Australian Expat Tax

When you are looking to move overseas or even make the most of the financial opportunities whilst abroad, Australian expat tax advice is always a key consideration in the advice process.

As the Australian tax laws change frequently this is an important consideration for expats and we always ensure that our clients receive the most up to date information.

Atlas Wealth Management is registered with the Australian Tax Practioners Board (TPD) as a tax (financial) adviser. This provides our clients with peace of mind as more often than not tax is a key consideration in any financial decision when you become an expat.

Whilst you are a resident of Australia you are taxed on your worldwide income however when you become a non-resident you only become liable to pay tax on any Australian sourced income (e.g. rent from an investment property).

The other consideration that you will need to take into account is the tax treatment of different assets that you own and how that changes when you move overseas.

Since the introduction of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance ACT (FATCA) the world has become a very small place for expats and unless you are on top of the rapidly change tax landscape then your time overseas could be a costly one.

The two classifications are:

Taxable Australian Property (TAP)

These types of assets include:

  • A direct interest in real property in Australia.
  • A mining, quarrying or prospecting right to minerals, petroleum or quarry materials in Australia.
  • A capital gains tax (CGT) asset that you have used at any time in carrying on a business through a permanent establishment in Australia.
  • An indirect interest in Australian real property.

Non-taxable Australian Property (NTAP)

These types of assets include:

  • Direct shares.
  • Managed Funds.
  • Exchange Traded Funds (ETF’s).
  • Listed Investment Companies (LIC’s).

General Advice Disclaimer

The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Atlas Wealth Management Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Atlas Wealth Management nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.