Are you looking to travel between Singapore and Australia?

The recent announcement of a  Vaccinated Travel Lane (VTL) between Singapore and Australia is welcomed by the Northland Group team, clients and business partners in Australia and Singapore.

Following increasingly high vaccination rates in Australia and Singapore and boarders reopening, the Vaccinated Travel Lane was announced this week. It will essentially allow fully vaccinated Australian residents to enjoy two-way quarantine-free travel with Singapore from November 8^th 2021. Fully vaccinated Singapore residents will enjoy the same quarantine-free travel to Australia later in the month. Australia’s borders are opening for quarantine-free travel for the fully vaccinated from next week with Sydney airport scrapping arrival caps on international arrivals on November 1st 2021.

Needless to say, Qantas and Singapore Airlines have put on additional flights between Singapore and Australia in anticipation of increased demand.

This is great news for the globally mobile with a nexus to Australia, particularly those currently living or working in Singapore.

Further Details

Further details can be found in these useful link below.

Australian High Commission Singapore – Vaccinated Travel Lane information 

Australian Government Department of Home Affairs – Travel for vaccinated Australians and permanent residents

ABC News – Singapore Open for Vaccinated Australian Travellers from November 8 – 26 October 2021 

The Straits Times Singapore – Vaccinated travellers from Australia and Switzerland to be able to enter – 26 October 2021

Qantas – International Flights

Singapore Airlines – Flights from Australia

Hear about the Australian Dollar – Webinar 14 October 2021

Northland Group held a 30 minute fireside style conversation webinar with Send co-founder Ian Cragg and Send FX trader Anthony Buttiglieri‎ on the Aussie dollar’s recent and projected performance.

They discussed how you can manage your risk and exposure when transferring funds cross-border and what could be in store for the Australian Dollar over the short and long term.

Ian shared insights gleaned from over ten years working in currency exchange both in the UK and Australia, including Co-founder of award winning Send FX payments company.

Anthony provided insights into the AUD and how he assists HNW clients across Australia and the APAC.

Really interesting for expats and others interested in the Australian dollar. Take a look. (Webinar 14 October 2021)

Note: This information and the webinar is general in nature and does not constitute advice. The information does not take into account your objectives, financial situation or needs and you should seek independent advice to see if the solution is appropriate for you.

Northland Group is the pre-eminent foreign superannuation fund platform in the Asia Pacific region. For more information about this webinar or our foreign superannuation offerings contact us. 

Proposed Australian Tax Residency Rule Changes – impact for Hong Kong residents.

Northland Group hosted a webinar with Matthew Jones of Oreana Financial Services, discussing proposed changes to the Australian tax residency rules and impacts on Australian expats living in Hong Kong.

In May 2021, the Australian federal government proposed to update the Australian Residency Criteria. The proposed changes look quite simple and easy to understand, however, the devil is in the detail.

The proposed changes include a two-step model to determine if you are considered an Australian resident for tax purposes with the bright line test and the factor test.

Bright line test – if you spend 183 days or more of an income year in Australia, you are considered tax resident or

Factor test – if you spend 45 days or more of an income year in Australia and satisfy 2 of the following 4 factors, you are considered a tax resident:

1.     Right to reside permanently in Australia

2.     Australian accommodation

3.     Australian family

4.     Australian economic interest (including real property and substantial economic interest)

Should these proposed changes go ahead many Australian expats may consider making changes to their assets in Australia or time they spend in Australia (for work or personal travel) to continue with their current tax residency status.  The proposal will go through a consultation period and various stages before coming into effect.

View the webinar to hear more about the proposed bright line test, four factor tests, how the number of days are calculated and other general questions and answers Australian expat should be aware of – particularly if you are living in Hong Kong.  (Webinar 4 August 2021). Or contact us.

Note: This information and the webinar is general in nature and does not constitute advice. The information does not take into account your objectives, financial situation or needs and you should seek independent advice to see if the solution is appropriate for you.

Proposed Australian Tax Residency Rule – Singapore.

Northland Group hosted a webinar with Tristian Perry, Head of Tax – Australia at Select Investors Australia Singapore, discussing proposed changes to the Australian tax residency rules and impacts on Australian expats living in Singapore.

In May 2021, the Australian federal government proposed to update the Australian Residency Criteria. The proposed changes look quite simple and easy to understand, however, the devil is in the detail.

The proposed changes include a two-step model to determine if you are considered an Australian resident for tax purposes with the bright line test and the factor test.

Bright line test – if you spend 183 days or more in an income year in Australia, you are considered tax resident; or

Factor test – if you spend between 45 and 182 days in an income year in Australia, you are considered a tax resident if you meet 2 of 4 factors, summarised as:

1.     Right to reside permanently in Australia

2.     Australian accommodation

3.     Australian family

4.     Australian economic interest

Should these proposed changes go ahead many Australian expats may consider making changes to their assets in Australia or time they spend in Australia (for work or personal travel) to continue with their current tax residency status.

Take a look at the webinar for more on the proposed bright line test, four factor tests, double tax agreement and general questions and answers Australian expat should be aware of, particularly if living in Singapore (Webinar 29 July 2021) or contact us.

Note: This information and the webinar is general in nature and does not constitute advice. The information does not take into account your objectives, financial situation or needs and you should seek independent advice to see if the solution is appropriate for you.

Australia travel exemption requirements for visiting expats – Webinar 9 Sept 2021

Hear how Australia travel exemption requirements for visiting expats impacts you, with new rules and requirements for exemptions including:

• Current immigration landscape given Covid-19
• Categories of people who can travel to Australia in the current boarder closure environment
• Considerations for those entering and exiting Australia
• Practical tips and tricks for application process
• Need for Covid-19 vaccination information

Join Belinda Wright, Partner and National Leader of Immigration Services and Samantha Panchal, Manager in the Immigration Services Team at KPMG Australia with Yuseff Murphy, Head of Distribution – Asia at Northland Group, for a conversation on this important topic.

Belinda has over 17 years’ experience in Australian immigration and over 11 years at KPMG, working with Australian and international clients. She has broad experience across a range of visas, with areas of expertise including global mobility services. Belinda is also actively involved in contributing to government reviews on key legislation changes and policy setting impacting Australia’s migration system.

Samantha has over 12 years’ experience in Australian immigration and joined the KPMG migration team in 2018, assisting organisations and individuals from around the world navigate Australian immigration laws.

Northland Group is the pre-eminent foreign superannuation fund platform in the Asia Pacific region. For more information about this webinar and our foreign superannuation offerings contact us.

Are you an expat moving to Australia to retire, work or live?

Living as an expat overseas gives individuals the opportunity to fast-track career aspirations and start a new adventure in a foreign country. However, for many expats, there comes a time when moving home or starting a new journey in Australia comes calling. The reality is as an expat moving to Australia there are some essential financial planning that must happen before making the move.

Be organised

What the past year has shown us is that things can change at the drop of a hat. Forward planning should be a top consideration when deciding to move to Australia to benefit the most from your worldwide assets that you have accumulated overseas. It is vital to begin planning as soon as possible to avoid unfavourable tax rates. Consulting with your financial advisor and researching can help save you in the long run.

Superannuation considerations

Having lived and worked overseas you will likely have accumulated superannuation in that country. However, this structure is different from the Australian system which often creates challenges for those moving to Australia to efficiently benefit from their hard earned assets. Without a foreign superannuation plan that meets the requirements of the Australian Tax Office (ATO), your overseas superannuation can be taxed at a high rate upon entry to Australia. As with any retirement planning, it is vital to think about tax implications and age restrictions from the outset.

On return

Before moving to Australia, it is vital that you seek advice 6-12 months prior to relocation regardless of whether you are a resident or not. Proper preparation allows for selling off assets and other considerations such as bonuses and exchange rates. Once you have taken all these considerations into account you are ready to come home or begin your new journey in Australia. Find out more about how a foreign superannuation plan can benefit you in your move to Australia.

Are you emigrating to Australia for work?

Our Head of Distribution Yuseff Murphy discusses with Ilana Kramarov of Torque Tax the main tax issues faced when emigrating to Australia for work and how to find a path that works for you. The interview delves into:

• The principal areas you should cover in your planning
• The differences from a tax perspective between temporary and permanent residents
• The structure of Australia’s income and capital gains tax regimes
• Implication for those owning and operating overseas companies and trusts once in Australia
• How a foreign superannuation fund is treated 
• The implications for estate and succession planning.

Have a listen to the episode below: