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With an established network of offices around the globe, Australasian Taxation Services (ATS), continues to dominate as the leading Australian expatriate and property tax firm, having serviced thousands of international and Australian based clients.
ATS are now officially launching our unique Tax Planning Software Modelling for our clients to get a complete and understandable picture of their tax implications when living in Australia. This incredible software allows us to review your entire financial position and provide various scenarios for you to consider in order to legally manage your Australian tax affairs.
Here are ATS’ top 10 Tips for Repatriating back to Australia:
Start planning early
Just like your retirement plan, your repatriation plan is an important financial milestone so we recommend that you plan for leaving, soon after you arrive.
Don’t be tricked by the low-income tax rate in Singapore
The Lion City can be deceiving so don’t let the cost of living here get the better of you. Prepare a realistic family cash flow.
Take advantage of your principal place of residence capital gains tax exemption, but make sure you understand the recent changes
Did you know that you can rent out your former principal place of residence for up to 6 years capital gains tax free? These rules have recently changed so its important to speak with an ATS advisor.
Consider a future family home
Is your former family home perfect for your return back to Australia or should this be “upgraded” to something bigger for your growing family? There are great tax and financial benefits to this strategy such as generating tax losses, exposure to the market now and setting yourself up for when you return.
Make sure all of your money is working hard for you
Treat your finances like a business and ensure that they are working hard such as acquiring more Australian property, shares in the share market or other investments.
Set realistic goals for savings targets
Sit down with your respective partner and set family goals of cash which you want to save every month, then track it. Holidays are wonderful but make sure you balance your spending.
If you can’t beat the banks, buy the banks!
The big 4 banks have over the years paid dividends to their shareholders with returns at 5-6% per year. Australian shares can also be capital gains tax free when you are out of Australia and the dividends concessionally taxed.
Watch your residency rules
Be careful with split residency families. The ATO are scrutinising families more and more where half the family are in Australia and half are in Singapore. Make sure you speak with an ATS advisor before considering this type of arrangement.
Minimise private debt! Once this is paid down, you can then make new drawings to reset the tax-deductible nature of them.
Return in better shape than you left
Setup a repatriation model and continue to review and update the model with professional advisors ATS.
Gain a full understanding of your Australian tax obligations and opportunities and book a no cost, no obligation consultation by phoning +65 62933858, emailing firstname.lastname@example.org or visiting http://www.smats.net/Tax