Moving abroad, whether temporarily to experience a new way of life or permanently to take up a dream job, is becoming increasingly popular for Australians. In fact, the Australian Bureau of Statistics says one resident relocates overseas every one minute and 49 seconds.
But what starts as an exciting relocation can quickly drain your time and financial resources if you don't plan your move carefully with the help of international moving specialists. There are numerous inconspicuous expenses when swapping your postcode for something exotic – read on for a succinct guide on the hidden costs to be wary of when moving abroad.
Moving abroad, especially for families, means packing up your life, lock stock and barrel, and moving it halfway across the world. International sea freight is an obvious cost of moving your furniture, vehicles and valuable items – but had you considered insuring your possessions during the journey?
Although your shipment will be packed to export standards and reinforced to withstand long journey, you can still never be certain about what will happen. OSS Movers' insurance packages offer complete peace of mind that your cherished goods will make it safely to your destination, regardless of the rigours that come with international travel.
Taxation & superannuation
The pull of competitive remuneration and overseas perks is often the reason behind an international move – but many people forget to arrange their financial affairs at home first. Depending on your income and the country you relocate to, you may still be required to pay tax on your salary earned abroad. Australia only has reciprocal agreements with a few countries to prevent double taxation, so check with Australian Tax Office to clarify.
Some countries abroad have similar compulsory social security schemes in place to our superannuation program. If that's the case, a number of countries waive Australian citizens' needs to contribute, to prevent double superannuation contributions. It's also important to note that the same rules about accessing your superannuation funds in Australia apply while overseas. You can check these relevant superannuation details on the ATO website.
Depending on the circumstances of your move, your employer may help with your initial expenses when you arrive at your destination. However, many people who relocate underestimate the costs of setting up a new life overseas.
Some of the tasks you'll need to complete urgently include:
- Finding accommodation and setting up a utilities account.
- Opening a local bank account and buying a SIM card.
- Obtaining a valid driver's licence for your new home country.
- If you have children, finding a nearby school and paying the academic fees.
Additionally, certain countries require residents to acquire licences or special identification for certain activities, such as purchasing alcohol or other restricted items. These expenses don't just impact your wallet – they can be a drain on your time too. While costs differ depending on the country you're moving to, it can be more effective to partner with international moving specialists who handle every detail as part of a total relocation package.
Costs of living
Another important cost many people overlook in the excitement of a move overseas is the price of living in their new home abroad. Purchasing power is dependent on a number of factors, including your lifestyle, family members and employment. However, working out a rough cost estimate of the first three months (discounting one-off settling-costs) will help you budget for the move.
Budget Direct offers an online Cost of Living Comparison tool, analysing food, utilities and rental prices in major Australian cities in comparison to locations worldwide.
PricewaterhouseCoopers estimates one million national citizens currently live abroad. Are you ready to join the Australians abroad for an amazing adventure? If so, make OSS Worldwide Movers your call for furniture moving, content insurance, and everything in between.