Financial Planning For Australians Expats: Why You Shouldn’t Forget About Superannuation


Your nationality is one of the key aspects that affect financial planning.  In the case of Australian expats, it pays to have an adviser who has specific knowledge in superannuation, and specific Australian based insurances that are suitable for those living overseas.

In the case of superannuation, the size of the total pot is a key determinant of the decision that an adviser will make.  If the size of the pot is substantial, it may be sensible for your adviser to manage it whilst you are overseas.  In comparison, paying fees to manage a small fund doesn’t usually make much sense.

For many Australian expats, investing in a separate offshore scheme is worth considering.  In the past, it was possible to transfer superannuation schemes abroad, in much the same way as citizens of the United Kingdom can still do.  However, that option no longer exists, and thus a sensible retirement plan is needed.

Before making such decisions, a good adviser should check how long their clients plans to live outside of Australia for, their desirable retirement age, deposable income and so forth. As a general rule, nobody can ever have too little in a retirement fund, so erring on the side of caution is best.

Your future plans are a very important aspect of financial planning.  As a rule, if you are planning on going back to Australia to retire, contributing to your superannuation even whilst being overseas – which has been possible since new legislation in 2007 – can be an excellent decision.

One also has to remember that all superannuation funds are slightly different.  Some, for instance, require members to be residents.  If a company has transferred an Australian citizen overseas, there is a good chance the fund will make it possible for the employer to keep contributing.

For those looking for information on this issue, there is an upcoming event in Phnom Penh.  The event will be held around August 20, but an exact date will be set once final plans have materialized.

Paul Milbourne, a licensed Australian financial planner, will be hosting a seminar speaking about superannuation, Australian real estate and insurances.  The seminar will cover some issues such as how you can hold property through superannuation, the Australian real estate market and financial planning for Australian expatriates.

On a more basic level, anybody who plans to retire in Australia will need an income and a place to live; so planning early is a good option. To book a place at the seminar or to receive more information, please confirm via[email protected].


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