Money

Issue No. 47 - June/ july

Get tax benefits for skilled imports

by Dr David Corkindale and Dr David Corkindale

For permanent migrants to Australia and workers seconded into and out of Australia for employment assignments, there are several tax issues, traps and opportunities that can be overlooked. Early planning is vital to identify opportunities and avoid nasty tax surprises.

For example, migrants coming to Australia with complex investments, including superannuation entitlements, should develop a detailed plan for transitioning assets and investments to Australia.

If not done correctly, adverse tax implications can be substantial. Australian employers seconding employees from overseas on temporary assignments can use several taxation and fringe benefits tax concessions to increase the value of an employee’s remuneration for little or no extra cost. Employers also often overlook the cost of health insurance for expatriate employees who cannot be treated under Medicare.

Benefits such as Living Away From Home Allowances can generate substantial tax savings for expats. An ...

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