Finance News

Want to work overseas?

Working overseas is something many people want to do. But what do you need to know before you go? 
When it comes to working overseas the options can be endless. You may be considering teaching English in Italy, working as a ski instructor in Japan or taking a job that’s very similar to the one you’re doing now, only in New York City!

Advantages of working overseas

Wherever you’re planning to go, you could find there’s more to be gained by working overseas than just earning a different currency. Recruitment experts say international experience can look good on your resume.1 That’s because many employers value the experiences employees gain by working overseas. Not only does international experience look good, it can also make you better at what you do, studies by the Harvard Business Review have found. People who’ve worked overseas were revealed to be better problem solvers and display more creativity than those that hadn’t, while those who became bi-cultural had better professional reputations and got promoted faster.2

Where should you go?

At any one time there are around one million Australians living and working overseas.3 Certain places have a reputation for their expertise in certain industries – for example, you wouldn’t consider Fiji if you wanted to work as a ski instructor, but you may move to London or New York to further your career in finance. You may also be limited by the countries you can get a visa for and the type of visa you can get. To find out in advance what rules and regulations apply around visas in the country you’d like to work in, contact the country’s embassy here in Australia.

Getting ready to go

While the thought of life in another country is exciting, there are a few practical things you need to know before you jet off.

Savings

Before you go it’s a good idea to have some savings behind you to help you get set up once you arrive.

Documents

You should take your important personal documents with you as they may be required by immigration or your overseas employer. They will usually require originals, but be sure to make copies and leave these in Australia. Documents to take include: • Birth certificate • Marriage certificate • Citizenship documents • Divorce and custody documents • Educational qualifications • Police checks4

Tax

If you remain an Australian resident while overseas, you need to continue to lodge an Australian tax return and declare your worldwide income, even if you pay tax in the country you are working in.5 The Australian Government has double taxation agreements with several countries so that Australians don’t end up paying tax in two countries. Visit the Australian Taxation Office website for more information on the tax implications of working overseas.

HELP loans

If you have a Higher Education Loan Programme (HELP) debt you are currently paying off, you will need to continue to pay it off while you work overseas.6

Super

Typically, your super must remain in your super fund until you reach preservation age and are eligible to access it. If you wish, you can continue to contribute to your super in Australia while you’re away, though restrictions apply to self-managed super funds.7 To ensure you’ve taken care of the financial side of things, speak to us before you head off. Bon voyage!  
General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

ASCK Pty Ltd (ACN 105 450 566), trading as AMEGA Financial Solutions is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited Australian Financial Services Licensee and Australian Credit Licensee 232 706. General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.

Financial Services and Credit Guide