So you’ve decided to take the step to move overseas and explore a new land full of new and exciting opportunities. Whether that new opportunity be in Singapore or elsewhere, it is certain that it will be both an exciting and challenging time for you.
As an Australian moving overseas, whether you’re never planning to return, or simply planning to spend a few years abroad, your superannuation will fall under the same rules. In most cases, this will mean that you can’t access your super until you reach your preservation age, which sits between 55 and 60.
There are a number of important steps you should take with your super before you start your new journey. If you’ve already moved, not to worry, these tips can still be applied:
1. Consolidate your superannuation
You could be paying three to four times the amount in fees than you need to be paying, simply by not consolidating your super funds. You can find out more about consolidating your super here. Not only can you reduce the unnecessary fees, you can also easily keep track of your super, ensure your investment are aligned appropriate, and ensure that you’re holding the most tax-efficient investments within your super fund now that you’re a non-resident.
2. Consider whether contributions are right for you
As an expat, you’re still eligible to make superannuation contributions, both concessional and non-concessional. It’s important to consider whether this would be a smart financial decision based on your own circumstances
3. Track down your lost super
There are billions of dollars in lost super, approximately the same amount as Botswana’s GDP. It’s important that you track down your lost super. If you’re unsure of where to start, speak with a qualified financial planner to help you get started, and shift all of your super into one place.
4. Update your contact details
Update your super fund with your new contact information once you’ve relocated. This will not only ensure that they keep in touch with you, but also that you don’t find yourself in a situation of having another lost super fund or super that the ATO suddenly decides to absorb.
5. Review your insurances
Many expats make the mistake of assuming that just because they hold insurance within their super fund, and continue to pay their premiums, that they’re automatically covered while living abroad. This is often NOT the case and it’s important that you check this out sooner rather than later. Quite often, insurers won’t pay-out on Australians making claims while living abroad.
Speak with a qualified financial planner about appropriate strategies with your superannuation, to ensure that you can make the most of your time abroad.
To Your Financial Success!
Jarrad Brown is an Australian-trained and qualified Independent Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.
Book a complimentary consultation here.
Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
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