• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Expats

Australian expats warned of tax bills on return post-pandemic

Australian expats warned of tax bills on return post-pandemic
  • Christopher Copper-Ind
  • @intlinvestment
  • 08 January 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Australians returning from overseas because of the covid-19 pandemic risk facing increased tax implications in the country they resided in, even if this was for a short period of time, law firms warned today.

Sydney-based law firm HLB Mann Judd said thousands of returning Australians will have to reassess their tax obigations on returning to Australia. Around 40,000 Australian citizens are currently registered with the government to be planning to return home imminently.

Related articles

  • Expats face CGT hit in Australia
  • Calls grow for delay to Australian 'expat residence tax'
  • Brett Evans: Aussie expats 'will feel pain from budget changes'
  • Australian expats could still be hit with capital gains tax changes
Peter Bembrick, a partner at HLB Mann and chair of the firm's Australasian Tax Committee, said: "The nature of covid-19 also means some expats will have been laid off, so the circumstances dictating their return could be quite stressful. If they've got a sound financial strategy in place throughout their stint overseas, it could go a long way in alleviating a lot of the pressure."

Bembrick warned, "Even if someone has been living and working abroad for a relatively short period of time, it can still result in a hefty tax bill on their return to Australia."

Even if someone has been living and working abroad for a relatively short period of time, it can still result in a hefty tax bill on their return to Australia."

He added: "Property is another key consideration. Some countries charge non-residents a higher rate of transaction tax or tax capital gains on profits from property investments and, in Australia, if you've retained property while abroad, you may be better to move back first before selling."

"This applies particularly to the former family home, as non-residents selling property are now excluded from the CGT main residence exemption and the related ‘six-year absence' rule.

"The CGT discount on the sale of investment properties is not available for any period after 8 May 2012, during which someone is a non-resident. For investment properties already owned at the time they left to move overseas, there will need to be an apportionment of the CGT discount for the relevant periods. A similar apportionment applies for periods between the date they return to Australia and a later property sale."

"People who have been living and working in London for example, often on a high income, need to pay close attention to their pension savings and how to transfer the funds back into the Australian superannuation system," Bembrick cautioned.

Subscribe to International Investment's free daily newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Expats
  • HLB Mann Judd
  • Sydney
  • Australia
  • Australian expats

More on Expats

Expat exodus in Gulf states could continue into 2023: S&P report

  • Expats
  • 18 February 2021
Expats say lifestyle is now a bigger priority: World of Work Survey

  • Expats
  • 12 February 2021
More than 250,000 expats left Saudi Arabia in 3Q2020

  • Expats
  • 25 January 2021
Asia-Pacific dominates 2021 Henley Passport Index

  • Expats
  • 05 January 2021
Britons in the EU face myriad investment and pension problems

  • Expats
  • 05 January 2021
Back to Top

Most read

HSBC appoints CEO for the Middle East region
HSBC appoints CEO for the Middle East region
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
People moves: Phoenix Group, Franklin Templeton, TMF Group, AJ Bell, Arete, Just Group
Nordic Fund Selector of the Year 2021 shortlist announced
Nordic Fund Selector of the Year 2021 shortlist announced
UK Budget: Sunak freezes lifetime allowance for pensions contributions
UK Budget: Sunak freezes lifetime allowance for pensions contributions
Europe's wealth mangers increasingly focusing on Bitcoin: survey
Europe's wealth mangers increasingly focusing on Bitcoin: survey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading