At The Tax Institute’s March 2019 National Convention, in Hobart, Mr. Gil Levy, CTA-Life, of Gilsons Chartered Accountants, presented his paper, entitled: A Taxing Journey Home.



1 Introduction

Increasingly I am being approached by non-resident Australian expats and other non–residents for advice in connection with the taxation implications of their proposed relocation or immigration to Australia.

Typically, the clients are “baby boomers” who have accumulated considerable wealth over a long period in relatively “tax friendly” jurisdictions (but not always so) and are concerned about exposing that wealth to the Australian Capital Gains Tax (CGT) and Income Tax regimes.

In turn Australian residents, again primarily “baby boomers”, are finding themselves entitled to offshore funds, for many reasons, but primarily as beneficiaries of a deceased relative’s estate.

This is a broad topic such that in its broadest scope may cover the intricacies of various offshore jurisdictions’ approach to the transfer of pension funds into our superannuation system, estate planning restrictions on residents of foreign jurisdictions, who set up offshore trusts prior to leaving the jurisdiction (as is the case with U.K. residents).

However, in order to sensibly limit the scope of this paper I will restrict the discussion to the headings set out in the Contents Page drawing on my own experience with clients faced with the putative situations referred to therein.


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