Financial Questions
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Financial Questions
Hello,
I'm emigrating from the U.S. to Australia sometime during the coming
12 month period. I hope to obtain a temporary resident visa and
eventually a permanent resident visa. I plan to keep my U.S.
citizenship. I'd like to make a few comments, then ask questions where
I need advice or a link to a helpful site. Any information would be
sincerely appreciated.
I took early retirement in the U.S. after 30 years of work for my
employer and am currently 57 years of age. I hope to immigrate to
Australia via the category that includes fiancee and interdependent
relationships.
My fiancee/interdependent person is an Australian citizen who is
employed and earns an income of more than $50,000 per year in pre-tax
Australian. dollars. I no longer work, but receive an annual
retirement income before tax of $42,000 inU.S. dollars. The majority
of my income comes from an Individual Retirement Account, but some of
the money comes from personal investments. I pay regular U.S. income
tax on the IRA income and dividend/capital gains taxes on income
derived from personal investments. Although this doesn't fall into
the income category, I also pay about $2,000 per year U.S. for a group
health insurance policy which covers everything but optical and
dental.
In 5 more years I will also be eligible to receive additional income
from U.S. social security of approximately $15,000 per year (includes
an inflation factor). Some of this added income will be taxable in
the U.S., but I don't know how much yet.
My questions are:
1. Will I have to pay additional Australian income tax on my current
$42,000 U.S. income? If so, is there a method to estimate what the
incremental tax would be or a link that might help?
2. Can I still receive U.S. U.S. social security income after I
relocate to Australia? Again, if so, is this income taxable in
Australia, and to what extent?
3. Although I have a request in with my U.S. health insurance carrier
re. transferring the policy to Australia, I don't yet know if this is
possible. Assuming my policy isn't transferrable, will I be eligible
for any type of health insurance in Australia, whether sponsored by
the govt. or a private company? I would be looking for similar
coverage, that is insurance that pays for the majority portion of
doctor and hospital visits, emergency and non elective surgery, and
prescription drug coverage.
I realize I have a ton of research to do, (and I have already begun),
but I've not yet found the above information. BTW, I also intend to
eventually hire a specialist in immigration - either a tax attorney or
an accountant. Thanks in advance for any suggestions or leads.
Blake
I'm emigrating from the U.S. to Australia sometime during the coming
12 month period. I hope to obtain a temporary resident visa and
eventually a permanent resident visa. I plan to keep my U.S.
citizenship. I'd like to make a few comments, then ask questions where
I need advice or a link to a helpful site. Any information would be
sincerely appreciated.
I took early retirement in the U.S. after 30 years of work for my
employer and am currently 57 years of age. I hope to immigrate to
Australia via the category that includes fiancee and interdependent
relationships.
My fiancee/interdependent person is an Australian citizen who is
employed and earns an income of more than $50,000 per year in pre-tax
Australian. dollars. I no longer work, but receive an annual
retirement income before tax of $42,000 inU.S. dollars. The majority
of my income comes from an Individual Retirement Account, but some of
the money comes from personal investments. I pay regular U.S. income
tax on the IRA income and dividend/capital gains taxes on income
derived from personal investments. Although this doesn't fall into
the income category, I also pay about $2,000 per year U.S. for a group
health insurance policy which covers everything but optical and
dental.
In 5 more years I will also be eligible to receive additional income
from U.S. social security of approximately $15,000 per year (includes
an inflation factor). Some of this added income will be taxable in
the U.S., but I don't know how much yet.
My questions are:
1. Will I have to pay additional Australian income tax on my current
$42,000 U.S. income? If so, is there a method to estimate what the
incremental tax would be or a link that might help?
2. Can I still receive U.S. U.S. social security income after I
relocate to Australia? Again, if so, is this income taxable in
Australia, and to what extent?
3. Although I have a request in with my U.S. health insurance carrier
re. transferring the policy to Australia, I don't yet know if this is
possible. Assuming my policy isn't transferrable, will I be eligible
for any type of health insurance in Australia, whether sponsored by
the govt. or a private company? I would be looking for similar
coverage, that is insurance that pays for the majority portion of
doctor and hospital visits, emergency and non elective surgery, and
prescription drug coverage.
I realize I have a ton of research to do, (and I have already begun),
but I've not yet found the above information. BTW, I also intend to
eventually hire a specialist in immigration - either a tax attorney or
an accountant. Thanks in advance for any suggestions or leads.
Blake