We previously teamed up with the Australia-UK Chamber of Commerce, to produce a series of videos designed to give you an overview of financial planning.
The six videos, under the all-encompassing heading of “Essential Finance”, provide you with valuable information about key financial issues and answer some common questions our clients often put to us.
The content includes crucial information about financial opportunities for Australian businesses and the expat community, alongside must-know details regarding pensions, taxes, savings, and property.
None of the videos are more than 20 minutes long, so they are all an ideal length to take a look at over a coffee at a time to suit you.
You can watch all of them, or just dip into the ones that are most relevant to your needs at any given time.
Read about the videos, what they contain, and how they can help you manage your finances.
1. Introducing the idea of “essential finance”
In the first video, our Group Managing Director, Simon Harvey, outlines:
- Exactly what essential finance is
- How to go about planning your financial future
- Some key issues you should be aware of.
You can benefit from Simon’s wealth of experience of financial planning, particularly when it comes to advising expats, business owners, and repatriates in all aspects of handling their wealth in a changing landscape.
2. Managing your wealth as an expat
In the second video, we highlight the various options available to you when it comes to growing your wealth.
In particular, you’ll get an idea of the different tax wrappers available to you in both the UK and Australia, how to best utilise them, and any associated pitfalls you should avoid.
We also highlight the important differences between the UK and Australian tax systems, especially around issues like Inheritance Tax (IHT) and tax on your retirement income.
In addition, you’ll find out why it’s important to separate your investment and savings planning into the short, medium, and long term, and how it’s useful to have a plan for each.
3. Pensions and superannuation
“Act now, benefit in the future” is the key underlying message in the third of our essential finance videos.
Financial Planning Manager (UK) at bdhSterling, Paul Davies, considers the optimum time to start thinking about pensions and why the answer to that question is nearly always “now”.
He also suggests ways you can make sure your pension savings can work for you from a tax and investment point of view, especially if you’ve recently moved from the UK to live in Australia.
4. Tax incentives and managing your career
In the fourth video, the focus is on the financial planning aspects relating to your career.
One of bdhSterling’s leading Financial Planners, Paul Lawson-Tyers, discusses key issues around career wealth management.
These include important tax planning factors such as timing your move between countries from a tax year perspective, and salary sacrifice options to maximise your tax efficiency through your pension and superannuation arrangements.
Paul also stresses the importance of planning ahead, reacting to your changing circumstances, and reviewing your plans regularly.
5. Dealing with property
In the penultimate video with the Australia-UK Chamber of Commerce, we discuss all things property.
Here we outline the different property options you have if you’re moving from one country to another, particularly the decision of whether to buy somewhere to live in your new country. He points out that this will usually depend on your long-term plans and domicile status.
Long-term planning will also have an effect on your decision around whether to sell any property you might still own in the country you have left.
Watch this video to find out if property is a financially savvy wealth asset.
6. Review and next steps – your essential checklist
For our sixth and final video, Simon Harvey talks about the key points you’ll have heard about during this series.
They will also go through some key tips emanating from the videos that will stand you in good stead and can help ensure your future prosperity. These include:
- Setting yourself clear financial goals
- Ensuring you have an emergency fund and monthly budget
- The importance of making the most of tax incentives and opportunities.
Get in touch
If you have any queries regarding your financial planning or the content of any of the videos, please get in touch with us.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
This article is for information only. Please do not solely rely on anything you have read in this article and ensure that you conduct your own research to ensure any actions you may take are suitable for your circumstances. All contents are based on our understanding of HMRC and ATO legislation, which is subject to change.