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Moving to Australia for 3 months - advice required

sabin6912
Posts: 29 Forumite
Hi,
Firstly I just want to say please forgive me if I have posted this in the wrong area of the forum!
I have recently accepted a secondment to work in the Australian branch of the company in work for in the UK. The secondment will be a total of 12 weeks starting in January and running until April.
I would like some advice/guidance with regards to a few different areas;
• I will be paid by the UK company in GBP - what will be the best way of converting my UK salary in GBP into AUD? Should I open an Australian bank account (if I am able to do so) or should I use a money transfer system such as Transferwise?
• Are there any tax implications I need to be aware of both in the UK and in Australia
I will be provided with an apartment and a car while I’m there, which I assume I will not need to pay tax on as they are essentially being ‘gifted’ to me whilst I continue to be paid by the UK company.
Any advice or guidance as to where I can seek further assistance would be great.
Thank you
Firstly I just want to say please forgive me if I have posted this in the wrong area of the forum!
I have recently accepted a secondment to work in the Australian branch of the company in work for in the UK. The secondment will be a total of 12 weeks starting in January and running until April.
I would like some advice/guidance with regards to a few different areas;
• I will be paid by the UK company in GBP - what will be the best way of converting my UK salary in GBP into AUD? Should I open an Australian bank account (if I am able to do so) or should I use a money transfer system such as Transferwise?
• Are there any tax implications I need to be aware of both in the UK and in Australia
I will be provided with an apartment and a car while I’m there, which I assume I will not need to pay tax on as they are essentially being ‘gifted’ to me whilst I continue to be paid by the UK company.
Any advice or guidance as to where I can seek further assistance would be great.
Thank you
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Comments
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I would suggest you ask who ever has seconded you to Australia.Breast Cancer Now 100 miles October 2022 100 / 100miles
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For three months it's probably not worth opening an Australian bank account.
You can use the TransferWise Borderless account with debit card, or any other debit or credit cards that are fee-free overseas,, just used normally for purchases and ATM withdrawals.
Currently the best choice is probably a Starling Bank account on your phone, into which you could have your salary paid directly (otherwise just transfer GBP online). Have at least two such means of payment, in case of loss or failure etc. See:
https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/Evolution, not revolution0 -
Look in the travel section of the forum and the credit card section.
A "good for travel" credit card e.g. Halifax Clarity would allow you to purchase most of your needs in Oz, would convert to GBP at a good rate, and bill your UK bank account in GBP. Set up a DD to clear the account before you go.
There are several cards that are good for cash, but beware that most Aussie banks will charge a fee for cash withdrawals on foreign cards.
Ask on the tax saving board about your car and accommodation. They could be classed as benefits in kind?0 -
Australia advice: Dont' stand under eucalyptus trees in case the drop bears get you.0
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Shouldn't the company be giving you advice about taxes etc?
Transferwise will give you a local bank account number (if needed) including BSB number.
Starling may be a good option for freeish ATM usage but you may be charged by the local ATM owner. Barclays have an arrangement with the Westpac - Barclays charge 2.75% but the Westpac ATM won't.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I'd be asking the company you work for about the tax implications - I doubt you'll need to worry about Australian tax, but it'd be worth getting that info directly from them. The car, etc, might be treated as benefits in kind if they are also used for personal use.
As for the bank account situation, it's unlikely you'll be able to open an Aussie account if you're only there for 3 months. I'd open something like Starling and transfer GBP into that for overseas spending as required. Otherwise see below: https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/0 -
Don't forget to tell your UK bank you will be in Australia for 3 months.Life in the slow lane0
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I’d also make sure you claim the FX charges, fees etc from your employer.
They should ensure they look into whether they need to put you on an Australian payroll
https://www.ato.gov.au/business/single-touch-payroll/concessional-reporting/inbound-assignees/
Unfortunately quite a lot of employers don’t think through the implications of sending an employee overseas beyond the business and commercial rationale and sometimes a “temporary” assignment ends up lasting several years...0 -
Another recomendation for Starling. It worked briliantly for us when on holiday there in 2018. No transaction fee and the best exchange rate on the day. We rarely needed cash as everywhere accepted "tap and pay" (contactless) for transactions up to $100 or chip and pin if it was for a larger value. Cash withdrawals were free when using most ATMs.0
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Not worth opening local bank account for 3 months only, if even possible, not sure what the local rules are. If for whatever reason you need Australian bank account number, just use Transferwise borderless.
For spending Starling debit card and Halifax Clarity credit card should cover you. With no fees and lowest possible exchange rates.
If it's a secondment in a branch of the same company I would ask/expect some company card for per diem expenses. This should serve as a compensation of sorts for the exchange rates that someone was suggesting you claim.
Since it's a multinational company there are likely well established processes around travel and expenses including potential tax implications - Ask your line manager/HR0
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