Sarah and Harvey are in their early 40’s, they are Australians by birth but emigrated to the US 5 years ago as they both had career opportunities there. Their original intention was to be in the US for several more years before thinking about their next move.
Like many people around the world the Covid-19 pandemic has caused them to reconsider their future and they have decided to return to Australia for the foreseeable future, with their young son Harvey Jnr.
Whilst overseas they have built up an asset base that consists of property and some shares, along with 401k pension plans.
Sarah and Harvey are considering the financial repercussions of their relocation and seek advice around the following areas:
- What is the best strategy to re-establish ourselves financially in Australia?
- We are aware of tax complexities and want to understand what tax we would pay if we sold our US assets?
- If we retain our US assets how might we manage them going forward and what tax complications might arise?
- What about our 401k pensions? Is there any consideration or options around those funds?
- 5 years isn’t a long time but are there any major changes in Australia that we need to be aware of regarding tax, superannuation etc?
- What are our best options with regards to Harvey Jnr’s education and is there anything we need to start planning now?
- We will likely have surplus cash when we return to Australia, what investment options might suit us and what’s the best way to convert the currency if we make that choice?
Post seeking advice the couple:
- Refer to a financial strategy put together by their Treysta adviser based upon their preferred lifestyle choices for the foreseeable future.
- Accessed the many specialists via a network of professionals within the Treysta community, these would include referrals to International Tax Specialists and accountants with cross-border experience. These specialists would work with the Treysta adviser thus ensuring the optimal outcome.
- Based on specialist tax and Australian based financial advice, had confidence regarding the ongoing management of assets regardless of jurisdiction and an understanding of their tax affairs going forward.
- Have a clear sense of how their 401k pensions would fit into a broader Australian based retirement strategy.
- Understand their options for funding Harvey Jnr’s future education.
- Sarah and Harvey, through their engagement of Treysta, quickly become familiar with the Australian tax and investment environment and become confident in their financial decision making.
- Have a clear strategy for the deployment of any surplus funds, they would also have received a referral within the Treysta network to ensure the best possible outcome and experience regarding foreign exchange transactions.
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