Expat Chat Episode 118 - Why You Need to Respond to Your Bank about Identification

06/25/24 • 13 min

Welcome to the one hundred and eighteenth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about why Australian expats need to respond to the banks in Australia when they ask for identification. Many Australian banks are emailing their customers, including Australian expats overseas, asking for them to verify themselves by providing documents to verify their identity. Unfortunately in today's age where cyber crime is rife people are chosing to ignore these emails or alternatively don't believe they have to provide these documents which unfortunately leads to their account being locked. A raft of legislation has been passed by governments around the world that now makes it a legal requirement for banks and financial services companies to request this information in order to combat money laundering and terrorism financing. In this episode we run through the following topics: • Why do they want these documents? • What is the common reporting standard (CRS)? • How do I ensure the request is legitimite? Links that we discussed in this episode include: • Upcoming events - https://atlaswealth.com/events • Facebook Group - Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/ • Expat Mortgage Podcast - https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt

Previous Episode

Expat Chat Episode 117 - Can An Australian Expat Have an SMSF?

Welcome to the one hundred and seventeenth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we talk about the topic of whether an Australian expat can have a SMSF. We have covered this topic previously however it keeps popping up and its important that we run through this again because there is still a lot of incorrect information being passed around by expats and professionals. The main considersation that Australian expats need to understand when considering changes to their SMSF when they move overseas is that is the solution a stop gap or band aid fix or a qualified and compliant solution. The price for non-compliance is extremely steep for Australian expats and if the ATO deems the account as non-compliant you could lose 46% of the balance of the account in the first year. In this episode we run through the following topics: • What are the rules for a SMSF to be compliant? • Can't I just make a friend or family member a trustee? • How does the Central Management & Control (CM&C) rule affect expats? • Why is the active members test such an important one for expats? Links that we discussed in this episode include: • Upcoming events - https://atlaswealth.com/events • Facebook Group - Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/ • Expat Mortgage Podcast - https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt

Next Episode

Expat Chat Episode 119 - Q&A From The Australian Expat Financial Forum Facebook Group

Welcome to the one hundred and nineteenth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we catch up after the summer break and answer some question from our Facebook Group, the Australian Expat Financial Forum. Many Australian banks are emailing their customers, including Australian expats overseas, asking for them to verify themselves by providing documents to verify their identity. There are always many questions that Australian expat have when it comes to managing their finances when living overseas and the Atlas Wealth Group has been investing in more resources that is going to enable us to educate more Australians and reach more people. One of the popular resources we offer is our Australian Expat Financial Forum where aussies can come together to ask questions and share their experiences. In this episode we run through the following topics: • Where should I domicile my assets and how does this affect my residency? • Is an Australian tax resident able to have a UK SIPP?? • Can an expat buy property with finance in a SMSF? • What changes can Australian expats in the UK expect with the new government? Links that we discussed in this episode include: • Upcoming events - https://atlaswealth.com/events • Facebook Group - Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/ • Expat Mortgage Podcast - https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt