insurance plan is cheaper than your international plan and is therefore a better option, however be mindful of any pre-existing conditions and exclusions that may apply.

Final Offshore Tax Returns

In many countries, a final tax return will be required to be filed and paid before repatriating to Australia. It's important to ensure that you're prepared for the amount due.

Have you set funds aside?

A final tax bill when leaving a country, particularly where your employer hasn’t been deducting tax from your salary payments may come as a shock to some. Ensure you’re prepared for the bill.

International Bank Accounts

Many expats accumulate a number of bank accounts while working abroad. When looking to return it's therefore important to consider which to keep and close down.

Bank or FX broker?

Many of the banks charge exorbitant fees to transfer funds across borders. Our team at Ally can assist in identifying a  cost-effective FX broker to save you money on the transfer.

In the 12 months to 30 June 2019, over 538,000 people moved to Australia to live.*

*Australian Bureau of Statistics, 2019

The team at Ally Wealth Management will conduct a Repatriation Assessment with you and your family to ensure that you’re financially prepared for your return home. Returning to Australia after spending time abroad can be a stressful and emotional time for many, so our team is here to ensure that you can have the peace of mind that at least your personal finances are ready and prepared for the return home.

Book in your complimentary Repatriation Assessment with our team at Ally today.

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