eBook – UK
Who should read this book?
This book should be read by anyone who is currently a non-resident of Australia for tax purposes and intends to return to Australia. Becoming a tax resident of Australia has significant tax implications which need to be considered and planned for, preferably prior to becoming a tax resident at some point in the future. Australia taxes resident taxpayers on their worldwide income and the timing of when a person becomes resident will impact on how much tax they pay.
If you own overseas assets, it is important to know how these assets will be taxed after you become tax resident, as this may have a bearing on whether you retain the asset or sell the asset before you move to Australia.
Expats who are returning to Australia may like to reacquaint themselves with the Australian superannuation system, which offers a tax effective way to save and to plan for their future retirement. The superannuation rules change on a regular basis and it is important to know what benefits are available and how best to optimise your financial position.
Transferring funds from a foreign currency to Australian dollars (AUD) can be tricky as the AUD can be quite volatile. As well as considering strategies for transferring funds − and whether to use a currency broker or not − you also need to consider the tax implications of retaining foreign currency after you have become tax resident.
About the Author – Geoff Taylor MBA FCPA
Geoff’s career in international tax commenced in the late 1980s when he became an Associate Tax Consultant with ‘big 8’ accounting firm, Ernst & Whinney (now Ernst & Young). One of his key responsibilities was preparing US 1040 tax returns and Australian tax returns for United States expats – which gave him early exposure to the world of advising expats.
In order to gain broader business experience, Geoff worked in the management consulting division of Ernst & Young and then ran his own consulting business from 1995. In 2003, he founded the Majenda group which offers specialised tax and financial planning services primarily to inbound expats.
Since 2004, Geoff has travelled the world conducting over 50 expat seminars in locations such as London, Amsterdam, Geneva, Zurich, Dubai, Abu Dhabi, Al Ain, Doha, Khobar, Riyadh, Jeddah, Kuala Lumpur, Singapore, Hong Kong, Ho Chi Minh City, Phnom Penh and Bangkok.
Geoff has developed the service offerings of the Majenda group of companies around providing the critical tax and investment advice that Australian expatriates need prior to returning to Australia, during the transition process and after they have returned to Australia.
As well as being a tax accountant and Fellow of CPA Australia, Geoff is also a fully qualified financial planner and recently gained his Certified Financial Planner (CFP) designation.
Geoff’s formal qualifications include Master of International Taxation (University of Sydney), Master of Business Administration (Executive) (Australian Business School) and Diploma in Financial Services (Financial Planning).