Australian tax accountant

[bront]

I'm an Australian that has been living outside of Australia for 30+ years. This year I started working for an Australian Helicopter company but flying outside of Australia. I'm looking for a good tax accountant who has some experience with Aussies working offshore. If anyone can recommend one, I would be most grateful. Feel free to PM me.

Thanks

Bront

[SixDemonBag]

You found the right place! We’re all financial experts here!

[havick]

Do you live in Australia, or have any property or ties to Australia? Or do you live abroad?

[Checkboard]

I live abroad, have property in Australia, am an Australian citizen, and am returning in a couple of years. I could use a decent tax accountant.

[Squawk7700]

Good luck, it’s very complicated. The ATO has information on their website that suggests that being away from Australia for 2 years is considered permanent and as such, no Australian income tax payable, however you need to prove that you weren’t going to come back. Having property here doesn’t help. Depending on your overseas income and if you’ve paid any tax or not and how much you owe, may mean you’re going to want a lawyer rather than an accountant.

[Killer Loop]

https://www.smats.net

Most of the Aussies I know use this company. I’ve been using them for 7 years as an expat and am very happy with their service.

[havick]

The two posts above both have good advice.

Smats is well versed for expats.

[Gnadenburg]

Good luck, it’s very complicated. The ATO has information on their website that suggests that being away from Australia for 2 years is considered permanent and as such, no Australian income tax payable, however you need to prove that you weren’t going to come back. Having property here doesn’t help. Depending on your overseas income and if you’ve paid any tax or not and how much you owe, may mean you’re going to want a lawyer rather than an accountant.

I lived abroad for 20 years. Every year for tax purposes I made maximum concessionary and non-concessionary superannuation payments indicating an intent to retire in Australia . I had residential property in most cities and commercial property which was closely monitored by the ATO due to the fact the GST on the rent significant.

I had no tax obligations for my wages paid as a non-resident. Everything was above board and legal. SMATS is referenced above and their poignant quote was swim with the tide on Aussie tax and you will make a fortune. So many pilots do their darnedest, to swim against it and lose money in the process, by trying to minimise tax.

[bront]

I've live in South Africa for the last 33 years. I have no property in Australia.

[bront]

Thanks Killer, I'll give them a shout.

[Killer Loop]

Thanks Killer, I'll give them a shout.

Im sure you won’t be disappointed mate, it’s what they do and they do it well.

[Gnadenburg]

SMATS publish a book which is essential reading for an expat. Steve Douglas was the author and I have him to thank for being aware and taking charge of tax and investment affairs whilst abroad.

There are two areas I went my own way. One was financing Australian property debt and my deal was never matched by SMATS and was through CBA private banking in Singapore ( originally Hong Kong ). Secondly I didn’t understand their aversion to superannuation and I maximised contributors until I reached the limits. That said, with Albo as PM I get why SMATS and all my uber-wealthy friends avoid Super. Labor loves spending other people’s money on lost causes! It’s made me so nervous I’ve come out of early retirement to pad against the socialist effect on retirement savings and investments.

[43Inches]

In Australia it's most important to own your own home by the time you retire. Once you've achieved that with a few hundred thousand in cash or investments you can live a pretty comfortable lifestyle. At my age I know several retirees who between the pension and a small super fund are enjoying retirement in a simple way as they own their own properties in the place they want to live. The 'socialist' nature of the Australian economy means past pension age you will be subsidized for pretty much everything, from free transport to half price just about everything from rates to regos, medical, etc...

Each one I know above 60 has had cancer and half had had heart issues, all recovered and with Australias 'socialist' health system cost them almost nothing. The scary part is that almost every person I know above 60 has had some form of cancer, the only good side is that all have survived so far.

If you don't own your own place it's going to be hard to pay rent/mortgage without incremental income, as Australia will always have inflation of some amount.

Of course if you want a more extravagant lifestyle then you need to bank away a bit more.

[Gnadenburg]

It would be nice if Australia celebrated retirees who didn’t need to put their hand in the pockets of younger taxpayers behind them. Looking to retire on a government pension sounds miserable.