Jesse has recently relocated to Melbourne from Manchester in England. He’s on a permanent visa and it’s his intention to remain in Australia, build a life here and eventually become a citizen. Maybe he’ll even consider supporting the Australian cricket team at some point, although right now he thinks that’s unlikely.
Jesse transferred to Melbourne with his existing employer, so his job is secure and he’s earning a good salary with additional bonuses. He quickly realises that he has no understanding of the Australian tax system nor does he have any idea about how superannuation works. He’s been surprised by the cost of property and wants to make sure he’s doing the right thing before jumping into the property market. A colleague uses Treysta and suggests he starts by giving his adviser a call. Jesse does, asking the following questions:
- I’ve just arrived in Australia, I’m on a good salary but notice my levels of taxation are high, is there anything I can do to manage that? I feel like I need to get a better understanding of the Australian Tax system.
- I also noticed a mandatory contribution to superannuation and I’ve been asked to nominate my preferred super fund, I don’t know where to start, can you assist with that?
- I sold my house in Manchester, the funds are still in a UK bank account. I’m currently renting in Melbourne which I’m quite enjoying and I’m trying to assess my options before I jump in and buy a property in Australia. Are you able to help me understand the differences between buying a home vs an investment property?
- Finally, I need to re-build my financial confidence, I want to know the best way to establish myself financially in Australia.
Having spoken with an adviser off the back of his referral Jesse was able to get some general information which ultimately led to him engaging as a client. Through this process Jesse:
- Has become educated around the Australian Tax environment, he understands his options from a tax management perspective, he is confident that his tax affairs are efficient and well-ordered, Treysta work closely with his accountant to achieve this outcome.
- The superannuation system has been demystified, Jesse understands the many benefits of superannuation and has already begun to build his assets within that environment. Treysta are also assisting Jesse in considering his UK pension transfer options.
- Jesse continues to rent in Melbourne while he takes the time to understand where he would eventually like to settle, in the meanwhile Treysta helped him secure an investment property that he wished to purchase.
Jesse is comfortable that he is on the right path to establish himself financially in Australia. He has worked with Treysta to build a long-term financial strategy and this drives his ability to make confident financial decisions in his new country.
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