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Australia Migration News - Australian Immigration and Visa links and relocation information
 

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Financial Matters

Moving to a new country requires a lot of work in terms of moving your finances.

It is important to keep a good filing system of your financial affairs for ease of access and to help you assess your financial position.

Pensions

You are usually able to transfer your pension to Australia. This is usually a straightforward process as long as you provide all the correct information of your current plan.

There are many superannuation/pension plans in Australia however there are only a few that have official registration and approval from Her Majesty's Revenue and Customs (HMRC) as a Qualified Recognised Overseas Pension Scheme (QROPS). If you do not transfer it to a fund in Australia with this recognition there may by heavy tax penalties imposed by HMRC.

Tax

Make sure that you are organised in advance by obtaining a Tax File Number through the Australian Taxation Office (ATO). This will ensure that you do not pay exorbitant amounts of tax on wages. It takes approximately 28 Days to issue a Tax File number so it is advisable that you do this prior to departure for Australia. This can be done online at www.ato.gov.au. It may also be advisable to seek professional financial advice from a qualified advisor or an accountant to help you set up in Australia financially and understand the essential tax requirements.

Make sure that you tidy up any loose tax affairs you may have in your home country before you leave.

Investments

Make sure that you have your investment portfolio in order and any assets or investments that you have overseas may invite tax implications.

If you are looking to invest in Australia there are many options available. One way is through your superannuation fund.  As superannuation is compulsory in Australia you will already have an account with a fund and the returns in superannuation are variable but have been strong the past few years. There are also low fees incurred and you may be eligible for other government subsidies. Most funds will allow you to choose from a number of investment options that you can mix and match to suit your needs.

For further information, please visit www.finance.gov.au
 

 







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