Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order, Kernie Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money. She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial free them My friends, it
Speaker 2: is Friday, but also let's celebrate the fact that I'm
Speaker 2: back on my own show again finally. But that means
Speaker 2: that it is time that we all sit back with
Speaker 2: a bev in hand to unpack our favorite moments of
Speaker 2: the week and of course to celebrate you guys, the
Speaker 2: incredibly supportive She's on the Money community. As always, we
Speaker 2: are going to be sharing Georgia King's favorite money. It's
Speaker 2: We're going to be discussing what's making news in the finance,
Speaker 2: and she's on the money World, and we are going
Speaker 2: to be helping to answer a juicy, juicy money question,
Speaker 2: which is all about how to pay tax if you're
Speaker 2: going to go and work overseas. But first it is
Speaker 2: time to recap the week that was, miss Jessicaci. I
Speaker 2: feel like I'm imposing on your show.
Speaker 4: Yeah, just behave yourself today, Yeah, just.
Speaker 2: Saying be careful. It's very strange, like I'm not even
Speaker 2: sitting in my own recording chair. So I genuinely feel
Speaker 2: like this isn't my show. But that is okay. But chess,
Speaker 2: what happened on Monday? What was our money dirost up to?
Speaker 5: So Monday, George and I spoke to a beautiful lady
Speaker 5: who came from kind of a lower income household, but
Speaker 5: her parents worked really hard. Center to private school and
Speaker 5: she dealt with a lot of bullying because of her background.
Speaker 5: There was a lack of diversity.
Speaker 2: People, so awful.
Speaker 4: Yeah, it was really hard to hear.
Speaker 5: And she was saying, you know, because she was from
Speaker 5: a lower income family, she was working on school holidays,
Speaker 5: you know, forty hours a week to be able to
Speaker 5: pay for things.
Speaker 2: During the school.
Speaker 5: Term, all of her friends were going on holiday to Europe,
Speaker 5: so that really shaped her relationship with money and her
Speaker 5: money story, so it was super interesting to talk to
Speaker 5: her about that. And then she also has four kids,
Speaker 5: two of hers and two which she has joint kinship with,
Speaker 5: so they were fostered who then kind of became permanent
Speaker 5: parts of the family.
Speaker 2: And this woman sounds so special.
Speaker 5: She really was a good money yeah, and talking all
Speaker 5: about how she juggles that and the responsibilities of working
Speaker 5: and studying and being a mum and doing all of
Speaker 5: these crazy things, and it was a really good one.
Speaker 5: Really interesting to hear her take on co parenting and
Speaker 5: also just how her experiences in childhood shaped how she
Speaker 5: was handling things with her whole family now going for it.
Speaker 2: Which is kind of cool as well to just learn
Speaker 2: from her experience, because that's one that I clearly like,
Speaker 2: I haven't had, I've never fostered kids. I don't even
Speaker 2: have kids. I don't know what that looks like. But
Speaker 2: it just leans into how many incredible people are now
Speaker 2: she's on the money community and what they do and
Speaker 2: how they do it, and it just it baffles me
Speaker 2: that people can be so unkind growing up, whereas if
Speaker 2: you look at it now, you're like far out. She's
Speaker 2: the type of person I want to be mates with. Yeah, Like,
Speaker 2: I don't want to be mates with someone just because
Speaker 2: they went to Europe, Like I want friends who are hustlers,
Speaker 2: who have, like you know, done cool things and are
Speaker 2: really tenacious. Like they're the types of people we want
Speaker 2: to be friends with. Why can't we just be kinder
Speaker 2: one hundred percent? She was also only twenty eight years old,
Speaker 2: the same as us. Yeah. Yeah, it was like a
Speaker 2: big what a queen?
Speaker 4: Yeah, wake up?
Speaker 2: Cool a queen? You're like, yes, get it together? Gee nah,
Speaker 2: don't get it together. We like rogue G. Speaking of
Speaker 2: rogue G, what did Rogg think of this Wednesday's episode?
Speaker 2: It was a corker, ladies.
Speaker 4: It was all about reporting season from companies. So that's
Speaker 4: the season.
Speaker 2: When you say corker, then like we needed to uncorker
Speaker 2: a bottle of wine.
Speaker 4: To deal with that and make it kind of interesting,
Speaker 4: But no, it was.
Speaker 1: It was.
Speaker 4: It was interesting. We spoke about what reporting season is,
Speaker 4: where we should be looking in a company's financials and
Speaker 4: what that can tell us about a company, how to
Speaker 4: read a dividend statement what a dividend is because I
Speaker 4: can never remember divds income.
Speaker 2: We want dividends. We love dividends. We love events, very
Speaker 2: very sexy.
Speaker 4: We also learned that it turns out you have to
Speaker 4: pay tax on your investment income, so.
Speaker 2: You do have to pay tax on any income you derive,
Speaker 2: that is, you know income.
Speaker 4: And this episode is actually one of many in the
Speaker 4: tax world. So strap yourselves in, ladies.
Speaker 3: It's going to be a dryer.
Speaker 2: Oh wait, no, it gets better.
Speaker 4: We make it fun. She's on the Money fashion. Do
Speaker 4: you make boring topics a good time?
Speaker 5: We get tax questions all the time and people get
Speaker 5: really stressed about it and they think that they to
Speaker 5: go to someone else. But bestie is you don't. You
Speaker 5: can you can do it. We're going to teach you how.
Speaker 2: We've got tax and it's in Peach. Are you ready
Speaker 2: sit down? My friends, sit down? Speaking of Peach that
Speaker 2: She's on the Money community Facebook Greek images Peach a
Speaker 2: very good segue.
Speaker 4: Yes it was rough, but you're out of practice.
Speaker 2: Well I thought that was one of my better segues.
Speaker 2: I would like you to just say sorry, Jessica. In
Speaker 2: saying that, look out on brand. She is today LSKD
Speaker 2: peach puffer jacket. She's I think she's like a little
Speaker 2: peach flushed in the cheeks. Now we've said that, and
Speaker 2: she's sitting in front of the she's on the money screen,
Speaker 2: so you look very on brand.
Speaker 5: Like a human marshmallow.
Speaker 2: I love it, all right, Gee, let's get into it
Speaker 2: and stop talking about how cute j Rick is, which
Speaker 2: she absolutely is, and we could go on and on
Speaker 2: about that, but it is time to start celebrating some
Speaker 2: of our budget direct money wins. What have you got
Speaker 2: for us this week?
Speaker 4: Let's get into it.
Speaker 1: Okay.
Speaker 4: The first win of the week comes from Morgan. We've
Speaker 4: got a bub on the way at you early September.
Speaker 4: That's seed.
Speaker 2: It's with me. We bought a cold. What do you
Speaker 2: mean news Eves.
Speaker 4: When they conceived I've made that.
Speaker 2: Is some quick math in she had a lot of
Speaker 2: times she had to find earlier. I think I genuinely
Speaker 2: was like, what do you mean, Georgia King? The end
Speaker 2: of year is actually the end of December, not the
Speaker 2: end of September. I don't know where we're going. You're
Speaker 2: way too quick. So I had a good news Eve.
Speaker 2: It's what you're trying to say, so Morgan bought. Morgan
Speaker 2: had a good news.
Speaker 4: She did, she did. Indeed, we bought a cot on
Speaker 4: Marketplace for fifty dollars. It was barely used and it
Speaker 4: would have been two hundred and fifty dollars brand new.
Speaker 4: We also got a car seat for two hundred and
Speaker 4: eighty nine dollars, down from five hundred and ninety nine dollars.
Speaker 2: Gosh, that's cool.
Speaker 4: She just stoked with the winds.
Speaker 2: I need to have expensive We always forget. My best
Speaker 2: friend's Steph is pregnant and it's like the best thing
Speaker 2: to ever happen to me ever. And yeah, we've been
Speaker 2: having some money wins, like she got a free Pram
Speaker 2: the other day. I should get her on the show.
Speaker 2: She's arguably the biggest she's on the money stand you've
Speaker 2: ever met.
Speaker 4: Love it when she had a free pram from Oh Oh.
Speaker 2: Her sister in law found it as someone was unloading
Speaker 2: it to put into a charity bin.
Speaker 4: So she found it in a parking lot.
Speaker 2: What's the begin dodgy? The more I explain it, her
Speaker 2: sister in law found it as somebody was unloading it
Speaker 2: to put it into a charity bin. And she was like,
Speaker 2: oh hey, like can I buy that off you? And
Speaker 2: that she got it for steps, so Likeington wasn't dodgy.
Speaker 2: It was a very good tale and it's a very
Speaker 2: cute looking Pram. I'm just mainly excited to talk about
Speaker 2: my future niece or nephew.
Speaker 4: I hear you, girl. Let's move on to a money
Speaker 4: loss to bring the mood back to this. One's from
Speaker 4: Alie's going so well, money loss, we're moving house. That
Speaker 4: is all that, okay, I get it as someone who's
Speaker 4: just moved house.
Speaker 2: That is expensive.
Speaker 4: The next win is from Courtney Money Wins. Number one.
Speaker 4: I negotiated zero point six percent off my mortgage. Number two.
Speaker 4: I got one kill of limes for free from Coals.
Speaker 4: Number three, thanks girls hell. She didn't explain, but I
Speaker 4: wish I knew, because lines are expensive. They'll set you
Speaker 4: back a pretty penny.
Speaker 2: It's like five dollars for two or something ridiculous at
Speaker 2: the moment, So she got a kilo of them.
Speaker 4: Number three. I spent twelve dollars getting my brows and
Speaker 4: lashes done twelve rather than my usual forty eight dollars.
Speaker 4: Good Moneyfore she did di y S and S nails,
Speaker 4: saving her fifty dollars.
Speaker 2: It's pretty good, Jess. Tonight, we're pretty good at doing
Speaker 2: our own nails.
Speaker 4: I'd say, look at that.
Speaker 2: You can come over for a manicure any day, Ja King.
Speaker 4: Thank you all right. The next wind comes from Katie.
Speaker 4: I needed to fill up petrol and was treading it
Speaker 4: because we all know how expensive petrol.
Speaker 5: I paid over two dollars this week. I wanted to cry,
Speaker 5: bawling at the bowser.
Speaker 2: Well, you need definitely.
Speaker 4: You need a father in law like Katie's. So instead
Speaker 4: of filling up, I got a call from my father
Speaker 4: in law saying he had some fuel in his boat
Speaker 4: that he needed to get rid of as it's heading
Speaker 4: into winter and he won't be using the boat again
Speaker 4: until summer. So I got a full tank of petrol
Speaker 4: from my father in law for free.
Speaker 2: I'm not money.
Speaker 4: I didn't know you could put boat petrol in your car.
Speaker 2: I didn't know that. So I just don't have a
Speaker 2: rich family, so that's just not going to I wouldn't
Speaker 2: know what's if you're like.
Speaker 4: Guys, we've had a clarification from our producer because we
Speaker 4: were thank you boat petrol. We were worried for Katie
Speaker 4: and Katie's safety. Turns out it's just diesel. It's all
Speaker 4: above board.
Speaker 2: In my carreer? Can I even if I did have
Speaker 2: a hold on? Hold on? So do people just go
Speaker 2: through the bowser, like when they're driving and they're like, oh, hey,
Speaker 2: I'm at the bowser. There's yes, she's balling, and they
Speaker 2: fill their boats up.
Speaker 5: I've seen people pull through with like boats on the
Speaker 5: back of their car, on the trailer. Actually, I don't
Speaker 5: think I've ever seen anyone put the pump into the boat.
Speaker 2: But you guys are really.
Speaker 4: Spectral chats all right. Let's move on to Dana money
Speaker 4: win but also a money loss. I've been eyeing off
Speaker 4: a Dison hair dryer for quite a while and finally
Speaker 4: it was a sale at DJs and I got a
Speaker 4: fifty dollars David Jones voucher for buying on sale.
Speaker 2: With a fifty bucks I have questions.
Speaker 4: It's about you. So she can't she can't pop it
Speaker 4: into an investment.
Speaker 2: That's okay, but I want to know what she's doing.
Speaker 2: I wasn't going to bully someone into investing.
Speaker 6: Really.
Speaker 2: Message.
Speaker 4: Let's move on to Hayley. I cleaned out my wardrobe
Speaker 4: and made one hundred and thirty dollars in one night
Speaker 4: from selling clothes I don't wear.
Speaker 2: That is time well spent.
Speaker 4: My final win of the day, Ladies, comes from Simone.
Speaker 4: I was looking at an armchair for four hundred and
Speaker 4: fifty dollars and found one similar at the local op
Speaker 4: shop for fifty dollars.
Speaker 2: Hey, that's a funny win, not bad. It's so very
Speaker 2: relatable because I was doing radio stuff the other day
Speaker 2: and we had a caller Richard, if you're listening, hey,
Speaker 2: or what's up? He said he got an eight thousand
Speaker 2: dollar recliner for like eight hundred bucks on Facebook Marketplace.
Speaker 2: But my real question is who's spending eight grand on
Speaker 2: a recliner? Can you imagine just being like, hey, you
Speaker 2: want to get me a lazy boy? Eight grand? That's
Speaker 2: very expense, so expensive. I don't rate it anyway. We
Speaker 2: should move on because I feel like this could go
Speaker 2: real downhill, or it could recline. But it's been so
Speaker 2: great celebrating some of your budget Direct money wins for
Speaker 2: award winning insurance search budget Direct, Budget Direct Insurance Solved.
Speaker 2: And with that, do you know what I'm going to do?
Speaker 2: We're going to go to a break, and then straight
Speaker 2: after the break, we're going to talk about whatever it
Speaker 2: just brings to the table when it comes to news,
Speaker 2: and we're also going to talk about tax if you
Speaker 2: are working overseas, so don't go anywhere, all.
Speaker 5: Righty, So we're going to pretend that we're in news
Speaker 5: podcast for hot second, because breaking news, the RBA has
Speaker 5: lifted the cash rate again, And if you're wondering what
Speaker 5: that means, head back a couple of episodes, because we
Speaker 5: actually spoke about it on Friday Drinks a few weeks back.
Speaker 5: But essentially, life's about to get more expensive for all
Speaker 5: of us, as if it.
Speaker 2: Wasn't already expensive enough.
Speaker 5: So it has lifted point five of a percentage point,
Speaker 5: so it's now sitting at point eighty five percent, which
Speaker 5: is actually higher than what they were predicting. And when
Speaker 5: we spoke about this a few weeks ago, we did
Speaker 5: say the economists and people in the finance space in
Speaker 5: general were considering that there definitely would be more increases
Speaker 5: to be seen. But it feels like we only had
Speaker 5: this conversation a couple of weeks ago. I did not
Speaker 5: expect it to be so soon we did. It's been
Speaker 5: pushed off because of the pandemic as well. I think
Speaker 5: Australia has really tried to shield us from any changes.
Speaker 5: And as much as it sounds incredibly dramatic, it definitely
Speaker 5: was a long time coming. Everyone in the finance industry
Speaker 5: is very much like, yeah, okay, like this makes sense.
Speaker 5: Obviously there's implications, but to us, it's not this Dyer,
Speaker 5: Oh my gosh, what is going to happen and how
Speaker 5: does this work? Because we're kind of like, well, this
Speaker 5: was coming. In fact, we kind of expected it two
Speaker 5: and a half years ago and it's only happening now
Speaker 5: if you haven't been keeping up with it. It has
Speaker 5: gone from a record low of zero point one percent
Speaker 5: and then it went to zero point three five percent
Speaker 5: in the lead up to the federal election, and we
Speaker 5: knew once the federal election was all done they would
Speaker 5: increase it. And today, as in today when we're recording
Speaker 5: this which spoiler guys, this week it was Tuesday. Jess
Speaker 5: was very excited because we had another content piece planned,
Speaker 5: but you whipped on in because she said, guess what's
Speaker 5: just been announced? It is two forty five and it
Speaker 5: is the RBA increase. So we want to talk about this,
Speaker 5: get it on the pod asap. So obviously this will
Speaker 5: be in your ears on Friday. So Hi from Tuesday guys.
Speaker 2: Yes, yes, yes, people are going to be listening to this,
Speaker 2: will be on a plane. Oh my gosh, yes, Georgia
Speaker 2: King when people are listening to this, because this podcast
Speaker 2: is going to drop five am on Friday mornings and
Speaker 2: we are playing killing me now literally, so we are
Speaker 2: pre planning this, which is why we're recording it on
Speaker 2: a Tuesday. And oh my gosh, we're going to be
Speaker 2: on a plane, guys, so think about us. Send your
Speaker 2: well wishes and comfortable sleep remedies, so we will be
Speaker 2: in the air while you guys are listening to this podcast.
Speaker 2: That kind of cool. Hi from the.
Speaker 5: Past, taking guesses at how many times I fall asleep
Speaker 5: on VD at this point?
Speaker 2: How many times have I put my feet on Jess?
Speaker 2: Are Is it going to be fun? Anyway? We're going
Speaker 2: on a holiday together. But that's exciting. What's not so
Speaker 2: exciting is the RBA interest rise increase. And as you
Speaker 2: said before, yes, we did a whole segment on this,
Speaker 2: and I think it's really important to talk through and
Speaker 2: understand because it can feel really overwhelming because this is
Speaker 2: the second increase in official interest rates since November twenty ten,
Speaker 2: and it does feel really overwhelming, Jess, like, I'm glad
Speaker 2: you brought it up and really wanted to make this
Speaker 2: the priority because so many of us are wondering, like
Speaker 2: what does it mean for our home loans? What does
Speaker 2: it mean for our bank interest rates? Like how's this
Speaker 2: going to impact me? More deeply? And we will be
Speaker 2: doing posts on social media to make sure that you
Speaker 2: guys are all across it. But if you are concerned
Speaker 2: and you are worried about the impact of a rate
Speaker 2: rise on an average mortgage, let's say of three hundred
Speaker 2: and thirty thousand dollars quarter for a percent is about
Speaker 2: forty three dollars just to put that in a little
Speaker 2: bit more context for you. So, yes, it is a lot,
Speaker 2: but the moment, I feel like it's an extra a
Speaker 2: lot as well because cost of living has increased as well.
Speaker 2: So I feel like we're just being hit from all
Speaker 2: angles at the moment.
Speaker 5: It's really expensive to be alive. I've really personally been
Speaker 5: feeling it. In my budget.
Speaker 2: The cost of.
Speaker 5: Grocery is the cost of like gas and electricity. It's
Speaker 5: hectic to think about, and unfortunately it looks like it's
Speaker 5: going to stay that way because the RBA Governor, Philip
Speaker 5: Blaut said, while inflation is lower than in most other
Speaker 5: advanced economies, it is higher than earlier expected and the
Speaker 5: Board expects to take further steps in the process of
Speaker 5: normalizing monetary conditions in Australia over the months ahead, because
Speaker 5: obviously that really low interest rate of point one percent
Speaker 5: that we have been seeing for many, many years is
Speaker 5: not the standard, and I guess sooner or later the
Speaker 5: shoe had to come off the other foot and they
Speaker 5: had to go, well, we've got to try and normalize
Speaker 5: the economy somehow because it wasn't I guess sustainable the
Speaker 5: way we were going on. But it is really hard
Speaker 5: for the everyday person like us because you then have
Speaker 5: to wear an additional cost when it already feels like
Speaker 5: things are costing you so much.
Speaker 4: So is the reason for the rise like, is that
Speaker 4: to help with inflation? Is it ultimately going to be
Speaker 4: a good thing for more people or not?
Speaker 6: Really?
Speaker 2: Yeh, Look at the end of the day, this is
Speaker 2: actually going to benefit a few people. Yes, it's going
Speaker 2: to increase mortgages, but people who are aspiring home loans,
Speaker 2: like you're going to have higher interest rates on your
Speaker 2: savings accounts at some point, hopefully relatively soon. Self funded
Speaker 2: retirees who have big savings accounts are going to benefit.
Speaker 2: Investors are going to benefit. Banks also might feel the
Speaker 2: perks of this rate rise, Like there are a lot
Speaker 2: of people who are going to benefit. I think it's
Speaker 2: quite depressing when you think about it, because it's like
Speaker 2: the people who were already financially secure, you're going to
Speaker 2: benefit a little bit more. Like you're not in a
Speaker 2: bad position if you already have a home deposit in
Speaker 2: a savings account, but you will be a little bit
Speaker 2: more strapped for cash if you're going week to week
Speaker 2: and you're really trying to get the budget done because
Speaker 2: you've got two small kids in a mortgage, and like
Speaker 2: your partner's not working and hasn't done since COVID. So
Speaker 2: I think there's a fair few people who will be
Speaker 2: a bit apprehensive and a bit worried about it. But
Speaker 2: if you are in a situation where you're thinking, oh
Speaker 2: my gosh, what am I going to do about this
Speaker 2: rate rise, speak to a mortgage broker literally a shameless
Speaker 2: plug here of the mortgage breaking matching tool on the
Speaker 2: shees on the Money website, like it's going to put
Speaker 2: you in a better position. And at the end of
Speaker 2: the day, the best thing we can do when we
Speaker 2: get news that might not benefit us is take action.
Speaker 2: And that's a very good action to take if you're
Speaker 2: worried about what a mortgage could look like for you,
Speaker 2: or what that increase would look like. And I just
Speaker 2: think that we should be doing a bit more. Also,
Speaker 2: there's a free budget template on our website. Go and
Speaker 2: download that, Go fill it in and make sure that
Speaker 2: you are in the best possible position, Like so many
Speaker 2: of us, just need to do a little bit more
Speaker 2: budgeting and it will be completely fine. But it can
Speaker 2: feel really overwhelming right now.
Speaker 5: And if you are seeing all of the media attention
Speaker 5: and you missed that episode, head back to the thirteenth
Speaker 5: of May, we discuss the impacts of the RBA rates
Speaker 5: much more in depth. It doesn't really make sense for
Speaker 5: us to rehash the same thing a few weeks later
Speaker 5: right now, but we covered it across mortgages and all
Speaker 5: the different things and changes that you kind of can
Speaker 5: expect to see for yourself as a result of an
Speaker 5: increase and that's still applicable now even though the rate
Speaker 5: is a little bit higher epic.
Speaker 2: So that was thirteenth of May. Yeah, perfection. All right, well, George,
Speaker 2: we've got a money dilemma.
Speaker 4: We certainly do. Let's have a little listen. Hi, there,
Speaker 4: have you got a money dilemma you just can't solve?
Speaker 4: The Shees on the Money Team is here to help.
Speaker 4: Every week we call your dilemmas, both big and small,
Speaker 4: to answer your most burning money, career and life questions.
Speaker 4: To get involved, simply head to our website and leave
Speaker 4: us a quick voice recording and you may just find
Speaker 4: yourself on the show. Now, let's take a listen to
Speaker 4: today's money dilemma.
Speaker 6: Hi, girls or team, thank you for your podcast and
Speaker 6: all of the work you do. I think you're great.
Speaker 6: I had a question around self employed and come when
Speaker 6: you're traveling. So, if you have a source of income
Speaker 6: that allows you to work from anywhere, how does that
Speaker 6: work in terms of text? Like if you're on the
Speaker 6: in a country for sort of three to six months,
Speaker 6: do you need a pay text to those countries that
Speaker 6: you're in or do you just make your primary place
Speaker 6: of residence Like maybe where you came from where you
Speaker 6: pay your text A little bit confused. Thank you, Hi.
Speaker 4: This is a question that I have myself, so thank
Speaker 4: you dear listener for asking it. Also question what she
Speaker 4: loves us?
Speaker 1: Oh?
Speaker 2: I love her too? Ya I'm abodeviused. Did you hear that?
Speaker 6: Just?
Speaker 4: Oh one day in the future. Are you leaving question
Speaker 4: that I want to live in London one day?
Speaker 2: Yeah?
Speaker 5: I thought that was your sutle way of saying you.
Speaker 2: Well, who is this? So it's complex and the best
Speaker 2: answer you can get is from your craton. Thank you
Speaker 2: for coming to my ted talk goodbye. But literally, if
Speaker 2: you are planning on working overseas, I would touch base
Speaker 2: with your accountant before going to make sure everything is
Speaker 2: hunky Dori and you're in the best possible position. But
Speaker 2: the important thing here is that you are declaring income
Speaker 2: you made from Australian sources. From my understanding and from
Speaker 2: what the ATO website says, you only need to declare
Speaker 2: it in one tax region. Like if you are working
Speaker 2: and living in London, but you're working for an Australian
Speaker 2: company and driving money in Australia and paying tax on
Speaker 2: it in Australia, you don't need to double handle it.
Speaker 2: So I would absolutely approach it that way, but I
Speaker 2: would also make sure that you are double checking with
Speaker 2: an accountant, because I'm sure it's different everywhere in the world,
Speaker 2: Like who knows what countries expect what like. There are
Speaker 2: so many different laws and I am obviously not able
Speaker 2: to be across all of them. But from my understanding,
Speaker 2: freelancers can work from anywhere in the world. The important
Speaker 2: thing is paying tax on the income you receive in
Speaker 2: the country that you technically received it in. So if
Speaker 2: you were working with Australian companies Georgia, let's say she
Speaker 2: goes overseas and does all of her freelancing from London,
Speaker 2: I'm still paying you in Australian dollars and you'll still
Speaker 2: do an Australian tax return because it's still going into
Speaker 2: your Australian bank account.
Speaker 4: Right And also I guess beyond that, like you're an
Speaker 4: Australian business, so it flows on.
Speaker 5: That's way I was going to s Yeah, I was
Speaker 5: going to say, like I think and correct me if
Speaker 5: I'm wrong, But I would assume it would depend vastly
Speaker 5: on where your business is registered. So Georgia, you're registered
Speaker 5: for an ABM. Because you work here, you to go
Speaker 5: tax here, et cetera. So if an Australian business is
Speaker 5: invoicing outwardly, that money is still coming back to a
Speaker 5: business that is Australian. It doesn't really matter where you're
Speaker 5: working from. Generally speaking, obviously speaks for an account.
Speaker 2: Yeah, you're speaking to an accountant. It's the number one
Speaker 2: thing here because obviously laws around the world are very different.
Speaker 2: I do know a number of freelancers. I do have
Speaker 2: a number of clients who are freelancers who work from
Speaker 2: anywhere in the world and they're paying tax on it
Speaker 2: in the country that they derive that income from, right.
Speaker 2: But it would get a little bit complex. Say George,
Speaker 2: if you move overseas, you are still working for Shees
Speaker 2: on the money I'm still paying you in Australian dollars,
Speaker 2: and then you pick up a client over there and
Speaker 2: then they start paying you in pounds and you're driving
Speaker 2: income there. You would need to adhere to their tax
Speaker 2: laws and declare it there. You would also then need
Speaker 2: to declare to the Australian government that you have made
Speaker 2: money overseas. Doesn't mean that you'll be double tax. They
Speaker 2: just need to know what's going on and how you're
Speaker 2: generating an income. So it's all crisp and clean and clear.
Speaker 2: Please don't leave me.
Speaker 4: I'm not going anywhere anytime soon. But no, that does
Speaker 4: make sense just toructuring accountant.
Speaker 2: I would talk to your accountant because obviously that's the
Speaker 2: number one rule when it comes to answering tax questions.
Speaker 2: I'm not a tax accountant, but I think it's important
Speaker 2: to talk about and definitely something to fore plan for.
Speaker 2: Like if you're planning to move overseas, that's so exciting,
Speaker 2: but it's really important to work out if you are
Speaker 2: doing that, how does that impact you with currency changes
Speaker 2: as well? Think about it. Jess and I we're on
Speaker 2: a plane. High from the plane, but Jess and I,
Speaker 2: we're on our way to London right now.
Speaker 4: Turns out the exchange rate is shit.
Speaker 2: It turns out the exchange rate has been doing us
Speaker 2: a dirty So what does that mean for your everyday
Speaker 2: living if you're living in another country, is it actually
Speaker 2: the smartest decision for you to be driving an income
Speaker 2: in another currency or would it be better to pick
Speaker 2: up clients in the UK and just earn pounds and
Speaker 2: not have any currency conversion issues? So it's really different
Speaker 2: for everybody's personal circumstances. But I would be really thinking
Speaker 2: about that again. Georgia King, please don't leave us.
Speaker 4: We love you, not anytime soon, my friends. We also
Speaker 4: did do a big episode on moving overseas and how
Speaker 4: to manage your finances, investments, all of that kind of thing.
Speaker 2: A this theme, You'll just just be like slowly swindling
Speaker 2: in this idea to everybody that one day she's going
Speaker 2: to leave that She's on the Money podcast to go
Speaker 2: live in London and do something spar.
Speaker 5: So anything, anything that Georgia does will be full par I'm.
Speaker 2: Sure that I wasn't talking about her energy or effort.
Speaker 2: I was talking about how no job would be better
Speaker 2: than working for She's on the Money, and not that.
Speaker 2: I think we're done. How about we wrap the boring
Speaker 2: but important stuff.
Speaker 4: Alrighty guys, please remember that the advice shared on She's
Speaker 4: on the Money is general in nature and does not
Speaker 4: consider your individual circumstances. She's on the Money exists purely
Speaker 4: for educational purposes and should not be relied upon to
Speaker 4: make an investment or a financial decision. And we promise
Speaker 4: Victoria divine and She's on the money are authorized representatives
Speaker 4: in Focus Securities Australia Proprietary Limited ABN four seven zero
Speaker 4: nine seven seven nine seven zero four nine AS two
Speaker 4: three six five two three. See you on Monday, guys,
Speaker 4: See you Monday, guys,