Brett Evans

these types of events into their systems.

So they don't just suddenly stop and go, put their hands in their ears and say, well, stop.

They understand very important to keep going.

So I talked to someone two weeks ago who is arriving next week into Dubai for a new job.

So the appeals there, maybe not as big as it was, say, in January and February, but I think that'll kick up again because we do see a lot of people moving to the

who are trying to get ahead.

And with the changes in tax laws, we may see more of that coming out as well soon.

Okay, very interesting.

How does it affect your existing finances?

Number one, this is almost, I wouldn't say it's an arrogance, but a disbelief that when they go overseas, everything stays the same.

And it's not the case at all.

You suddenly become, when you are wanting to be a non-resident for tax purposes in the ATO's eyes,

your assets in Australia change forever until you come back.

So how you manage those assets are completely different to how you manage those assets pre that move.

And probably one of the most punitive ones has been the main resident exemption.

When that rule was changed on the 1st of July 2020, you can sell a property that was formerly a PPR in Australia one week after moving overseas, and you will pay capital gains tax all the way back to the date of purchase.

If you don't sell it, just rent it out, you are fine.

What will happen is that property is what we call taxable Australian property.

So it becomes accessible while you're overseas still as a non-resident.

But we have this great law in Australia called the main resident exemption, the six-year rule.