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.
Australian Expat Tax Advice
Atlas Wealth Management is registered with the Australian Tax Practitioners 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 Australian 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).
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.
Australian Expat Taxable & Non-Taxable Assets
The other consideration that you will need to take into account is the tax treatment of different assets that you own in Australia and how that changes when you move overseas.
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).
What is a tax (financial) advice service and how does this relate to Australian expat tax advice?
By being registered as a Tax (Financial) Adviser we are able to offer a tax agent service to Australian expats.
This service provides personal advice which involves the application or interpretation of taxation laws to a Australian expats personal circumstances.
Our Australian expat tax advice relates to:
- Ascertaining any liabilities, obligations or entitlements that may arise for an Australian expat or that could arise under taxation law; or
- Advising an Australian expat about liabilities, obligations or entitlements that may or could arise under taxation law.
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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.