Expat Advice: Financial Issues in Sydney, Australia
What is the name of the city or town that you are reporting on?
Sydney
Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.
Not really, most banks in Australia offer services tailored to individual needs.
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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?
Talk to an independent financial advisory firm not linked to any financial institution.
What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.
Not many challanges and I guess that's primarily due to occupation as a financial advisor.
One challange/frustration English expats will find is that they can transfer their UK pension funds to Australia however they cannot transfer their Australia super (pension) to the UK.
What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?
As a financial advisor I always recommend individuals plan their affairs in advance every year. Talk to a licensed financial adviser about your short, medium and long term goals.
It very important to have annual reviews before June of every year with your financial adviser as there may be opoprtunities to save in tax by implementing tax planning strategies.
There are many strategies individuals may be able to implement to reduce family tax.
Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?
I use a local firm in Sydney (www.ajml.com.au) specialising in business, family and expat taxation.
What advice could you offer others about doing your taxes as an expat?
Talk to a specialist about your overall fiancial affairs. Get advice.
Additional Information:
- Expat Guide to Sydney
- Driving in Sydney
- Cost of Living in Sydney
- Health Care in Sydney
- The Essential Guide to Sydney
- 5 Tips for Living in Sydney, Australia
- Healthcare & Health Insurance in Australia
- Best Places to Live in Australia
- Real Estate in Australia
- Pros & Cons of Living in Australia
- How to Buy a Home in Australia
- What It's Like Living in Sydney
- Pros and Cons of Living in Australia 2024
- 2024 Guide to Moving to Australia