Financial planner specialising in overseas posting

Hi nsh,

I would disagree with Michaels comment that people heading for overseas postings mainly need the expertise of a tax accountant.

Although, the points made by Michael Miller about property would be better answered by a tax accountant, given their understanding of the tax system, I have helped at least six clients who were headed overseas on a posting in the last few months with financial planning advice.

More specifically, discussions around the changes to these clients cash flow as a result of the overseas posting. Incomes increasing and and/or expenses decreasing due to the fact that the posting provides benefits to my clients not offered while they are working in Australia.

The most common questions these six clients had. How should that excess cashflow be managed, so when the posting ends, it does not feel an opportunity has been wasted to improve my financial position? Or how can I use this money to best grow my wealth?

The answers are not the same for everyone and requires some brainstorming between a client and a financial planner to come up with a solution that best meets the individuals goals.

I actually work in the same office as Thomas Boyd, the tax accountant mentioned earlier. Some of the clients I have spoken to in the last few months, have used the services of both myself and the tax accountants in the office to work out the best course of action for them.

If you require the advice of both a financial planner and an accountant in relation to overseas postings, feel free to send an email to maciej@ffau.com.au or give me a call on (02) 6171 1777.

I look forward to hearing from you.

Maciej Stanek

Thanks very much Michael. I’ll definitely be in touch soon. Cheers.

Hi nsh

I am a financial planner and my experience is that for many people who are heading overseas what they often need is more tax advice which is the expertise of an accountant, rather than financial planning advice.

A lot of it is related to whether you become a non-resident for tax purposes. If you have investments this can mean that they are deemed to have been sold for capital gains tax purposes (triggering a tax obligation) and can also impact your ability to benefit from negative gearing.

If you’re looking for good tax advice you should get in touch with Tom Boyd (thomas@johndale.com.au) or Jeanette Rawlings (jrawlings@rawaccountants.com.au). Both are Chartered Accountants and good at what they do.

If you do still want to check in on the financial planning side, you can get in touch with me by calling (02) 6247 1233 or email michael.miller@mlcadvicecentre.com.au. Sometimes people don’t think to look at their personal insurances before they go overseas, and some policies might not cover you after a little while.

Hope that helps.

Cheers
Michael