10-Point Checklist for Australian Repatriation

Asian Based Financial Planning Specialist, James Englebrecht from St James’s Place Asia and Summit Financial has put together a 10 Point Checklist for consideration before repatriating to Australia.

Returning to your home country after some time overseas requires careful consideration and planning. It is crucial to ensure that your affairs are in order and that your finances and investments are administered efficiently is of paramount importance. Understanding the tax implications that could affect you and your assets in the repatriation process.

Ideally, it is recommended you seek professional financial advice at least twelve months prior to your intended return. Many considerations come into play in the lead-up to your departure, such as surrendering investments at the wrong time or arranging them inappropriately, which can lead to significant and unexpected tax consequences. Furthermore, it can take considerable time to restructure investments (if appropriate), and it is essential to review existing arrangements to ensure their continued tax efficiency.

To continue growing and preserving your financial assets, it is important to be aware of the financial implications. Here is a checklist to make sure that your move back to Australia goes as smoothly as possible.

1. Settle your tax bill in your current country of residence

2. Overseas investments

3. Be aware of any tax changes

4. Review your property arrangements

5. Review your mortgage

6. Currency exchange

7. Review your insurance

8. Asset allocation

9. Wills and power of attorneys

10. Understand what your income for retirement looks like.

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