Strategy and tax considerations - future home outside Australia

Discussion in 'Investment Strategy' started by rizzle, 8th Feb, 2020.

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  1. rizzle

    rizzle Well-Known Member

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    I'll likely have large periods of time in the future where I'm living outside Australia. Children aren't part of my plan; I'll live more of a nomadic life with my partner.

    When formulating an investing strategy, what are some of the asset allocation and tax considerations I should be thinking about given this plan?

    I'm an AU citizen (and have UK passport). Partner is Canadian if that makes any difference (we'll likely spend some time living in Canada, amongst other countries in the future).
     
    rizzle, 8th Feb, 2020
    #1
  2. Trainee

    Trainee Well-Known Member

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    Be very careful if you move out of australia and keep your old ppor.
     
    Trainee, 8th Feb, 2020
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Residency, cgt and income tax needs to be considered from both Australia law and the country where you will buy. Also consider legal issues such as succession and asset protection
     
    Terry_w, 8th Feb, 2020
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  4. rizzle

    rizzle Well-Known Member

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    Why is that Trainee?
     
    rizzle, 10th Feb, 2020
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  5. rizzle

    rizzle Well-Known Member

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    Cheers Terry. Know of any good readings on this topic?
     
    rizzle, 10th Feb, 2020
    #5
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Just google 'tax shares becoming a non-resident' etc. There is a lot out there.
     
    Terry_w, 10th Feb, 2020
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  7. Ross Forrester

    Ross Forrester Well-Known Member

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    Most globally mobile high wealth families are petrified of death taxes.

    Take care of where your residency is at because death tax is real for many places.

    If you operate a discretionary trust and you become a non resident the trust trigger a CGT event.

    Going through double tax agreements is difficult. And a lot of countries do not recognise trusts.
     
    Ross Forrester, 10th Feb, 2020
    #7
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