Ask for tax advice before you move overseas
Are you planning to work overseas? It’s crucial to find someone who is knowledgeable about expat taxation. Before you leave, make sure to schedule a meeting with an expat tax advisor to discuss your tax obligations and understand the potential tax implications of working abroad. With the help of an expert, you can avoid costly mistakes and ensure compliance with tax laws in both your home country and the destination country.
Many countries offer reciprocal tax agreements so that you don’t have to pay tax twice. To do this you may have to declare yourself non-resident for taxation purposes. If you do this, don’t expect your medical bills to be covered by Medicare when you come home for a holiday! Many of the schools we work with also pay some or all of your local tax requirements.
We asked for recommendations from teachers currently living overseas and they recommended the Smats Group which runs Australasian Taxation Services, accessible from anywhere in the world. Their recent presentation describes expat taxation and compares differences since 2004.
Consult the experts
While we would love to offer tax advice, only a specialist can keep up with constant changes and updates to tax laws. Good tax advice for teachers overseas is vital in order to manage your affairs wisely and make the most of your earnings.
Tax guide
This valuable tax guide from BDO is intended for individuals leaving Australia for employment purposes. It aims to provide an overview of the main Australian tax considerations and issues that affect Australian employees who are teaching overseas. It is current as of July 2022. Click here to download.
If you are from New Zealand and looking for some advice, click here.
Teachers from the US click here
“In this world, nothing can be said to be certain, except death and taxes.” Benjamin Franklin (1706-90)
Recommendations for tax advice from teachers overseas
- http://www.globaltaxonline.net/about-us/
- https://www.taxesforexpats.com/we-help/teachers-abroad.html#faq-18
- http://www.siamtaxtreaties.com Based in Bangkok, this firm specializes in international tax and knowledge of tax treaties that affect a candidate moving to Thailand.
- TES has an article on the importance of good financial advice and financial education.
Facebook Groups
“Teachers on the Move Internationally”
“Expats and International School Educators” has 7500 members who share advice on finances and taxes and what to avoid.
