We are so lucky to have THE EXPATRIATE Specialist team looking out for all your best interests from Taxation to Interest rates, relocating your pets, APRA serviceability for your home loans, Capital Gains Tax exemptions, and to Covid19 border restrictions in Hong Kong and how that may affect your taxation.

Taxation

Taxation Specialist, Dean Crossingham, head of Accounting at Stanford Brown, has been on fire this week with his Taxation Blogs. He is looking out for all our Hong Kong Residences and making sure you won’t pay too much tax. Here is a snippet from his blog below;

Hong Kong borders closed until 20 April - how is my tax residency affected?

Due to the ongoing COVID-19 pandemic, the Hong Kong Special Administrative Region Government has imposed a ban on flights arriving from a number of countries, including Australia, until 20 April 2022.

As a consequence, many Australian expatriates who have since arrived in Australia for a temporary visit, generally for the Christmas holidays, have been unable to return to Hong Kong where they would ordinarily live and work. Understandably, those affected Australian expatriates are now concerned as to whether their foreign resident status for Australian tax purposes has been affected.

Interest Rates

Mortgage Specialist Adam Kingston, from Australian Expatriate Finance, gave us an update on the 2022 interest rate update and whether one should Fix or Not Fix the interest rate on their mortgage.

Back in Quarter 3 2021, the Reserve Bank of Australia (RBA) announced that we could see an interest rate increase at some point in 2022. Previously they had suggested no changes until 2024. Since then, we still have not seen the Reserve Bank change interest rates, but we have seen banks increase their fixed rates, some three times during the last six months.

So, should you have a fixed-rate loan or remain variable? Have you missed the boat? (so to speak?)

Relocation

We threw in a feel-good blog from Leona Lees, our relocation specialist from Claymore Thistle. Leona answered all your questions about relocating your pets to Australia

So, you’ve decided to take the leap and move country, but the thought of leaving your beloved pets behind is almost enough to make you drop your plans altogether. Luckily for you and your four-legged companions, no one needs to get left behind. Relocating pets internationally is easier than ever before. Although it can be a complicated, costly and lengthy process, it’ll be worth it to make sure your pets can accompany you on your next big adventure! Besides, you don’t have to go through the challenges of international pet relocation by yourself. The right relocation agency will help you work through all the travel requirements so that you can focus your attention on checking out the best new local walks for your jet-setting pets.

We also heard that the Federal Reserve Bank of America had raised its interest rates to 0.25%. This interest rate rise is the first increase in the United States since 2018. We expect six more interest rises in 2022 and three more increases in 2023 with a target of 3%.

South East Queensland (SEQ) has just announced a massive $1.8 Billion project that coordinates three levels of government, Federal, State, Local, to prepare Brisbane and the SEQ Region to become the world-class venue hosting the 2032 Olympics commands.

Key projects are;

• Kangaroo Point Green Bridge, connecting Eagle Street to Kangaroo Cliffs.

• Woolloongabba Metro Station

• Logan City Revitalisation

• Upgrade Ferry Terminal Junner Street, Dunwich on North Stradbroke Island.

Add this to the Queens Wharf Project, named to be Brisbane's new Entertainment and Lifestyle Precinct opening in the first half of 2023 with more than $3.6 Billion dollars and covering 26 hectares of land and across water funded by Star City Casino, Hong Kong-based Chow Tai Fook, and the Far East Consortium.

Key new infrastructure;

• Mangrove Walk, Bicentennial Parkway and Waterline Park

• Neville Bonner Bridge, connecting the precinct to South Bank.

• Queens Wharf Casino

• Ritz Carlton Hotel

• Treasury Building Luxury Retail Centre

• Queens Gardens

• Former Printery Office - Rosewood - level three premium Asian Dining Experience

• Former Government Printery - T-Galleria

• Harris Terrace - Boutique Shops

• The Mansions - Premium Food and Dining Experience

• Old State Library - Aboriginal, European Heritage Centre, Tourist Information, house The National Trust of Australia.

• Miller Park - Green Space to Connect William to Queen Street Wharf

• The Commissariat Store - (the oldest occupied building in Queensland) will remain the premises of The Royal Historical Society.

• Former DPI Building - Bars and Dining

• Stephens Lane - Vibrant food and beverage destination.

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