There’s nothing quite like a global pandemic and a U.S. election to make you think about moving back to Australia.

But before you sell up and pack your bags, you need to think about the various taxation rules that could impact your assets in different countries. Over the years, Elston has worked with a number of overseas clients and helped them to carefully plan their transition. If you’re looking at making the move, here are 6 things we believe you might want to consider.

1. When you move to Australia, how might your foreign assets be affected by CGT?
2. Does your country of residence have a Double Taxation Agreement with Australia?
3. If you have assets in more than one country, does your estate plan cover each of these jurisdictions?
4. Did you buy a property while you were away, and do you plan to keep it?
5. If you have a Foreign Trust or company, have you considered how Australia’s laws will apply to these entities?
6. What are you hoping to do with a pension or superannuation you’ve established overseas?

Of course, this is just the beginning of the financial investigation all expats need to undertake to ensure their assets are protected as they cross international boundaries. This is a complex area of financial planning with many pitfalls. So, tread carefully.

If you, or someone you know, is thinking about moving back to Australia, get them to talk to one of Elston’s expat specialist advisers. With good planning, you can avoid a number of common tax problems at the border.

If you would like more information please call 1300 ELSTON or contact us to speak to one of our advisers.