Financial and Tax Advice

In Australia, anyone who provides advice on financial products must be licensed through the Australian Securities and Insurance Commission (ASIC). Before making any financial decisions it is advisable to take advice from a licensed Financial Advisor. If you have any kind of income from your home country, seek advice on your potential tax liability in Australia. Foreign income could be rent from your foreign property or dividends from shares in foreign companies.

All Australians must pay tax on all income, whether in Australia or overseas. There may be a possibility to offset tax already paid in another country. Because financial and tax matters are very complex, it is strongly suggested to check the ATO website http://www.ato.gov.au or talk to a financial or tax advisor.

It is also a good idea to ask the advisor how they are paid. Some charge a fee for providing advice and do not receive a commission from the products that they 'sell' to you. Others collect a smaller fee and a commission (which could affect the advice that they give you) - so ask up front.

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Information courtesy of Sue Ellson, Founder of Newcomers Network and Dina Zavrski-Makaric, Sydney Representative of Newcomers Network and Personal Coach and Counsellor of Challenging Directions.

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