1 00:00:00,680 --> 00:00:01,000 Speaker 1: Hello. 2 00:00:01,560 --> 00:00:05,040 Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud yr the 3 00:00:05,160 --> 00:00:08,760 Speaker 2: Order Kerni Whoalbury and a waddery woman. And before we 4 00:00:08,800 --> 00:00:11,440 Speaker 2: get started on She's on the Money podcast, I would 5 00:00:11,520 --> 00:00:14,520 Speaker 2: like to acknowledge the traditional custodians of the land of 6 00:00:14,560 --> 00:00:18,680 Speaker 2: which this podcast is recorded on a wondery country, acknowledging 7 00:00:18,680 --> 00:00:22,560 Speaker 2: the elders, the ancestors and the next generation coming through 8 00:00:23,040 --> 00:00:27,159 Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and 9 00:00:27,240 --> 00:00:30,600 Speaker 2: the storytelling of you to make a difference for today 10 00:00:31,040 --> 00:00:32,640 Speaker 2: and lasting impact for tomorrow. 11 00:00:33,320 --> 00:00:34,120 Speaker 1: Let's get into it. 12 00:00:34,800 --> 00:00:58,279 Speaker 3: She's on the Money, She's on the Money. Hello, and 13 00:00:58,400 --> 00:01:01,319 Speaker 3: welcome to She's on the Money podcast for millennials who 14 00:01:01,320 --> 00:01:04,520 Speaker 3: want financial freedom. My name is Beck Sayed and VD 15 00:01:04,720 --> 00:01:07,720 Speaker 3: Today we are talking about the cost and considerations of 16 00:01:07,840 --> 00:01:09,240 Speaker 3: moving overseas. 17 00:01:09,280 --> 00:01:10,360 Speaker 1: Hello, Becksayed. 18 00:01:10,560 --> 00:01:15,360 Speaker 3: We absolutely are, and according to Smart Traveler, at any time, 19 00:01:15,959 --> 00:01:19,640 Speaker 3: there are around one million Australians living and working overseas, 20 00:01:19,640 --> 00:01:21,720 Speaker 3: so I think this is relatively. 21 00:01:21,160 --> 00:01:24,240 Speaker 1: Important to talk about. Yea and millions. I didn't expect 22 00:01:24,240 --> 00:01:26,240 Speaker 1: that number, so a lot of people will be able 23 00:01:26,240 --> 00:01:28,399 Speaker 1: to relate to this one. I feel like that's true. 24 00:01:28,400 --> 00:01:32,040 Speaker 3: But I also feel like, even if they're not currently overseas, 25 00:01:32,319 --> 00:01:35,640 Speaker 3: how many of us have fantasized about moving to London exactly, 26 00:01:35,720 --> 00:01:36,680 Speaker 3: but we all want to do it. 27 00:01:36,720 --> 00:01:38,640 Speaker 1: How much is it going to cost that? Please talk 28 00:01:38,680 --> 00:01:41,520 Speaker 1: about it. We're going to give you the answers today. Now. 29 00:01:41,520 --> 00:01:44,759 Speaker 3: I know each country, of course, has specific costs and requirements, 30 00:01:44,760 --> 00:01:47,640 Speaker 3: but today we're giving you a general consideration, talking things 31 00:01:47,680 --> 00:01:51,840 Speaker 3: like bank accounts, hex tax, super investments, et cetera, et cetera. 32 00:01:52,080 --> 00:01:54,320 Speaker 3: But first, b what are some rough ranges for shipping 33 00:01:54,360 --> 00:01:56,960 Speaker 3: your stuff overseas? Just to give us for shipping your 34 00:01:56,960 --> 00:01:59,320 Speaker 3: stuff overseas? That's where you want to start. I want 35 00:01:59,320 --> 00:02:00,960 Speaker 3: to start there. Want to start there? Do you reckon? 36 00:02:01,000 --> 00:02:02,680 Speaker 1: You chip all your stuff overseas too? 37 00:02:03,080 --> 00:02:06,440 Speaker 3: Maybe be cheaper than selling everything? About buying it brand new? 38 00:02:06,720 --> 00:02:07,400 Speaker 1: It's a good point. 39 00:02:07,480 --> 00:02:09,680 Speaker 3: You'll find out if that's the case, because I've got 40 00:02:09,680 --> 00:02:10,800 Speaker 3: some cheeky, chiky novels. 41 00:02:11,040 --> 00:02:11,440 Speaker 2: Are you? 42 00:02:11,600 --> 00:02:12,799 Speaker 1: Are you already? I'm ready? 43 00:02:12,880 --> 00:02:17,280 Speaker 3: So obviously everyone's circumstances and destination are completely different. But 44 00:02:17,400 --> 00:02:21,120 Speaker 3: here's a quick overview of the average moving overseas shipping 45 00:02:21,200 --> 00:02:24,080 Speaker 3: costs to various destinations around the world. Right, so this 46 00:02:24,240 --> 00:02:28,960 Speaker 3: is based on moving belongings for obviously an entire three 47 00:02:29,000 --> 00:02:32,799 Speaker 3: bedroom house moving port to port. I got all these 48 00:02:32,840 --> 00:02:35,520 Speaker 3: stats back from a website called Syrello. I think that's 49 00:02:35,560 --> 00:02:38,040 Speaker 3: how you say it. But essentially they're an online platform 50 00:02:38,080 --> 00:02:42,360 Speaker 3: who I guess cross compare moving quotes and costs. Obviously, 51 00:02:42,400 --> 00:02:44,680 Speaker 3: we're not endorsing them because I've never heard of them before, 52 00:02:44,720 --> 00:02:48,000 Speaker 3: but I found their data and stats really interesting and 53 00:02:48,040 --> 00:02:51,200 Speaker 3: there's nowhere also on the internet that actually provides this information. 54 00:02:51,280 --> 00:02:53,200 Speaker 3: So if you're planning on moving overseas, this might be 55 00:02:53,280 --> 00:02:56,839 Speaker 3: like a helpful tool. So we're moving from Australia, yep, 56 00:02:56,880 --> 00:02:58,840 Speaker 3: all of these are based on you moving from Australia. 57 00:02:59,000 --> 00:03:00,000 Speaker 1: You're going to move to New Zealand. 58 00:03:00,400 --> 00:03:03,120 Speaker 3: It's going to cost between eight hundred and sixty to 59 00:03:03,200 --> 00:03:05,680 Speaker 3: thirteen hundred and forty five dollars to move your stuff. 60 00:03:05,800 --> 00:03:08,200 Speaker 1: Oh okay, that's not as bad as I thought to 61 00:03:08,240 --> 00:03:08,959 Speaker 1: be honest. 62 00:03:08,680 --> 00:03:11,240 Speaker 3: I feel like a grand is about what people are 63 00:03:11,240 --> 00:03:13,359 Speaker 3: spending on, like a brand new mattress and bed frame 64 00:03:13,400 --> 00:03:15,600 Speaker 3: and bedside tables and stuff. So might it make sense 65 00:03:15,639 --> 00:03:17,320 Speaker 3: to actually take your own in this case? 66 00:03:17,760 --> 00:03:19,119 Speaker 1: Yes, I think so. 67 00:03:19,200 --> 00:03:22,120 Speaker 3: If you move into Singapore, it's between seventeen hundred and 68 00:03:22,120 --> 00:03:27,280 Speaker 3: twenty three hundred bucks, Japan seventeen hundred twenty six hundred 69 00:03:27,280 --> 00:03:32,200 Speaker 3: dollars Canada five grand to twelve and a half thousand dollars. 70 00:03:32,360 --> 00:03:34,680 Speaker 1: So we are starting to get up there. 71 00:03:34,880 --> 00:03:37,120 Speaker 3: Okay, you're going to move to France, it's between five 72 00:03:37,200 --> 00:03:41,120 Speaker 3: thousand to seven thousand, nine hundred bucks UK, which I 73 00:03:41,160 --> 00:03:43,560 Speaker 3: think is arguably the most popular, because who doesn't want 74 00:03:43,600 --> 00:03:46,080 Speaker 3: to move to London? The one between five thousand, two 75 00:03:46,160 --> 00:03:48,880 Speaker 3: hundred to eight grand. And if you want to move 76 00:03:48,920 --> 00:03:52,480 Speaker 3: to the US between fifty two hundred to twelve thousand, 77 00:03:52,640 --> 00:03:54,480 Speaker 3: five hundred dollars, what the heck? 78 00:03:54,520 --> 00:03:58,480 Speaker 1: In Oh, Okay, that sounds a little bit more like 79 00:03:58,600 --> 00:04:00,720 Speaker 1: what I was vibing. To be honest with you, I. 80 00:04:00,640 --> 00:04:03,480 Speaker 3: Feel like that's a good estimation because obviously, if you're 81 00:04:03,520 --> 00:04:05,520 Speaker 3: moving to the US, it's going to be very different 82 00:04:05,560 --> 00:04:08,200 Speaker 3: to New Zealand because obviously our New Zealand friends are 83 00:04:08,200 --> 00:04:11,240 Speaker 3: our friends across the ditch and that's much less. So 84 00:04:11,280 --> 00:04:13,240 Speaker 3: maybe if you are moving there, it would make sense 85 00:04:13,240 --> 00:04:17,320 Speaker 3: to take your stuff, But spending twelve grands to. 86 00:04:17,320 --> 00:04:19,719 Speaker 1: Move most after the US, absolutely not no. 87 00:04:19,839 --> 00:04:21,599 Speaker 3: And if you budget for that, you could just go 88 00:04:21,720 --> 00:04:24,760 Speaker 3: on a whole shopping spree by brand new everything. 89 00:04:24,880 --> 00:04:25,720 Speaker 1: I don't know if this. 90 00:04:25,760 --> 00:04:30,640 Speaker 3: Is true either completely wild. Guess I'm assuming Facebook Marketplace 91 00:04:30,680 --> 00:04:34,480 Speaker 3: in the US is way more exciting than Australia. Oh yeah, 92 00:04:36,240 --> 00:04:39,599 Speaker 3: I just feel like finding secondhand furniture because I don't 93 00:04:39,640 --> 00:04:41,760 Speaker 3: know about you, but like I often find myself on 94 00:04:41,800 --> 00:04:45,679 Speaker 3: American TikTok and people finding like couches on the streets 95 00:04:45,680 --> 00:04:47,839 Speaker 3: of New York and they're like designer couches. 96 00:04:47,880 --> 00:04:50,320 Speaker 1: I'm like, well, that would obviously happen for me. Obviously. 97 00:04:50,720 --> 00:04:53,800 Speaker 3: Yeah, of course, as soon as you get there, now'll 98 00:04:53,880 --> 00:04:55,680 Speaker 3: be I think, I know what you're gonna say, but 99 00:04:55,880 --> 00:04:58,080 Speaker 3: I want to know about insurance. What are your thoughts 100 00:04:58,080 --> 00:05:01,400 Speaker 3: on it moving overseas? How important actually is it? I 101 00:05:01,480 --> 00:05:04,080 Speaker 3: know you know that I'm going to say it's very important, 102 00:05:04,200 --> 00:05:07,320 Speaker 3: but essentially it is. And the reason is because I 103 00:05:07,360 --> 00:05:08,960 Speaker 3: think if you're going to take such a risk and 104 00:05:09,040 --> 00:05:12,000 Speaker 3: move overseas, insurance is the thing that's going to make 105 00:05:12,040 --> 00:05:12,400 Speaker 3: sure that. 106 00:05:12,520 --> 00:05:15,440 Speaker 1: You're safe over there. Let's call it like a safety net. 107 00:05:15,680 --> 00:05:20,200 Speaker 3: So obviously, as I've said on the podcast, harsh but true, Beck, 108 00:05:20,600 --> 00:05:22,560 Speaker 3: if you can't afford to pay for insurance, you can't 109 00:05:22,560 --> 00:05:23,680 Speaker 3: afford to travel. 110 00:05:24,080 --> 00:05:25,680 Speaker 1: Straight in the gut, always hit in the gut. 111 00:05:25,960 --> 00:05:30,800 Speaker 3: That like, also, it's the most financially responsible thing to say, 112 00:05:30,800 --> 00:05:33,880 Speaker 3: and you've got to remember that. As an ex financial advisor, 113 00:05:34,560 --> 00:05:38,200 Speaker 3: I see it all like and unfortunately, from my perspective, 114 00:05:38,279 --> 00:05:40,640 Speaker 3: that's the truth. Like I remember one of my friends 115 00:05:40,880 --> 00:05:42,640 Speaker 3: who was going on and overseas eero troupe, and she 116 00:05:42,720 --> 00:05:44,400 Speaker 3: was so excited about it, and we got a wine 117 00:05:44,440 --> 00:05:44,960 Speaker 3: before she. 118 00:05:45,000 --> 00:05:46,800 Speaker 1: Left, and I was like, oh my gosh, who did 119 00:05:46,839 --> 00:05:48,840 Speaker 1: you go with? Because I'm obviously pervy when it comes 120 00:05:48,839 --> 00:05:50,800 Speaker 1: to money. I was like, who'd you go with for insurance? 121 00:05:50,800 --> 00:05:52,039 Speaker 1: And she's like, oh, it doesn't matter. 122 00:05:52,080 --> 00:05:53,960 Speaker 3: I think I've got some free stuff on my credit card, 123 00:05:54,040 --> 00:05:56,040 Speaker 3: and like I booked my flats on credit card and I. 124 00:05:55,960 --> 00:05:59,760 Speaker 1: Was like, oh okay, what credit card? Dore you? 125 00:05:59,800 --> 00:06:01,960 Speaker 3: We? So then we spend twenty minutes of me like 126 00:06:02,040 --> 00:06:04,720 Speaker 3: deep diving into their insurance and I was like absolutely insufficient, 127 00:06:04,760 --> 00:06:05,280 Speaker 3: Like what if. 128 00:06:05,200 --> 00:06:06,760 Speaker 1: You get sick, what if you break your leg? What 129 00:06:06,800 --> 00:06:09,400 Speaker 1: if you do all these other things? And did they 130 00:06:09,560 --> 00:06:10,800 Speaker 1: cancel the trip straight after? 131 00:06:10,920 --> 00:06:10,960 Speaker 2: No? 132 00:06:11,120 --> 00:06:12,360 Speaker 1: They didn't. We had this. 133 00:06:12,480 --> 00:06:15,000 Speaker 3: It wasn't arguing because like obviously I'm not gonna argue 134 00:06:15,000 --> 00:06:17,640 Speaker 3: with you, but I was like, you are definitely getting this. 135 00:06:18,200 --> 00:06:20,400 Speaker 1: Do you know what ended up happening? I gifted it 136 00:06:20,400 --> 00:06:21,880 Speaker 1: to her the next day. I just couldn't do it. 137 00:06:22,240 --> 00:06:23,200 Speaker 1: I just couldn't deal with it. 138 00:06:23,279 --> 00:06:25,640 Speaker 3: I was like, I know that those are your values 139 00:06:25,680 --> 00:06:27,680 Speaker 3: and I see it, but like, I am going to 140 00:06:27,720 --> 00:06:30,919 Speaker 3: stay up all night being like she's in Europe. What 141 00:06:31,000 --> 00:06:33,640 Speaker 3: if she goes hiking in Italy in falls over and 142 00:06:33,760 --> 00:06:34,640 Speaker 3: needs to get home? 143 00:06:34,839 --> 00:06:37,200 Speaker 1: Like absolutely not so very sweet of you. 144 00:06:37,279 --> 00:06:39,400 Speaker 3: V No, it had nothing to do with me being 145 00:06:39,400 --> 00:06:42,400 Speaker 3: sweet and everything to do with me lessening my. 146 00:06:42,320 --> 00:06:46,440 Speaker 1: Own It's nice, but I was also like, a, I 147 00:06:46,480 --> 00:06:50,360 Speaker 1: can't be that friend. You know what happens if something happens. 148 00:06:50,360 --> 00:06:51,960 Speaker 3: And I kind of was like, in my head, if 149 00:06:52,000 --> 00:06:53,760 Speaker 3: I buy this, it's going to be the biggest waste 150 00:06:53,760 --> 00:06:55,680 Speaker 3: of money. And that's great because nothing will happen, and 151 00:06:55,680 --> 00:06:58,880 Speaker 3: then I sleep at night. That's a really good way 152 00:06:58,880 --> 00:07:00,880 Speaker 3: to look at it. I would like to through the 153 00:07:01,000 --> 00:07:03,760 Speaker 3: night without waking in a panic. So I'm going to 154 00:07:03,800 --> 00:07:06,920 Speaker 3: buy you travel insurance. It's probably not the way everyone 155 00:07:07,000 --> 00:07:09,159 Speaker 3: should deal with their stuff. I think that's just me 156 00:07:09,400 --> 00:07:12,640 Speaker 3: being kind of a little bit low sunity, but I 157 00:07:12,680 --> 00:07:14,520 Speaker 3: was like, absolutely not. I kind of caught up for 158 00:07:14,560 --> 00:07:17,160 Speaker 3: a wine with you. What if something then happened, What 159 00:07:17,200 --> 00:07:18,400 Speaker 3: am I going to tell to your parents? 160 00:07:18,920 --> 00:07:19,040 Speaker 2: Oh? 161 00:07:19,200 --> 00:07:21,800 Speaker 1: Yeah, I told her to get it, but she didn't. 162 00:07:22,000 --> 00:07:24,440 Speaker 3: Yeah, absolutely not, And she wasn't going for that long, 163 00:07:24,480 --> 00:07:25,640 Speaker 3: so like, wasn't that expensive? 164 00:07:25,720 --> 00:07:27,760 Speaker 1: She I was kind of low key, like, no, you're 165 00:07:27,760 --> 00:07:31,440 Speaker 1: going to do it. You can tell I'm the older sister, right. 166 00:07:31,560 --> 00:07:34,240 Speaker 1: Oh yeah, yeah, it's a bit obvious. I love that 167 00:07:34,280 --> 00:07:34,600 Speaker 1: about you. 168 00:07:34,840 --> 00:07:38,200 Speaker 3: So Obviously, travel insurance very very important if you have 169 00:07:38,240 --> 00:07:39,840 Speaker 3: a job in the country that you're going to be 170 00:07:39,880 --> 00:07:43,120 Speaker 3: living in already. So sometimes that can be teed up early. 171 00:07:43,600 --> 00:07:47,120 Speaker 3: Check whether your new employer actually has insurance before you leave, 172 00:07:47,280 --> 00:07:49,560 Speaker 3: because you know, if you're moving to the US, they 173 00:07:49,640 --> 00:07:52,640 Speaker 3: might actually already have a health insurance policy for you, 174 00:07:53,000 --> 00:07:56,840 Speaker 3: or some type of insurance policy that could benefit you. 175 00:07:57,000 --> 00:07:59,960 Speaker 3: And in that case, there's literally no reason to double up, 176 00:08:00,280 --> 00:08:03,040 Speaker 3: Like why pay twice? It doesn't make it double nice, Like, 177 00:08:03,320 --> 00:08:05,800 Speaker 3: I just don't think that's a good idea. So confirm 178 00:08:05,840 --> 00:08:08,960 Speaker 3: if you're covered for like medical expenses or theft of valuables, 179 00:08:09,000 --> 00:08:12,960 Speaker 3: baggage damage, cancelations, or flight interruptions, So if you're moving 180 00:08:13,120 --> 00:08:15,160 Speaker 3: for work, they might have actually done all of that 181 00:08:15,280 --> 00:08:17,720 Speaker 3: for you already to cover their butts, which would be 182 00:08:17,800 --> 00:08:20,000 Speaker 3: very smart. But in that case, check so that you 183 00:08:20,040 --> 00:08:20,880 Speaker 3: don't double pay. 184 00:08:21,160 --> 00:08:22,600 Speaker 1: That's a great idea. 185 00:08:22,960 --> 00:08:26,840 Speaker 3: The insurance so nice you bought it twice doesn't actually 186 00:08:26,920 --> 00:08:30,480 Speaker 3: double pay out, which sucks. If your employment agreement offers 187 00:08:30,520 --> 00:08:33,840 Speaker 3: medical cover, make sure that you actually clearly understand what 188 00:08:34,040 --> 00:08:36,400 Speaker 3: is and isn't included in the policy because they might 189 00:08:36,440 --> 00:08:39,840 Speaker 3: be like terms that you don't understand. Do a quick 190 00:08:39,880 --> 00:08:42,080 Speaker 3: google or even call the insurance company and be like, 191 00:08:42,080 --> 00:08:43,480 Speaker 3: what does this mean? What's included? 192 00:08:43,520 --> 00:08:43,920 Speaker 1: What's not? 193 00:08:44,120 --> 00:08:47,160 Speaker 3: Because like maybe maternity isn't covered. Be like, that's not 194 00:08:47,240 --> 00:08:48,960 Speaker 3: an issue for me in the next twelve months. I'm 195 00:08:49,000 --> 00:08:50,920 Speaker 3: going overseats to live my best life. Not going to 196 00:08:50,960 --> 00:08:53,720 Speaker 3: be a problem. But then dental isn't And you're like, oh, 197 00:08:53,960 --> 00:08:57,240 Speaker 3: like what if something happens and I'm overseas, that could 198 00:08:57,280 --> 00:08:59,199 Speaker 3: be a really really big cost. So make sure the 199 00:08:59,320 --> 00:09:03,200 Speaker 3: things that are import to you were included. Consider local 200 00:09:03,240 --> 00:09:05,680 Speaker 3: insurance to cover your needs instead of long term travel 201 00:09:05,720 --> 00:09:09,200 Speaker 3: insurance because long term travel insurance can be really expensive, 202 00:09:09,320 --> 00:09:12,480 Speaker 3: and if you're moving overseas for an extended period of time. 203 00:09:12,520 --> 00:09:14,760 Speaker 3: As much as you can buy travel insurance, it might 204 00:09:14,840 --> 00:09:17,520 Speaker 3: not be the best financial decision, So make sure you 205 00:09:17,559 --> 00:09:20,000 Speaker 3: choose a cover that actually suits your needs and is 206 00:09:20,040 --> 00:09:23,880 Speaker 3: actually valid for the entire period that you're living overseasch So, 207 00:09:23,960 --> 00:09:27,640 Speaker 3: some travel insurance companies might say, ah, this is our 208 00:09:27,679 --> 00:09:31,400 Speaker 3: travel insurance for a maximum of six months in the policy, 209 00:09:31,640 --> 00:09:33,360 Speaker 3: So even if you can go and sign up for 210 00:09:33,400 --> 00:09:35,280 Speaker 3: it for longer, it might not be valid. 211 00:09:35,480 --> 00:09:36,560 Speaker 1: So double check that. 212 00:09:37,520 --> 00:09:41,280 Speaker 3: If you extend your stay, remember also to extend your insurance. 213 00:09:41,640 --> 00:09:43,520 Speaker 3: Like what if you beck go overseas and meet the 214 00:09:43,559 --> 00:09:46,320 Speaker 3: love of your life and you're like, I'm just going 215 00:09:46,400 --> 00:09:49,199 Speaker 3: to cancel this flight and stay another three months. 216 00:09:49,440 --> 00:09:51,320 Speaker 1: Okay, I'm all for that. 217 00:09:51,679 --> 00:09:55,280 Speaker 3: I love love, But go check your insurances and extend 218 00:09:55,280 --> 00:09:56,520 Speaker 3: them out for another three months. 219 00:09:56,720 --> 00:09:57,640 Speaker 1: Gotcha? Gotcha? 220 00:09:57,679 --> 00:09:59,920 Speaker 3: Because what if God forbid something happens in our last 221 00:10:00,000 --> 00:10:02,200 Speaker 3: three months when you've canceled it, Because it would when 222 00:10:02,240 --> 00:10:04,240 Speaker 3: you don't have it as well. That's how it works. 223 00:10:04,320 --> 00:10:06,160 Speaker 3: Rights of physics, that's exactly. 224 00:10:06,240 --> 00:10:08,480 Speaker 1: They're the rules of the world. I don't make them, 225 00:10:08,520 --> 00:10:09,760 Speaker 1: I just have to obey them. 226 00:10:10,320 --> 00:10:13,120 Speaker 3: If you're not insured, you actually might have to pay 227 00:10:13,240 --> 00:10:17,520 Speaker 3: thousands of dollars for upfront medical care. And I need 228 00:10:17,559 --> 00:10:21,360 Speaker 3: you to understand what a reciprocal healthcare agreement is, right, 229 00:10:21,480 --> 00:10:25,080 Speaker 3: So in Australia, we're actually lucky to have these agreements 230 00:10:25,080 --> 00:10:28,240 Speaker 3: in place with eleven different countries where we are actually 231 00:10:28,280 --> 00:10:33,040 Speaker 3: able to access publicly funded medically necessary care. So those 232 00:10:33,120 --> 00:10:37,880 Speaker 3: countries are the UK, Sweden, Slovenia, Ireland, Norway, New Zealand, 233 00:10:38,120 --> 00:10:41,679 Speaker 3: the Netherlands, Multi Italy, Finland and Belgium. Oh how very 234 00:10:41,720 --> 00:10:44,480 Speaker 3: lovely exactly? Isn't that kind of cool? So you need 235 00:10:44,520 --> 00:10:47,120 Speaker 3: to take that into consideration. If you're, like, you know, 236 00:10:47,200 --> 00:10:50,080 Speaker 3: going for the top top tier of medical cover, sure 237 00:10:50,200 --> 00:10:53,440 Speaker 3: do you need it? What's included in our reciprocal healthcare agreement? 238 00:10:53,800 --> 00:10:56,240 Speaker 1: Ah? I did not know that was the thing that 239 00:10:56,360 --> 00:10:58,400 Speaker 1: is really cool, that's really cool. I'm going to go 240 00:10:58,400 --> 00:11:00,600 Speaker 1: have a Google. Let's have a little break, A little 241 00:11:00,600 --> 00:11:03,520 Speaker 1: break already. I'm on a roll. It's too soon, isn't it. 242 00:11:03,559 --> 00:11:05,280 Speaker 1: But I do need a little bit of ra So 243 00:11:06,080 --> 00:11:08,120 Speaker 1: got to a quick breaking on the flip side, We're going. 244 00:11:08,000 --> 00:11:11,440 Speaker 3: To talk more about tax and importantly, what do you 245 00:11:11,480 --> 00:11:14,199 Speaker 3: do with your hex when you move overseas. 246 00:11:14,320 --> 00:11:21,240 Speaker 1: Let's do it all right for we are back now, 247 00:11:21,600 --> 00:11:23,000 Speaker 1: I'm so excited. Are you excited? 248 00:11:23,240 --> 00:11:25,360 Speaker 3: Well, you're telling me that I get to talk about 249 00:11:25,440 --> 00:11:26,760 Speaker 3: tax and hex, so I'm ready. 250 00:11:27,040 --> 00:11:29,080 Speaker 1: I did say you can talk as much as you like. 251 00:11:29,120 --> 00:11:31,280 Speaker 1: No one's going to stop you. So this is producer. 252 00:11:31,960 --> 00:11:32,480 Speaker 1: She will stop. 253 00:11:32,520 --> 00:11:35,439 Speaker 3: You would let me, she would not let me, probably 254 00:11:35,440 --> 00:11:38,640 Speaker 3: for the best we'd be. Now I want to talk 255 00:11:38,679 --> 00:11:39,360 Speaker 3: about tax. 256 00:11:39,400 --> 00:11:41,400 Speaker 1: How does it work when we move overseas? 257 00:11:41,520 --> 00:11:41,839 Speaker 2: All right? 258 00:11:41,880 --> 00:11:44,160 Speaker 3: So if you're an Australian resident and you're planning on 259 00:11:44,240 --> 00:11:48,040 Speaker 3: moving overseas and the intention is to remain an Australian resident, 260 00:11:48,360 --> 00:11:51,240 Speaker 3: then you are obliged to still lodge even if it's 261 00:11:51,320 --> 00:11:55,240 Speaker 3: zero dollars an Australian tax return each and every single year. 262 00:11:55,600 --> 00:11:58,080 Speaker 1: But you didn't see that coming. Oh, if you're. 263 00:11:57,960 --> 00:12:00,040 Speaker 3: Working while you're there, you actually need to let the 264 00:12:00,080 --> 00:12:04,200 Speaker 3: ATO zero of all your foreign employment income as well 265 00:12:04,240 --> 00:12:07,360 Speaker 3: as any exempt income, even if tax was withheld in 266 00:12:07,400 --> 00:12:09,600 Speaker 3: the country where you earned it. So we're not saying 267 00:12:09,600 --> 00:12:11,319 Speaker 3: you're going to be double tax, but you do need 268 00:12:11,320 --> 00:12:13,360 Speaker 3: to declare it to them and be like, by the way, 269 00:12:13,520 --> 00:12:15,920 Speaker 3: like you know, I got paid thirty thousand pounds for 270 00:12:16,000 --> 00:12:18,120 Speaker 3: my job in the UK, and they'll go, thanks for 271 00:12:18,200 --> 00:12:20,640 Speaker 3: letting us know, Beck, this, this and this, because you 272 00:12:20,720 --> 00:12:23,000 Speaker 3: still have to pay hex while you're away, and that 273 00:12:23,160 --> 00:12:25,720 Speaker 3: is joke. Like it's not a joke, it makes sense, 274 00:12:25,760 --> 00:12:27,880 Speaker 3: but like you're going to end up with a hex 275 00:12:27,920 --> 00:12:30,000 Speaker 3: bill when you get back, and you might end up 276 00:12:30,200 --> 00:12:32,520 Speaker 3: on the back foot. So if you work for an 277 00:12:32,520 --> 00:12:36,040 Speaker 3: international company and you're doing what's called a campus exchange, 278 00:12:36,360 --> 00:12:38,840 Speaker 3: then you're actually going to be taxed in exactly the 279 00:12:38,880 --> 00:12:41,880 Speaker 3: same way as you were in Australia. So like, let's 280 00:12:41,880 --> 00:12:44,120 Speaker 3: pretend for a hot second that she's on the money 281 00:12:44,480 --> 00:12:47,240 Speaker 3: is actually UK based and you're currently working at our 282 00:12:47,240 --> 00:12:50,199 Speaker 3: Australia office. And then I say, hey, Beck, come work 283 00:12:50,320 --> 00:12:53,760 Speaker 3: in the UK office. But your contract for Australia is 284 00:12:53,800 --> 00:12:55,839 Speaker 3: going to stay exactly the same. You're just going to 285 00:12:55,880 --> 00:12:58,199 Speaker 3: come and work for us in the UK, So nothing 286 00:12:58,240 --> 00:13:00,800 Speaker 3: about your income would change, which means you still do 287 00:13:00,840 --> 00:13:04,360 Speaker 3: an Australian tax return, but you're working in another country. 288 00:13:04,559 --> 00:13:07,000 Speaker 3: There are a whole heap of things to consider when 289 00:13:07,000 --> 00:13:09,880 Speaker 3: that happens, and one of those things is the exchange rate. 290 00:13:10,240 --> 00:13:12,880 Speaker 3: So like right now, if let's say she's on the 291 00:13:12,880 --> 00:13:16,559 Speaker 3: money was an American company. The American exchange rate sucks, 292 00:13:17,080 --> 00:13:19,560 Speaker 3: So like if I was still paying you in Australian 293 00:13:19,640 --> 00:13:21,960 Speaker 3: dollars but you were living in the US, you would 294 00:13:22,040 --> 00:13:24,400 Speaker 3: have to convert some of your Australian dollars to the 295 00:13:24,559 --> 00:13:27,200 Speaker 3: US dollars so you could spend it and live there. 296 00:13:27,720 --> 00:13:31,040 Speaker 3: You're actually on the back foot because the exchange rate sucks. 297 00:13:32,320 --> 00:13:33,000 Speaker 1: So you need to. 298 00:13:32,960 --> 00:13:35,920 Speaker 3: Consider those things when making decisions like that, because you 299 00:13:36,040 --> 00:13:39,360 Speaker 3: might go, oh, v that makes sense, that's easy because 300 00:13:39,400 --> 00:13:41,640 Speaker 3: I know for my budget how much is in there. 301 00:13:41,760 --> 00:13:44,200 Speaker 3: Like in my brain, Australian dollars just work better, and 302 00:13:44,240 --> 00:13:46,520 Speaker 3: a lot of people will immediately go that makes sense, 303 00:13:46,559 --> 00:13:49,959 Speaker 3: no worries. But in reality you might be being a 304 00:13:50,000 --> 00:13:53,000 Speaker 3: little bit messed over by the exchange rate because there's 305 00:13:53,000 --> 00:13:55,319 Speaker 3: someone who's heading to the US soon. The exchange rate 306 00:13:55,400 --> 00:13:57,400 Speaker 3: is not that pretty and I'm not looking forward to 307 00:13:57,480 --> 00:13:58,960 Speaker 3: paying for things in US dollars. 308 00:13:59,440 --> 00:14:01,440 Speaker 1: Got okay? 309 00:14:01,880 --> 00:14:04,320 Speaker 3: And I know you said you won't be taxed twice YEA, 310 00:14:04,480 --> 00:14:07,720 Speaker 3: Let's talk about it more, right, because that seems I can't. 311 00:14:07,920 --> 00:14:10,760 Speaker 3: It's a scary concept, right, because if you're moving overseas 312 00:14:10,800 --> 00:14:12,600 Speaker 3: and you're like, well, why do I still have to 313 00:14:12,640 --> 00:14:15,800 Speaker 3: do an Australian tax return. Surely they're trying to, you know, 314 00:14:15,920 --> 00:14:18,480 Speaker 3: do a money grab. That's not the case at all. 315 00:14:18,679 --> 00:14:21,640 Speaker 3: It would actually be very unusual for you to be 316 00:14:21,760 --> 00:14:23,240 Speaker 3: taxed twice for anything. 317 00:14:23,760 --> 00:14:24,440 Speaker 1: In Australia. 318 00:14:24,480 --> 00:14:28,160 Speaker 3: We have what's called tax treaties with lots of different countries, 319 00:14:28,200 --> 00:14:31,440 Speaker 3: which are formal agreements between two different jurisdictions, and we 320 00:14:31,520 --> 00:14:34,120 Speaker 3: currently have these treaties in place with more than forty 321 00:14:34,240 --> 00:14:37,640 Speaker 3: different jurisdictions, which is kind of cool. And these treaties 322 00:14:37,640 --> 00:14:41,600 Speaker 3: are also known as double tax agreements, and they're in 323 00:14:41,640 --> 00:14:44,320 Speaker 3: place to prevent people from being taxed twice. 324 00:14:44,560 --> 00:14:47,440 Speaker 1: Okay, So it's okay, it's not something you need to 325 00:14:47,440 --> 00:14:48,000 Speaker 1: worry about. 326 00:14:48,120 --> 00:14:52,360 Speaker 3: And you're obviously in the top list of countries that 327 00:14:52,480 --> 00:14:55,360 Speaker 3: has this treaty where Australia is, the UK and the US, 328 00:14:55,520 --> 00:14:56,680 Speaker 3: so don't worry too much. 329 00:14:56,800 --> 00:14:58,040 Speaker 1: What about the other ones that are. 330 00:14:57,920 --> 00:14:59,600 Speaker 3: Not I'm not going to go through a list of 331 00:14:59,640 --> 00:15:03,760 Speaker 3: forty if you are learning on movie, what do you 332 00:15:03,760 --> 00:15:07,120 Speaker 3: mean the ones that aren't there? Right? So it's just 333 00:15:07,200 --> 00:15:09,920 Speaker 3: a little bit more complex. So it just means that 334 00:15:09,960 --> 00:15:12,720 Speaker 3: when you're submitting your tax return, there's no treaty in place, 335 00:15:12,760 --> 00:15:14,720 Speaker 3: so like the Australian Tax Office are going to have 336 00:15:14,760 --> 00:15:16,480 Speaker 3: to do a bit more to work out what is 337 00:15:16,520 --> 00:15:20,000 Speaker 3: and isn't included. Again, it's going to be really unusual 338 00:15:20,080 --> 00:15:22,480 Speaker 3: for you to be double tax. It's just a bit 339 00:15:22,520 --> 00:15:25,160 Speaker 3: more work, a bit more paperwork, whereas this makes it 340 00:15:25,200 --> 00:15:28,360 Speaker 3: really easy. And what happens is, let's pretend it's the 341 00:15:28,440 --> 00:15:31,040 Speaker 3: UK for a hot second. You'll do your tax over 342 00:15:31,080 --> 00:15:33,680 Speaker 3: there and you'll have all live the information, and when 343 00:15:33,680 --> 00:15:36,680 Speaker 3: you do your Australian tax return, you'll basically go, hey, 344 00:15:36,680 --> 00:15:39,480 Speaker 3: here's the information of my UK income. And then the 345 00:15:39,520 --> 00:15:41,520 Speaker 3: Australian Government's going to go, oh, but beck, did you 346 00:15:41,560 --> 00:15:43,960 Speaker 3: earn anything in Australia And you'll go no, no, no, haven't 347 00:15:44,000 --> 00:15:46,400 Speaker 3: even been home. So you'd put a big zero on 348 00:15:46,480 --> 00:15:50,040 Speaker 3: it any other information not submit it. They just want 349 00:15:50,040 --> 00:15:52,640 Speaker 3: to know that you're checking in on an annual basis. 350 00:15:52,640 --> 00:15:54,280 Speaker 3: They want to track what you're up to and what 351 00:15:54,320 --> 00:15:57,440 Speaker 3: you're earning internationally, and just to be across it, they're 352 00:15:57,440 --> 00:15:58,800 Speaker 3: not trying to double tax you. 353 00:15:58,880 --> 00:16:01,760 Speaker 1: I promise that's very good to know. Yeah, they're not. 354 00:16:01,840 --> 00:16:06,040 Speaker 3: I mean I can't promise that forever because as you know, 355 00:16:06,080 --> 00:16:09,080 Speaker 3: the tax system doesn't seem that fair sometimes, but that's 356 00:16:09,120 --> 00:16:12,120 Speaker 3: not the episode for this Sure, it's a conversation. 357 00:16:12,200 --> 00:16:13,720 Speaker 1: It's a conversation for another day. 358 00:16:13,800 --> 00:16:15,800 Speaker 3: Yeah, in the bier garden of a pub. So how 359 00:16:15,840 --> 00:16:18,440 Speaker 3: do you actually sort out your taxes while you're away? 360 00:16:18,560 --> 00:16:20,160 Speaker 1: So it's very easy, I promise. 361 00:16:20,520 --> 00:16:23,080 Speaker 3: So make sure you have your MyGov account set up 362 00:16:23,120 --> 00:16:25,800 Speaker 3: before you leave, and a lot of us might already 363 00:16:25,840 --> 00:16:28,720 Speaker 3: have that. Make sure it's linked to the ATO, I say, 364 00:16:28,720 --> 00:16:31,560 Speaker 3: before you leave, just because sorting things when you're in 365 00:16:31,600 --> 00:16:35,560 Speaker 3: another country sucks. Having to call the Australian Taxation Office 366 00:16:35,600 --> 00:16:37,640 Speaker 3: and trying to get things all sorted and dumb all 367 00:16:37,640 --> 00:16:39,120 Speaker 3: you're away not a vibe. 368 00:16:39,280 --> 00:16:40,920 Speaker 1: So like, just set it up before you go so 369 00:16:40,960 --> 00:16:42,360 Speaker 1: you don't have to stress later. 370 00:16:43,000 --> 00:16:45,000 Speaker 3: Then you'll be able to manage your finances and just 371 00:16:45,040 --> 00:16:46,680 Speaker 3: stay on top of what you need to do for 372 00:16:46,760 --> 00:16:49,200 Speaker 3: your tax return, and you can also manage stuff like 373 00:16:49,280 --> 00:16:53,000 Speaker 3: SUPER through there as well as you know, other different tax. 374 00:16:52,760 --> 00:16:53,640 Speaker 1: Bits and pieces. 375 00:16:54,120 --> 00:16:57,360 Speaker 3: The thing with Super as well while you're away. Let's 376 00:16:57,360 --> 00:16:58,880 Speaker 3: get to that in hot second, actually, because I know 377 00:16:58,960 --> 00:17:02,160 Speaker 3: you're gonna ask, but it's very important that you're across 378 00:17:02,200 --> 00:17:04,720 Speaker 3: your SUPER well, you're away, and of course you could 379 00:17:04,720 --> 00:17:06,760 Speaker 3: always get an accountant to help you. If it's a 380 00:17:06,760 --> 00:17:09,960 Speaker 3: little bit too daunting, you can see a normal accountant 381 00:17:10,000 --> 00:17:12,080 Speaker 3: who should be able to do it relatively quickly. If 382 00:17:12,160 --> 00:17:15,720 Speaker 3: you don't have a dual income and there's nothing too 383 00:17:15,760 --> 00:17:18,680 Speaker 3: complex about your situation. But if your situation is a 384 00:17:18,720 --> 00:17:22,560 Speaker 3: little bit complex, or you're a super high income earner overseas, 385 00:17:22,800 --> 00:17:25,000 Speaker 3: what I'd be doing is going and seeing what's called 386 00:17:25,000 --> 00:17:30,040 Speaker 3: an expat accountant, which is someone who specializes in Australian 387 00:17:30,080 --> 00:17:33,560 Speaker 3: residents who live overseas, so they're completely across it and 388 00:17:33,600 --> 00:17:36,359 Speaker 3: will know a little bit more than the average bear accountant. 389 00:17:36,640 --> 00:17:39,080 Speaker 3: In saying that your average accountant should be able to 390 00:17:39,160 --> 00:17:41,080 Speaker 3: get across it, it's not that complex. 391 00:17:41,280 --> 00:17:42,879 Speaker 1: Or just if you're a super. 392 00:17:42,640 --> 00:17:45,840 Speaker 3: High income earner or you've got any complexity around it, 393 00:17:45,920 --> 00:17:48,400 Speaker 3: you might want somebody who is a little bit more, 394 00:17:48,480 --> 00:17:50,440 Speaker 3: you know, in depth, to make you feel a little 395 00:17:50,480 --> 00:17:51,280 Speaker 3: bit more secure. 396 00:17:51,520 --> 00:17:54,879 Speaker 1: Gotcha, Okay, it's funny that you knew. 397 00:17:55,000 --> 00:17:56,200 Speaker 3: I just knew you were going to ask me about 398 00:17:56,240 --> 00:17:58,600 Speaker 3: Super because all I do is talk about Super because 399 00:17:58,600 --> 00:18:01,439 Speaker 3: I am curious about it. So how does it work? 400 00:18:01,520 --> 00:18:05,800 Speaker 3: Like you're still getting paid Super while you're overseas and 401 00:18:05,960 --> 00:18:08,480 Speaker 3: lass for some reason you have that campus exchange that 402 00:18:08,520 --> 00:18:10,919 Speaker 3: we're talking about, in which case you might still get 403 00:18:10,960 --> 00:18:14,920 Speaker 3: paid super. However, if you move overseas, don't mean to 404 00:18:14,960 --> 00:18:18,000 Speaker 3: be born but a different country doesn't care about your retirement. 405 00:18:18,040 --> 00:18:20,520 Speaker 3: If you're going to remain an Australian tax resident, they're 406 00:18:20,560 --> 00:18:22,639 Speaker 3: going to be like, that's your deal with Australia, Like, 407 00:18:22,680 --> 00:18:23,760 Speaker 3: we don't have to pay that. 408 00:18:23,920 --> 00:18:24,240 Speaker 1: Sure. 409 00:18:24,359 --> 00:18:27,400 Speaker 3: They might be contributing to in the UK a pension 410 00:18:27,440 --> 00:18:29,560 Speaker 3: for you, or in the US you might have a 411 00:18:29,760 --> 00:18:32,520 Speaker 3: pension account or something that money is being paid into 412 00:18:32,760 --> 00:18:36,080 Speaker 3: as a part of your salary package, which is fine. Again, 413 00:18:36,280 --> 00:18:37,879 Speaker 3: one of the reasons why you might want to have 414 00:18:37,960 --> 00:18:40,040 Speaker 3: a chat with an accountant because how do you get 415 00:18:40,040 --> 00:18:42,399 Speaker 3: that money out if you're moving back to Australia in 416 00:18:42,480 --> 00:18:44,400 Speaker 3: two years beck and you never have plans to live 417 00:18:44,440 --> 00:18:47,680 Speaker 3: overseas Again, having your retirement fund in the UK doesn't 418 00:18:47,680 --> 00:18:50,399 Speaker 3: help you that much, doesn't it useless? So what do 419 00:18:50,560 --> 00:18:53,439 Speaker 3: you do in that circumstances. But your super fund is 420 00:18:53,480 --> 00:18:56,640 Speaker 3: still going to tick away while you're overseas. It's growing, 421 00:18:57,000 --> 00:19:00,560 Speaker 3: hopefully because of compound interest, but you're not contribute to it. 422 00:19:00,640 --> 00:19:02,879 Speaker 3: So we need to be across that you'll still be 423 00:19:02,960 --> 00:19:06,000 Speaker 3: charged the same fees even if you're not contributing to it. 424 00:19:06,600 --> 00:19:09,440 Speaker 3: So in Australia, we know that our employers right now 425 00:19:09,520 --> 00:19:12,399 Speaker 3: have an obligation to pay eleven percent of our earnings 426 00:19:12,440 --> 00:19:14,159 Speaker 3: into superannuation, which is very sexy. 427 00:19:14,200 --> 00:19:14,840 Speaker 1: Yeah quite like that. 428 00:19:15,000 --> 00:19:17,399 Speaker 3: Well, how many of us are actually saving eleven percent 429 00:19:17,400 --> 00:19:19,840 Speaker 3: of our incomes to invest into our futures? 430 00:19:20,040 --> 00:19:23,119 Speaker 1: You all of us because of superanuation? I see, Oh 431 00:19:23,119 --> 00:19:24,240 Speaker 1: you will, that's a truck question. 432 00:19:24,359 --> 00:19:26,960 Speaker 3: But if you're working for the same company and you're 433 00:19:26,960 --> 00:19:29,400 Speaker 3: just doing it abroad, as I said before, very likely 434 00:19:29,480 --> 00:19:31,720 Speaker 3: that you're still being paid SUPER. But if you're not, 435 00:19:31,880 --> 00:19:35,600 Speaker 3: and you're working for an international employer, then these changes. 436 00:19:35,640 --> 00:19:38,280 Speaker 3: Because you're employee, they're not obligated to pay you super. 437 00:19:38,840 --> 00:19:39,960 Speaker 3: You need to be across it. 438 00:19:40,160 --> 00:19:42,200 Speaker 1: Sure, So what are you going to do? 439 00:19:42,640 --> 00:19:44,960 Speaker 3: I mean, one year of not paying for Super might 440 00:19:45,040 --> 00:19:47,479 Speaker 3: not sound like a lot to you personally right now, 441 00:19:47,520 --> 00:19:49,199 Speaker 3: and you might go whatever, like I'll deal with it 442 00:19:49,240 --> 00:19:52,400 Speaker 3: when I get home, But it does compound, Like these 443 00:19:52,440 --> 00:19:55,800 Speaker 3: are conversations that we have when the maternity conversation comes up, 444 00:19:56,160 --> 00:19:58,160 Speaker 3: like and my men to just miss a whole year 445 00:19:58,200 --> 00:20:01,600 Speaker 3: of superranuation, which is ultimately going to impact my retirement, 446 00:20:02,040 --> 00:20:04,720 Speaker 3: Like if you're investing every year, like let's say it's 447 00:20:04,880 --> 00:20:08,800 Speaker 3: between five to ten thousand dollars, If you're investing five 448 00:20:08,840 --> 00:20:12,280 Speaker 3: to ten thousand dollars into your superannuation on an annual basis, 449 00:20:12,640 --> 00:20:15,520 Speaker 3: that in retirement, if retirement's thirty years off for you, 450 00:20:15,680 --> 00:20:18,000 Speaker 3: which probably is if you're still planning on moving overseas, 451 00:20:18,040 --> 00:20:21,720 Speaker 3: because that sounds like young people stuff. That's hundreds of 452 00:20:21,760 --> 00:20:24,640 Speaker 3: thousands of dollars back right, that you're missing out on 453 00:20:24,680 --> 00:20:27,440 Speaker 3: in retirement by going, Oh, it doesn't matter too much, 454 00:20:27,480 --> 00:20:30,320 Speaker 3: But what if you move overseas and then it extends 455 00:20:30,359 --> 00:20:33,200 Speaker 3: out and it extends out Like I have had ex 456 00:20:33,280 --> 00:20:36,800 Speaker 3: financial advice clients come to me after returning from leaving 457 00:20:36,840 --> 00:20:40,240 Speaker 3: in the UK for twelve years. They have not paid 458 00:20:40,280 --> 00:20:43,399 Speaker 3: any super. Their super's basically been eaten away because they 459 00:20:43,440 --> 00:20:46,040 Speaker 3: left it. Like let's say twenty four there were babies. 460 00:20:46,080 --> 00:20:48,040 Speaker 3: They didn't have a whole heap in super to begin with, 461 00:20:48,240 --> 00:20:50,600 Speaker 3: but it's been eaten away by not you know, paying 462 00:20:50,600 --> 00:20:52,800 Speaker 3: attention to it. They might have had multiple super phones 463 00:20:52,840 --> 00:20:56,000 Speaker 3: when they left. Fees have eaten it. Fees not sure 464 00:20:56,160 --> 00:21:00,000 Speaker 3: their premiums exactly. Like everything just compounds and adds up. 465 00:21:00,160 --> 00:21:02,840 Speaker 3: But I just think it's so important to be across it, 466 00:21:03,320 --> 00:21:07,320 Speaker 3: and if you're moving overseas, maybe still contributing to SUPE 467 00:21:07,560 --> 00:21:10,640 Speaker 3: should be part of your financial plan. Even if it's 468 00:21:10,640 --> 00:21:13,919 Speaker 3: not the sexiest thing ever. I just think probably a 469 00:21:13,960 --> 00:21:17,119 Speaker 3: good idea to make sure that financially future you is 470 00:21:17,320 --> 00:21:19,119 Speaker 3: prepared and well looked after. 471 00:21:19,440 --> 00:21:21,080 Speaker 1: Future you will thank you, I know. 472 00:21:21,560 --> 00:21:23,600 Speaker 3: So, Yeah, it's a bit of a downer because you 473 00:21:23,640 --> 00:21:25,159 Speaker 3: do still have to pay it and it will have 474 00:21:25,280 --> 00:21:30,159 Speaker 3: to be a post tax contribution obviously, but that's okay, 475 00:21:30,359 --> 00:21:30,919 Speaker 3: that's okay. 476 00:21:31,080 --> 00:21:34,120 Speaker 1: I still think it's sexy. Yeah, definitely. If not now, 477 00:21:34,280 --> 00:21:35,080 Speaker 1: eventually we'll be. 478 00:21:35,160 --> 00:21:35,360 Speaker 2: Yeah. 479 00:21:35,640 --> 00:21:37,600 Speaker 1: Now I want to know what happens to our HEX 480 00:21:38,000 --> 00:21:38,880 Speaker 1: or helped it. 481 00:21:39,119 --> 00:21:41,000 Speaker 3: Oh so this is a spicy I don't know if 482 00:21:41,040 --> 00:21:43,600 Speaker 3: it's slicy because historically, if you moved overseas and you 483 00:21:43,640 --> 00:21:45,400 Speaker 3: weren't earning an Australian income. 484 00:21:45,160 --> 00:21:46,160 Speaker 1: You didn't have to pay HEX. 485 00:21:46,359 --> 00:21:48,720 Speaker 3: Sure, so people would like yeat off overseas and be 486 00:21:48,840 --> 00:21:51,560 Speaker 3: like Yollo, like I don't have to pay for my education, 487 00:21:52,600 --> 00:21:56,680 Speaker 3: not any more, Satan sadly moving overseas does not mean 488 00:21:56,720 --> 00:21:59,520 Speaker 3: you get out of paying your HEX. Maybe for the best, 489 00:22:00,040 --> 00:22:01,960 Speaker 3: I don't know. I like the idea of being to 490 00:22:02,000 --> 00:22:04,720 Speaker 3: skip the country. It sounds real cool, right you're actually like, oh, 491 00:22:04,720 --> 00:22:06,399 Speaker 3: skip the country, don't have to pay my nearly on 492 00:22:06,480 --> 00:22:07,920 Speaker 3: hundred thousand dollars worth of hex. 493 00:22:07,960 --> 00:22:10,240 Speaker 1: Bag black that is calling my name. 494 00:22:11,280 --> 00:22:13,040 Speaker 3: Turns out that's not the case, and if I did 495 00:22:13,119 --> 00:22:15,000 Speaker 3: move to the UK, I would still have to pay it. 496 00:22:15,359 --> 00:22:18,160 Speaker 3: So long as the income you're making when you're abroad 497 00:22:18,400 --> 00:22:22,000 Speaker 3: is above the minimum payment threshold, then you actually still 498 00:22:22,000 --> 00:22:24,480 Speaker 3: need to make repayments on your HEX or helped it 499 00:22:24,800 --> 00:22:27,240 Speaker 3: as you were if you were home. And this is 500 00:22:27,240 --> 00:22:29,280 Speaker 3: something that, as I said before the break, I was like, 501 00:22:29,280 --> 00:22:31,439 Speaker 3: we're going to talk about it. This is something that 502 00:22:31,520 --> 00:22:34,040 Speaker 3: stings a lot of people who decide to move overseas 503 00:22:34,200 --> 00:22:36,919 Speaker 3: because they go, whatever, I'll move back in twelve months. 504 00:22:37,040 --> 00:22:38,160 Speaker 3: They come back in twelve months. 505 00:22:38,240 --> 00:22:40,240 Speaker 1: Maybe they've dragged their feet a little bit doing their 506 00:22:40,280 --> 00:22:40,840 Speaker 1: tax return. 507 00:22:41,080 --> 00:22:43,480 Speaker 3: They get their tax return and they're told that they 508 00:22:43,560 --> 00:22:44,720 Speaker 3: have to pay eight thousand. 509 00:22:44,400 --> 00:22:47,680 Speaker 1: Dollars in HEX. You've just come back from an overseas trip. 510 00:22:47,840 --> 00:22:49,960 Speaker 1: You don't have eight grand. What are you going to 511 00:22:50,000 --> 00:22:52,920 Speaker 1: do what the hecking that would suck us. 512 00:22:53,240 --> 00:22:55,880 Speaker 3: So obviously, again, this is for people who are moving 513 00:22:55,880 --> 00:22:58,240 Speaker 3: overseas long term, not just like a couple of months 514 00:22:58,280 --> 00:22:58,960 Speaker 3: or a holiday. 515 00:22:59,400 --> 00:23:00,440 Speaker 1: But I think it's. 516 00:23:00,359 --> 00:23:03,600 Speaker 3: Important to note it is because Beck, if you talk 517 00:23:03,640 --> 00:23:05,280 Speaker 3: to your mum, she might go, oh, no, if you 518 00:23:05,320 --> 00:23:07,520 Speaker 3: ever sees you don't have to pay Hex, Yes you do, Satan. 519 00:23:07,800 --> 00:23:09,400 Speaker 1: How long ago was it you didn't have to do that? 520 00:23:09,440 --> 00:23:09,800 Speaker 1: Do we know? 521 00:23:10,119 --> 00:23:12,480 Speaker 3: Maybe like five or ten years? I can't remember. I 522 00:23:12,520 --> 00:23:14,520 Speaker 3: obviously don't quote me on that. I haven't looked it up, 523 00:23:14,560 --> 00:23:15,960 Speaker 3: And to be honest, I haven't looked it up because 524 00:23:15,960 --> 00:23:19,560 Speaker 3: it's irrelevant because it's not going to steal Starue still stand. 525 00:23:19,800 --> 00:23:23,560 Speaker 3: It's like when I used to go to financial advice conferences, Beck, 526 00:23:23,800 --> 00:23:26,359 Speaker 3: and like I was relatively new to the industry, like 527 00:23:26,440 --> 00:23:29,240 Speaker 3: as you guys know, I'm not exactly like you know, 528 00:23:29,480 --> 00:23:33,400 Speaker 3: a stoic feature in this industry, and a go people 529 00:23:33,440 --> 00:23:35,359 Speaker 3: would just talk about what the industry used to be, 530 00:23:35,440 --> 00:23:38,919 Speaker 3: like like how rogue conferences would be, how you know 531 00:23:39,000 --> 00:23:43,520 Speaker 3: all these financial institutions used to pay advisors like astronomical 532 00:23:43,560 --> 00:23:46,520 Speaker 3: bonuses and like give them like flights to like Monoco 533 00:23:46,680 --> 00:23:48,880 Speaker 3: and stuff while they were there, so that they could 534 00:23:48,920 --> 00:23:51,920 Speaker 3: impress them so hopefully their product would be used, and like, right, 535 00:23:52,080 --> 00:23:53,040 Speaker 3: that's now illegal. 536 00:23:53,680 --> 00:23:54,800 Speaker 1: Right, that's a good reason. 537 00:23:54,840 --> 00:23:56,480 Speaker 3: But they used to be like, oh, the industry used 538 00:23:56,480 --> 00:23:58,280 Speaker 3: to be so good, and I'm like, why are you 539 00:23:58,359 --> 00:24:01,400 Speaker 3: telling me this? Yes? Are you just flexing on something 540 00:24:01,400 --> 00:24:04,280 Speaker 3: I'll never have? It's good to know that it could 541 00:24:04,280 --> 00:24:06,800 Speaker 3: have been a lot sweeter than this. You used to 542 00:24:06,800 --> 00:24:09,240 Speaker 3: take the absolute mickey, and now we have more regulation 543 00:24:09,960 --> 00:24:14,399 Speaker 3: Royal Commission. But also, older white men used to be 544 00:24:14,440 --> 00:24:17,800 Speaker 3: the ones that were far more across this than you know, 545 00:24:17,960 --> 00:24:20,679 Speaker 3: to see their females in the industry. Oh yeah, but 546 00:24:20,920 --> 00:24:23,680 Speaker 3: it was always very interesting hearing their takes. And I 547 00:24:23,720 --> 00:24:25,879 Speaker 3: feel like that's the same with you know, oh you 548 00:24:25,960 --> 00:24:28,280 Speaker 3: used to not have to pay it like okay. 549 00:24:28,160 --> 00:24:29,719 Speaker 1: Sure who story brose. 550 00:24:29,720 --> 00:24:34,080 Speaker 3: It doesn't apply anymore, it doesn't. And ignorance is bliss sometimes. 551 00:24:33,720 --> 00:24:34,000 Speaker 1: Is it? 552 00:24:34,800 --> 00:24:38,680 Speaker 3: Yeah? Artists always definitely be. My last question to you, yes, 553 00:24:39,119 --> 00:24:42,119 Speaker 3: is what happens for investments? Can we still invest? 554 00:24:42,240 --> 00:24:42,640 Speaker 2: Yes? Yes? 555 00:24:42,720 --> 00:24:45,119 Speaker 3: Yes, yes, So that's actually a really good question, and 556 00:24:45,200 --> 00:24:47,400 Speaker 3: again is going to depend on how long you're moving 557 00:24:47,440 --> 00:24:49,800 Speaker 3: overseaseful If you're listening to this going I'm moving to 558 00:24:49,880 --> 00:24:53,840 Speaker 3: London forever. Well, that's a different situation than I'm moving 559 00:24:53,880 --> 00:24:56,800 Speaker 3: to London for twelve months, two years, three years. Because 560 00:24:56,880 --> 00:24:59,879 Speaker 3: if your ultimate intention is to come back to a 561 00:25:00,000 --> 00:25:03,800 Speaker 3: Australia and base yourself in Australia and retire here, then 562 00:25:03,800 --> 00:25:06,679 Speaker 3: it would make the most sense to not invest in 563 00:25:06,720 --> 00:25:10,640 Speaker 3: an international environment because one, there's going to be currency 564 00:25:10,680 --> 00:25:13,919 Speaker 3: exchange issues that you're going to run into, transfer issues 565 00:25:13,960 --> 00:25:15,840 Speaker 3: like if it's overseas, like how you're going to manage 566 00:25:15,840 --> 00:25:19,360 Speaker 3: it when you come home. But also it makes more 567 00:25:19,400 --> 00:25:24,000 Speaker 3: sense to either invest while you're away in Australia, which 568 00:25:24,040 --> 00:25:26,840 Speaker 3: you can still do, or you know, put it on 569 00:25:26,960 --> 00:25:29,480 Speaker 3: hold for a little while while you're overseas and maybe 570 00:25:29,520 --> 00:25:32,199 Speaker 3: put that money towards you know, living overseas because it's 571 00:25:32,280 --> 00:25:35,040 Speaker 3: much more expensive than when you're home. So completely up 572 00:25:35,080 --> 00:25:37,760 Speaker 3: to you. Yes, you can still invest, but I would 573 00:25:38,000 --> 00:25:42,040 Speaker 3: probably not go and invest in an international market in 574 00:25:42,040 --> 00:25:44,840 Speaker 3: international currency and like open a whole new share trading 575 00:25:44,880 --> 00:25:46,959 Speaker 3: platform internationally. 576 00:25:46,560 --> 00:25:49,359 Speaker 1: If the intention isn't to stay long term. Okay, that 577 00:25:49,440 --> 00:25:51,280 Speaker 1: makes sense. That's all I've got for you on this 578 00:25:51,359 --> 00:25:53,840 Speaker 1: topic at this point in time. Though, back, Oh thank you, well, 579 00:25:53,840 --> 00:25:56,400 Speaker 1: that was fantastic. Actually was it? Yeah? I don't think other. 580 00:25:57,359 --> 00:26:01,600 Speaker 1: Oh good good the last co to London, so true. 581 00:26:01,880 --> 00:26:04,280 Speaker 3: Surprise me if you were like, I'm gonna follow suit, 582 00:26:04,400 --> 00:26:05,280 Speaker 3: I'm not gonna do it too. 583 00:26:05,440 --> 00:26:07,439 Speaker 1: No, I'm not gonna do it. You're so kind, you 584 00:26:07,480 --> 00:26:08,760 Speaker 1: are so kind. All right. 585 00:26:08,960 --> 00:26:11,399 Speaker 3: I think that is Unfortunately all we have time for today. 586 00:26:11,440 --> 00:26:13,040 Speaker 3: We will see you guys on Friday. 587 00:26:13,119 --> 00:26:14,520 Speaker 1: Have the best week. Hi, guys. 588 00:26:20,800 --> 00:26:23,320 Speaker 3: Did By shared on She's on the Money is general 589 00:26:23,400 --> 00:26:27,240 Speaker 3: in nature and does not consider your individual circumstances. She's 590 00:26:27,280 --> 00:26:30,760 Speaker 3: on the Money exists purely for educational purposes and should 591 00:26:30,760 --> 00:26:33,960 Speaker 3: not be relied upon to make an investment or financial decision. 592 00:26:34,359 --> 00:26:36,800 Speaker 3: If you do choose to buy a financial product, read 593 00:26:36,800 --> 00:26:40,920 Speaker 3: the PDS TMD and obtain appropriate financial advice tailored towards 594 00:26:41,000 --> 00:26:44,280 Speaker 3: your needs. Victoria Divine and She's on the Money are 595 00:26:44,320 --> 00:26:49,359 Speaker 3: authorized representatives of money. Sheper pty ltd ABN three two 596 00:26:49,359 --> 00:26:53,320 Speaker 3: one six four nine two seven seven zero eight AFSL 597 00:26:53,480 --> 00:27:02,480 Speaker 3: four five one two eight nine to