Migrating from the UK to Australia involves a lot more than simply transferring your UK pension. It’s for this reason that Australian QROPS provides a holistic approach to your migration experience which covers you from your initial visa application to filing your first tax return as an Australian resident.

Accountant

In Australia every single tax payer is legally required to file and lodge their own tax return with the ATO. This can represent a huge challenge for migrants from the UK who may have never filed a tax return before in their native tax system yet alone in Australia’s. Not only this but transferring wealth and income form the UK brings with it its own complicated transitional tax issues.

This is why an accountant is crucial to your migration journey as they can prepare and lodge your return on your behalf. By filing with an accountant you ensure that your return is filed fully, correctly and on time thus avoiding fines. Furthermore, an accountant will be able to manage your transitional tax issues and advise on how to minimise your tax obligation in the longer term given your cross-jurisdictional tax situation.

Financial Planning

As a migrant your financial situation is always unique; you may have significant assets and/or income sources spread over several countries, you may have substantial costs in the form of legal fees and tax bills and your UK pension benefit could be held anywhere from a pension fund in London to a QROP Self managed super fund in Australia.

To be able to manage such a complex financial situation the help of a financial planner is often required. A financial planner can examine your complicated cross-jurisdictional situation from a holistic point of view which considers both your financial and lifestyle goals and suggest a course of action moving forward to achieve those goals.

Mortgage Broker

As a migrant a mortgage entails not only a significant financial burden but also the challenge of actually applying for the mortgage itself. The highly unique lending criteria for non-permeant residents in Australia can make gaining approval for a loan as a migrant highly problematic.

This is where a mortgage broker can step in as they can manage the entire application process on your behalf. A mortgage broker will remove all the potential hassle involved with the application and employ their deep understanding of the banks lending criteria to make sure you have the best chance of being approved for a loan. Furthermore, a mortgage broker will be able to save you thousands in interest repayments by comparing hundreds of home loan products in order to find the best deal for your situation.

Buyers Agent

Purchasing a home is the greatest financial and lifestyle decision that most people make in their lives. As a migrant though having to navigate a fierce, foreign and vast Australian property market makes this task all the more daunting. However, with the help of a buyer’s agent it doesn’t have to be such a challenge.

A buyer’s agent will save you endless hours of house hunting by scanning the entire property market to find you a house that meets your exact lifestyle needs and fits well within your budget. Buyers agents are also able to facilitate the entire purchase process which in Australia can take a number of months to settle and involve substantial amounts of negotiation and paperwork.

General and Life Insurance Brokers

As a migrant some of the insurance polices you held in the UK may not continue to cover you in Australia. This creates a precarious situation that places you at great financial risk should an unfortunate situation occur.

A general and life insurance broker can help prevent this situation from occurring by examining your existing insurance policies in order to determine wether or not you’re still covered as a migrant in Australia. If it turns out that your current insurance polices no longer provide you with appropriate cover your insurance broker can act on your behalf to cancel your existing polices and also arrange the purchase of new insurance cover that best meets your needs.

Business Insurance Broker

The insurance landscape for business’s in Australia is a uniquely complicated one, which makes compliance a difficult task for many migrants who own their own businesses. Particular insurance polices such as worker’s compensation insurance are compulsory for all business’s whilst business’s in almost every single sector are required to take on some form of additional industry specific insurance.

It’s due to this complex business insurance environment that a business insurance broker is highly beneficial as they can assure you comply with all of your insurance requirements no matter what kind of business you operate. An insurance broker can also advise on additional insurance polices that may benefit your business and as with any broker they can manage the entire application process on your behalf.

Forex Agent

One of the most obvious issues involved with moving from the UK to Australia is that Australians use dollars rather than pounds.

A forex agent helps resolve this problem by facilitating the exchange of large amounts of currency at rates much lower than those offered by the banks which could potentially save you thousands.

Migration Lawyer

Another rather obvious issue with migrating to Australia is the various legal issues revolving around visas, permeant residency and potentially citizenship.

A migration lawyer specialises in managing these problems; they will be able to advise and assist in your visa application, represent you in all legal dealings related to your migration and help you through the process of gaining permanent residency and potentially citizenship in the long term.

If you believe any of these services would be beneficial to you in your migration to Australia, then why not get in touch with the team at Australian QROPS so we can help you build an all encompassing solution for your UK pension transfer.