There are hundreds of Professionals with South Asian background with 10-15 years exp in Australia and has Aus citizenship who would love to work in Mid East for few years and then come back , They have both the western exp + soem SOuth Asian language skills and work exp from past which is of great use in Mid East but problems are 1) Both husband and wife's professional may not be high paying in UAE meaning one has to either accpei low paying job or not work 2) compete with other South Asian professionals who may not have western exp but are competent and will accept job in UAE at lower salary.. so UAE sound like a "Golden Goose " but hard to relocate
If your wife / Husband and perhaps Kids stay back in AUS and you take up a high paying job in Mid East how do you prove you have left AUS? Does ATO give clear guidelines?
It is not apples to apples to compere AUS/ Canada with UAE , UAE may sound attractive but it depends upon each person's background both personal and professional
I undersand that with the new law you have to be overseas for 3 years now once you have done all the steps to get out of Aus, is that correct? Also if I understand you correctly, any crypto I bought before leaving Australia and hodled in my wallet (unsold) I still owe the Aus Tax capital gains on that crypto when I leave, is that correct? Thanks.
In dubai, it’s not easy to find a good job and it’s difficult to find a job at very good salary. Beyond a point it gets stagnant. Rather stay in Australia, invest in properties and make your money.
So does it means for first 2-3 years one has to still keep paying tax on your UAE income to ATO? then that edge goes away ! the UAE job becomes less attractive
I'm 52, I'm going to move my company overseas in 2024, I'm a sole trader, my question is in regards to superannuation, how do I move my super fund internationally?.
Get advice from a super specialist. If you have a SMSF you may lose the tax concessions if you move and spend most of your time overseas. However if your super was with a large public offer fund, such as a bank or industry fund you may be ok. This is why it is important to get advice from a specialist.
It is a myth that Australia is a high tax country. In the OECD Australia is in the bottom quarter of taxes, therefore a low tax country. The problem is the mix of tax. Individual income tax is high because Australia has low indirect taxes (eg GST , VAT, sales taxes), low resource taxes and no wealth taxes, such as death taxes. If Australia taxed wealth and resources properly, rather than income it could reduce individual income taxes to a very low or nil rate.
If you are a high income earner the gov will take half your income. I consider that a high tax country. I understand your point though with all taxation considered in relation to other countries.
@@marcusd9192 Clearly you do not know what you are talking about. The highest marginal tax rate is 45%, which is not 50% i.e half. Under Prime Ministers Menzie to Fraser the highest tax rate was 66%, i.e. two thirds. Also you have to look at the total tax take, not just individual income tax. For example Australia has a very low GST. Most European countries are between 20% to 27%. We have no wealth taxes or death duties. Most other wealthy countries have one or both of these. Our taxes on dividends are zero to very low. Most wealthy countries have much higher than that. Even our capital gains is low by OECD (wealth countries). Yes, by first world standards we are a low taxed country.
@@COOLARULFiguratively half not literally. If you earn 1m you pay 420k tax. So the proceeds of 5 months of your annual labour goes to the gov. Thats high
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valuable video for Aussies moving to uae
Thanks fellas for this
There are hundreds of Professionals with South Asian background with 10-15 years exp in Australia and has Aus citizenship who would love to work in Mid East for few years and then come back , They have both the western exp + soem SOuth Asian language skills and work exp from past which is of great use in Mid East but problems are 1) Both husband and wife's professional may not be high paying in UAE meaning one has to either accpei low paying job or not work 2) compete with other South Asian professionals who may not have western exp but are competent and will accept job in UAE at lower salary.. so UAE sound like a "Golden Goose " but hard to relocate
If your wife / Husband and perhaps Kids stay back in AUS and you take up a high paying job in Mid East how do you prove you have left AUS? Does ATO give clear guidelines?
It is not apples to apples to compere AUS/ Canada with UAE , UAE may sound attractive but it depends upon each person's background both personal and professional
I undersand that with the new law you have to be overseas for 3 years now once you have done all the steps to get out of Aus, is that correct? Also if I understand you correctly, any crypto I bought before leaving Australia and hodled in my wallet (unsold) I still owe the Aus Tax capital gains on that crypto when I leave, is that correct? Thanks.
In dubai, it’s not easy to find a good job and it’s difficult to find a job at very good salary. Beyond a point it gets stagnant. Rather stay in Australia, invest in properties and make your money.
This is just good information and good content to just roughly know what is needed to move to UAE or any tax free state. Thank you so much
Glad that it was helpful! and I wish you best of luck on your tax free journey.
So does it means for first 2-3 years one has to still keep paying tax on your UAE income to ATO? then that edge goes away ! the UAE job becomes less attractive
Moving to Dubai?? No way
47% tax plus 10% GST = 57% tax
And nothing to show for
47% over 180k
No not 57% your maths is pathetic. Fresh Food, health and rent , 3 big expenses, have no GST.
Not everyone are in the 45% tax bracket
The dole bludgers have plenty to show for it.
I'm 52, I'm going to move my company overseas in 2024, I'm a sole trader, my question is in regards to superannuation, how do I move my super fund internationally?.
Get advice from a super specialist. If you have a SMSF you may lose the tax concessions if you move and spend most of your time overseas. However if your super was with a large public offer fund, such as a bank or industry fund you may be ok. This is why it is important to get advice from a specialist.
I dont think you can access it at 52 and certainly not transfer overseas...
Only exception is if you are terminally ill...
I need to come and see you!! It’s so annoying paying Australian tax when I’m only here half of the year.
Let's get this sorted ASAP.
Do you have to close the bank accounts?
Not by default.. but need to create a banking strategy that fits into the overall exit plan
Useful
Australian government has to shaft you one more time.
It is a myth that Australia is a high tax country. In the OECD Australia is in the bottom quarter of taxes, therefore a low tax country. The problem is the mix of tax. Individual income tax is high because Australia has low indirect taxes (eg GST , VAT, sales taxes), low resource taxes and no wealth taxes, such as death taxes. If Australia taxed wealth and resources properly, rather than income it could reduce individual income taxes to a very low or nil rate.
For lower income the threshold is way too low and the second tax band starts way too early
@@glennoc8585 specially with two income its always higher bracket
If you are a high income earner the gov will take half your income. I consider that a high tax country. I understand your point though with all taxation considered in relation to other countries.
@@marcusd9192 Clearly you do not know what you are talking about. The highest marginal tax rate is 45%, which is not 50% i.e half. Under Prime Ministers Menzie to Fraser the highest tax rate was 66%, i.e. two thirds. Also you have to look at the total tax take, not just individual income tax. For example Australia has a very low GST. Most European countries are between 20% to 27%. We have no wealth taxes or death duties. Most other wealthy countries have one or both of these. Our taxes on dividends are zero to very low. Most wealthy countries have much higher than that. Even our capital gains is low by OECD (wealth countries). Yes, by first world standards we are a low taxed country.
@@COOLARULFiguratively half not literally. If you earn 1m you pay 420k tax. So the proceeds of 5 months of your annual labour goes to the gov. Thats high
Pay all your taxes and move your after tax money out