Moving Overseas

[Overseas]

Hi Guys

Im moving overseas for a couple of years, the lure of making more money at a lesser tax rate has got the better of me to accelerate the savings.

I just had a few questions, would appreciate any help

1.I have one IP in a HDT, Im wondering how to go about maintaining it, as I think I need to change the trustee because of residency requirements.
Im not really happy with the entire HDT thing but I guess I made the wrong choice and have to stick with it.The ideal scenario would be to get rid of the HDT but thats expensive, and dont know of any other aternatives.

2. As I do not have a PPOR, hence I do not have a permanent postal address here in Aus so how do I maintain mail and stuff (especially IP related issues) I thought of a mail box Any other suggestions?

3. My current situation is this
IP bought mid 2007 for approx 280k @ 95 %lvr valued at aprrox 350k now (comparable sales)
I have a buffer (savings) of approx 30k
Current Income is approx 67k
Partners Income is 22k
New job in the same field overseas is approx 110k (after tax)

My confusion is should I buy another IP before I leave (in a month) or should I wait for six months build another 20-30k in savings and buy then. Im not sure about the ease of getting a loan as an overseas contractor.

4. I have two cars, one which I can sell easily the second one is a 1990 model Honda accord which I have spent quite a bit on but cant sell it as I would get only 1k, I was thinking of storing it but dont know if thats viable.


Thanks a lot for any suggestions or opinions


Regards

 

[Raddles]

Hi there
I note that when we moved overseas for a stint in Texas USA, we had a power of attorney in favour of our parents - and had mail redirected to our new address overseas.

Not sure where you are moving to - but is it a location you might be interested in having an IP?

Moving is stressful - so I would be inclined not to impose a further stress by trying to purchase a property before you go. It might be worth checking out the new location?

thanks

 

[Overseas]

Hi

Im moving to Malaysia, I havent looked into the property market there but I will.

Thanks for the Suggestion

Cheers

 

[lissie]

There are lots of places that will let you store a car - though its probably going to cost more than its worth. We have a hyundai lantra stored in NZ - got battery reconnected - it started 1st go after 10 months. Over-inflate the tyres slightly (to stop flat spots) & leave the tank about 1/2 full and disconnect the battery should do it We also had it serviced before it went back in storage. With the sun in Oz its probably better that its under cover otherwise you will get fading. At least you will still have a car once the other one is sold
Its really stressful moving - dont try to buy an IP as well. Wait and see how it goes- you may hate ex-pat living and be back in 6 months - and Malaysia is not very far to come back from. A PO Box is good but someone still has to clear it - there are companies that will provide a mail forwarding service for you - designed for grey nomads and yachties - but will work for you too - google mail forwarding australia or similar

 

[nomadic]

1.I have one IP in a HDT, Im wondering how to go about maintaining it, as I think I need to change the trustee because of residency requirements. Im not really happy with the entire HDT thing but I guess I made the wrong choice and have to stick with it.The ideal scenario would be to get rid of the HDT but thats expensive, and dont know of any other aternatives.

I also got caught up in the hype a few years back and set up a HDT which has 1 IP and some managed funds in it. I have since been buying assets in my own name and don't buy anything more in the HDT. My plan is to sell the IP and managed funds and disolve the trust and corporate trustee.

To save on ASIC fees etc in the meantime, my solicitor tells me i can pay $300 to have the trust deed amended, remove the corporate trustee and install myself as trustee. The whole trust thing is overkill for my personal circumstances.

2. As I do not have a PPOR, hence I do not have a permanent postal address here in Aus so how do I maintain mail and stuff (especially IP related issues) I thought of a mail box Any other suggestions?

I'm also moving o'seas this year and will be getting my mail redirected from my PO box to my address o'seas. Haven't figured out how but will either trust a friend to do it for me or employ someone to do it. In the meantime, i am arranging to have as much of my mail emailed to me instead.

My confusion is should I buy another IP before I leave (in a month) or should I wait for six months build another 20-30k in savings and buy then. Im not sure about the ease of getting a loan as an overseas contractor.

I'd wait until you're settled in your new living situation first before buying an IP.

4. I have two cars, one which I can sell easily the second one is a 1990 model Honda accord which I have spent quite a bit on but cant sell it as I would get only 1k, I was thinking of storing it but dont know if thats viable.

Depends on how long you're away for. It's like losing your driving licence: at what point does it become unviable to hold onto the vehicle instead of selling it and buying another one at a later date? 6 months? 12 months? 2 years? If you do store it, make sure you do stuff like lissie mentioned, i.e. disconnect the battery, overfill the tyres and keep it covered. I've always kept my vehicles with a full tank of fuel when in storage as it helps prevent the tank from rusting internally.