Date: 18 May, 2016
Location: Le Royal Meridien, Abu Dhabi.
Something that is always on an Aussie expat’s mind when another Australian budget is
delivered is “what does it mean for me?”
Just two weeks after Australia’s 2016 budget, Australian investment and tax guru, Geoff
Taylor, came to Abu Dhabi to answer that very question.
In an event held in partnership with AusBG and DeVere Acuma, a small but vocal group
attended the Triangle Room at Abu Dhabi’s Royal Meridian to find out about any long
reaching budgetary ramifications for expats in the region.
Despite social media campaigns suggesting the contrary, Australia’s economy is, and is likely
to remain, buoyant. “We’ve had 98 quarters of growth, the world record is held by the
Netherlands at 103. I can’t think of any reason why we won’t beat that,” said Mr Taylor.
As a result, the overarching message of the evening was that the budget wasn’t a drastic one
– that Australia is at the end of an election cycle might also have some influence on how it
was put together.
However, it wasn’t all good news. While not catastrophic, the changes to superannuation
rules will likely have many reconsidering their investment, and retirement strategies.
Primarily due to a change in rules as to how much an individual can shift from and to their
accumulation fund before the government steps in for a share.
“There are ways to minimise exposure” advised Mr Taylor, “and for many who fall outside of
the threshold it will be business as usual. At least until they are thinking about transitioning
What is clear is that good advice is the key, and best acquired from those with a vested
interest in getting it right or their clients – be that through Australia based investment advice
through people like Geoff Taylor, or off shore advice from advisors such as Daniel Hackett of
Overall, this informative event served to remind the attendees that they shouldn’t be
complacent. When so far from home and the day to day life of Australia, it is an easy thing to
do. As Daniel Hackett explained, “68% of returning expats do so in a worse financial state
that when they arrived here”.
A sobering thought. Whatever this year’s budget might mean, this event highlighted that it
might just be time to for Australian expats to revisit their financial strategies, so that there
are no nasty surprises waiting for them when they return home.