Expat Chat Episode 88 - What Are The New Super Changes For The 2024 FY

07/10/23 • 24 min

Welcome to the eighty eighth 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 new super changes which are now in effect for the 2024 financial year. These changes impact current contribution amounts and caps, superannuation balances as well as what we can have in account based pension mode. The recent changes allow Australians to get more into their Superannuation funds, which is great news yet indexation was not applied to a lot of contribution types. We also discussed the notion of ‘Use it or lose it’ which applies to the catch up concessional contribution strategy, which has been in place since the 2019 financial year. Lastly, the downsizer contribution eligibility age has now been dropped to 55, which gives expats a greater chance to boosting super before age 60. In this episode we run through the following questions: • What the Transfer Balance Cap (TBC) is? • The changes applying to the TBC and what it means for those last minute contributions. • What the indexation means for the Concessional and Non-Concessional contribution caps? • An example of the catch-up concessional contribution strategy in practice • How the downsizer contribution operates and what the opportunity means for expats, as well as a brief client example. Links that we discussed in this episode include: • Atlas Events - https://atlaswealth.com/events/ • Facebook Group - Don't forget to join our 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 87 - Australian Expat Questions According To ChatGPT #3

Welcome to the eighty seventh episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today's Expat Chat we threw the topic over to ChatGPT to give us a list of the most commonly asked questions by Australian expats. Over the next three episodes we will be running through some of the questions that ChatGPT has highlighted and shining some light on the topics of expat tax, tax returns, tax obligations, currency transfers, contributing to superannuation and many more. In this episode we run through the following questions: • What are the implications of buying property in Australia as an expat? • How can I plan for my children's education expenses while living overseas? • What are the potential financial pitfalls or challenges I should be aware of as an Australian expat? • Are there any specific financial planning strategies or tools that can benefit Australian expats? • How can I manage currency exchange fluctuations and minimize the impact on my finances? Links that we discussed in this episode include: • Financial considerations for Expats before 30 June - https://atlaswealth.com/news/financial-considerations-for-expats-before-june-30/ • Atlas Events - https://atlaswealth.com/events/ • Facebook Group - Don't forget to join our 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 89 - Topical Conversations With Expat Clients

Welcome to the eighty ninth 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 different conversations we have had with clients over the last week, with a wide range of topical issues being discussed this helps provide some insight into many expats having the same problems or same issues on their minds. We cover some broad topics into todays episode with the deep dive into CGT on the main residence with a twist of it being overseas, the important of having a will in place and whether you can choose what residency might be right for. Plus we discuss briefly the recent change to the RBA and what it means going forward. In this episode we run through the following topics: • Selling an overseas main residence and how capital gains tax is evaded or whether it applies due to the MRE. • Is it better to keep your residency in tax or become a non-resident of Australia. • The importance of ensuring you have a Estate plan in place and so does your parents. • The proposed changes by the RBA • Tradeoffs of E3’s versus a Green card. Links that we discussed in this episode include: • Atlas Events - https://atlaswealth.com/events/ • Facebook Group - Don't forget to join our 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