For Australian citizens living overseas, becoming a Australian non-resident taxpayer requires careful planning and guidance.
Australian Property and Association Tax
Property is one asset that is a key consideration when living overseas. Disposing of non-taxable real property comes with complicated rules that have important financial implications. Moreover, when you become a non-resident, your main resident exemption will change, and this can affect any property investments. Our experts can help you navigate your way through both.
As a non-Australian resident, you may be liable for different property taxes. Understanding these is important.
Discount Capital Gains applies to your Australian property investments, and we can show you how to maximise your returns.
Optimising the Effective Interest Cost of your mortgage when the loan is tax-deductible should be central to your financial strategy.
The depreciation rules for newly built, renovated, or properties being renovated after purchase can bring significant tax benefits – and again we can help maximise these.
When living overseas, you may also need to understand your obligations regarding the Higher Education Loan Program (HELP) debt, and how to effectively manage these.
Retirement Tax Planning
When planning your retirement, offshore life insurance wrappers and superannuation are the two main approaches to consider. At Select, we can guide you through their different advantages and limitations.
Succession Tax Planning
When planning your estate, you may need to understand the tax implications for non-resident beneficiaries. If necessary, we can structure this in the most tax-efficient way.
Personal Asset Structuring
Utilising company or trust structures to manage your personal assets efficiently can greatly reduce tax liabilities.
Joint Ownership and Personal Income Tax Rates
Understanding the benefits of joint ownership and how personal income tax rates can impact your investment strategy is also important. At Select, we can provide the right guidance and set up the optimal structures.
Moving to Australia
Before moving or repatriating to Australia, you should talk to Select about some of the key financial considerations. For example, we can guide you through the concept of Deemed Acquisition and how it may impact your assets.
Contact us today to discuss your Australian tax planning needs.
