An Australian Expat Financial Adviser is a professional adviser who understands the unique financial and tax intricacies of being an Australian Expat. An Expat Financial Adviser possesses specialist expertise and knowledge above what is required for traditional Australian financial advice. While the advice offered by an Expat Financial Adviser is Australian-centric, it also accounts for your non-resident tax status, overseas location, and compliance with overseas tax authorities. An Australian Expat includes individuals, couples or families who are citizens or permanent residents (PR) of Australia and reside overseas for the medium to long term. Australian Expats may reside overseas for various reasons such as employment, lifestyle, or retirement. The financial and tax considerations for an Australian Expat differ from those of an Australian living and working within Australia. For this reason, Australian Expats should seek financial advice from a specialist Expat Financial Adviser with the expertise, education and experience required to provide appropriate and suitable advice considering their unique Expat status.

To give financial advice in Australia, Financial Advisers are required to comply with strict professional and educational standards. To be authorised to provide financial advice, an adviser must: -have an approved qualification (minimum of a relevant university degree); -have passed the financial adviser exam administered by ASIC; -participate in continuous professional development (CPD) yearly; and -comply with the Financial Planners and Advisors Code of Ethics. Financial Advisers must also be registered with ASIC. You can determine whether a Financial Adviser is registered by searching their details on the ASIC Financial Adviser Register available on their website. In addition to ensuring that your Financial Adviser is qualified, it is vital for Australian Expats to partner with a Financial Adviser possessing the knowledge and expertise to provide expat-related financial services and who understands the financial complexities associated with being an Australian Expat. The financial planning services offered by Runway Wealth Management are provided by qualified Financial Advisers, registered with ASIC, and meet all of the above requirements. Further, our Financial Advisers have multiple years of experience providing financial advice services to Australian Expats.

At Runway Wealth Management, a Financial Adviser will meet with you for an initial Discovery Call where you can express your needs. This allows your Financial Adviser to learn more about your situation, goals and advice needs, which is used to determine the services appropriate to assist you. The advice you receive may be comprehensive (involving many services) or limited (involving only a select few services), depending on your needs or preferences. For example, if you do not wish to receive advice on superannuation, this can be scoped out. Financial Advisers have a fiduciary responsibility to act in the best interests of their clients. This means we are prohibited from providing services that do not align with your communicated financial goals and objectives. We must also decline to provide advice where we believe we do not have the necessary expertise.

You can have peace of mind in the advice you receive from an Australian Financial Adviser as they are regulated by strict Australian financial services laws, required to possess adequate qualifications and have a fiduciary responsibility to provide advice that is in your best interests. While similar mandates apply in many other countries, they do not in all, and may not be as stringent, with limited options available for recourse in the event you receive poor advice. Runway Wealth Management provides financial advice tailored to Australian Expats, helping to ensure that upon your return to Australia, you have few financial concerns, and have something to show for your time spent overseas. Building your wealth in Australia can be advantageous while abroad as there are tax-effective strategies you can employ, comparable to those available in your overseas country. It can also mitigate the risks associated with managing foreign currencies while abroad. Our Financial Advisers will work with you to consider any repatriation plans and factor this into your financial strategy. We also ensure maximum flexibility is built into your financial strategy, so that in the event your plans change unexpectedly, you have access to any investments, and we can help in adjusting your financial strategy where necessary.

Clients of Runway Wealth Management can have confidence that their investments are managed safely and securely from financial misconduct or wrongdoing as we only work with regulated Australian financial services companies that have been reviewed and approved by our licensee. Any funds you invest as a result of investment advice provided by us are not received or held by us, rather, it is held in an account controlled by you that is facilitated by a regulated third-party financial services company with no affiliation to us on an arms-length basis. Australian financial services companies must adhere to strict Australian financial laws and are regulated by the Australian Securities and Investment Commission (ASIC). This places a responsibility on companies and their employees to take due care in handling your financial affairs and ensures you have rights to remediation or recourse in the event of financial misconduct.

Financial Advisers primarily focus on providing advice and guidance on investments, financial planning, retirement planning, and overall wealth management. Their services help clients set financial goals, develop investment strategies, manage portfolios, and plan for major life events (like buying a home or funding education). Accountants specialize in tax compliance and planning, ensuring clients comply with tax laws and minimize tax liabilities. Their services involve preparing tax returns, advising on tax implications of financial decisions, and helping with tax strategies to reduce tax burden legally. In summary, a Financial Adviser helps clients build wealth and achieve financial goals through investment strategies, whereas an Accountant ensures clients comply with tax laws and minimize tax liabilities through effective tax planning and preparation.

Financial Advisers offer comprehensive financial planning and investment management services beyond just buying and selling securities. They consider broader financial goals and strategies. Financial Advisers typically build long-term relationships with clients, understanding their entire financial situation and goals. Stockbrokers often have transactional relationships focused on executing trades. Financial Advisers have a fiduciary standard, requiring them to act in the best interests of their clients. Stockbrokers may operate under a suitability standard, ensuring investments are suitable for clients’ needs but not necessarily the best possible option.

As an Australian expat, your tax obligations with the Australian Taxation Office (ATO) can vary based on several factors, including your residency status for tax purposes and the source of the income you earn. Residency Status: The first step is to determine your residency status for tax purposes with an Accountant. This is crucial because it determines what income you need to declare to the ATO and what deductions and exemptions you are entitled to. The ATO uses specific criteria to determine residency, considering factors like your intention to reside overseas permanently or temporarily, your ties to Australia, and the duration and purpose of your overseas stay. Income Source: If you are a non-resident for tax purposes, you are generally only taxed on your Australian-sourced income. This might include income from Australian investments, rental properties in Australia, or income earned from Australian employment while temporarily overseas. Capital Gains Tax (CGT) may also apply when you dispose of assets in Australia while you are a non-resident. Given the complexities involved, it is advisable to seek professional advice from a Financial Adviser or tax accountant who specializes in Australian expatriate tax matters. They can provide guidance tailored to your specific circumstances and help ensure compliance with Australian tax laws while optimizing your tax position.

As an Australian Expat, your superannuation account is generally treated the same for tax purposes with the ATO as someone residing in Australia. Your tax residency status and overseas location generally do not impact the ATO’s rules relating to contribution limits, preservation rules or taxation rates. The exception to this is if you have a Self-Managed Superannuation Fund (SMSF). If you are a non-resident Australia Expat and a member of an SMSF, the SMSF may need to meet a series of Australian residency tests to remain compliant with the ATO, otherwise, it can face significant tax penalties of up to 47%. Australian Expats need to ensure they understand how their overseas tax authority may treat their superannuation account including contributions, earnings, and withdrawals. Given the complexities involved in the taxation of superannuation for Expats, it's essential to seek advice from a qualified tax accountant or Financial Adviser who understands both Australian tax laws and international tax implications.

Runway Wealth Management will only recommend products that it believes are suitable for meeting your financial situation, needs and stated financial objectives. Financial Advisers are prohibited from recommending financial products where there is a conflict of interest. They are also prohibited from receiving commissions, benefits or payments when recommending a financial product, other than if that product is an insurance product. Any payments received as a result of an insurance product must be disclosed in your Statement of Advice (SOA). Australian Expats should be mindful when considering Australian financial products as they may not be may not be appropriate due to their overseas location and/or residency status for various compliance reasons. At Runway Wealth Management, we conduct research on a range of available financial products and recommend those most suitable for your life stage, goals and needs, including your overseas jurisdiction.

Runway Wealth Management is only remunerated by charging Adviser Service Fees (ASFs) which are paid by the clients it services. This includes the fee charged to prepare your Statement of Advice (SOA) document and the ongoing advice fees charged for the continued financial planning services provided to you. We do not receive any commissions, benefits or other payments. For more information about our fees and the advice process, please review our Services.

Seeking expert financial advice is important as it can help you avoid costly mistakes, maximise your financial position and provide peace of mind. For Australian Expats, it is even more important to obtain specialist financial advice to ensure that you are making sound financial decisions while living abroad, taking advantage of your overseas/non-resident status and ensuring that you are on track to achieve your desired objectives.

Engaging a Financial Adviser can be beneficial at various stages of your life and financial journey. The right time for you to engage the services of a Financial Adviser will depend on your circumstances. However, it is often best to speak with a Financial Adviser sooner if you experience a career change, require assistance managing your wealth, or begin planning for retirement. Australian Expats should seek advice from a specialist Financial Adviser at any stage of their expat journey. However, we particularly recommend obtaining advice: (1)before departing Australia; (2)before repatriating to Australia. In essence, engaging a Financial Adviser is beneficial whenever you face complex financial decisions, major life changes, or need expert guidance to achieve your financial goals effectively. Their expertise can provide peace of mind and help optimize your financial strategies across various stages of life.

No. While your Financial Adviser at Runway Wealth has a fundamental understanding of Australian tax residency rules, we cannot determine your Australian tax residency status as this is a tax return matter and a service best suited to a Tax Accountant. We have an extensive professional network and can put you in contact with a specialist Expat Tax Accountant.

No. Financial Advisers cannot file tax returns for clients as this is a service provided by an Accountant. Should you require the services of a tax accountant to help file your Australian tax return, Runway Wealth Management works closely with several accountants who may be able to assist. If you require a recommendation, please contact our office.

Financial Advisers are required to comply with the Financial Planners and Advisers Code of Ethics (Code of Ethics), which consists of standards and core values designed to encourage high standards of behaviour and professionalism. Under the Code of Ethics, advisers must act in a way that demonstrates and promotes the values of: (a)Trustworthiness; (b)Competence; (c)Honesty; (d)Fairness; and (e)Diligence. The Code of Ethics also includes 12 standards that promote high standards of behaviour and professionalism and relate to the core areas of: (1)Ethical behaviour; (2)Client care; (3)Quality process; and (4)Professional commitment. Runway Wealth Management is committed to offering professional services that adhere to and promote the duties and ethical responsibilities required of Australian Financial Planners. We understand that appropriate financial advice can significantly improve an individual’s financial well-being and for this reason, acknowledge the importance of making financial advice accessible to Australian Expats.