With the Federal Election results almost finalised and the Coalition to form majority government we asked some experts in their field to summarise what this could mean for Expat Aussies in the UAE:
CRAIG HOLDING - Abacus Financial Planning
"Now that the votes are in what does this mean for expats from this "miracle" and what should they expect from the liberal party over the next term in office?
- Phased in tax cuts. This was one of the signature election policies of the campaign. If the Government are proposing to reduce the tax rate for anyone earning between $45,000 and $200,000 to 30%. So if you are planning to return to Australia in the future paying a 30% tax rate is better than it was when I left in 2005!
- Infrastructure Spending galore. The government has promised to continue spending big on infrastructure projects around NSW and Victoria. So getting around between the state will become easier for many, if you also work in the construction industry then maybe it is time to consider a move back home to get involved. This spending increase should also boost the local economy in those areas and housing prices.
- Capital Gains tax on the family home - this was introduced by the Liberal government in the lower house but not passed into law before the election. So the government may look to reintroduce this in the next term. It isn’t a high priority for the government so it may not happen so watch this space for more details.
- Lower Aussie Dollar - As an expat there is always a cheer if the Australian dollar goes lower, the RBA has indicated that they have no immediate plans to increase the current interest rate levels, this should mean that the AUD should remain at the current levels for the short term.
- Check your insurance under superannuation - You see, in the recent Australian Federal Budget the Government announced that all superannuation funds, who have members (that's you) who have insurance benefits (that might be you) who have not received a contribution in the past 16 months (most likely you too) must write to these members advising them that unless they are 'Opt In' or make a contribution by 30 June 2019 the cover WILL BE CANCELLED. So best reach out to your superannuation fund and find out what the process is."
DANIEL HACKETT - Atlas Wealth Management
How do the election results affect Australian expats?
Ultimately it means a retention of the status quo. Labor proposed the following radical changes which overall may have been detrimental to many expats. Atlas Wealth Management Managing Director Brett Evans has recently published a blog on the comparisons between Labor and Coalition policies and how they affect Expats - read it here