Moving overseas? 3 key areas to address first
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1. Taxation
Irrespective of whether you are working overseas or retiring, the first point to consider is your status as an Australian resident. There is a set of tests you need to satisfy beforehand to declare yourself as a non-resident. Check out the ATO website for more information.
2. Superannuation
When accessing super, regardless of residency status, the normal release restrictions apply.
3. Insurance
Not all life insurance policies remain valid if you’re living overseas. Check your current policy to see if it will be valid or will need updating.
The upshot? If distant shores are calling, seek professional financial advice before setting off.
