When it comes to working overseas the options can be endless. You may be considering teaching English in Italy, working as a ski instructor in Japan or taking a job that’s very similar to the one you’re doing now, only in New York City!
Advantages of working overseas
Wherever you’re planning to go, you could find there’s more to be gained by working overseas than just earning a different currency.
Recruitment experts say international experience can look good on your resume.1 That’s because many employers value the experiences employees gain by working overseas.
Not only does international experience look good, it can also make you better at what you do, studies by the Harvard Business Review have found.
People who’ve worked overseas were revealed to be better problem solvers and display more creativity than those that hadn’t, while those who became bicultural had better professional reputations and got promoted faster.2
Where should you go?
At any one time there are around one million Australians living and working overseas.3
Certain places have a reputation for their expertise in certain industries – for example, you wouldn’t consider Fiji if you wanted to work as a ski instructor, but you may move to London or New York to further your career in finance.
You may also be limited by the countries you can get a visa for and the type of visa you can get.
To find out in advance what rules and regulations apply around visas in the country you’d like to work in, contact the country’s embassy here in Australia.
Getting ready to go
While the thought of life in another country is exciting, there are a few practical things you need to know before you jet off.
Before you go it’s a good idea to have some savings behind you to help you get set up once you arrive. Put a budget plan in place to help you work out how much you need to put aside to pay bills and how much you could have left over to spend or save.
You should take your important personal documents with you as they may be required by immigration or your overseas employer. They will usually require originals, but be sure to make copies and leave these in Australia. Documents to take include:
• Birth certificate
• Marriage certificate
• Citizenship documents
• Divorce and custody documents
• Educational qualifications
• Police checks4
If you remain an Australian resident while overseas, you need to continue to lodge an Australian tax return and declare your worldwide income, even if you pay tax in the country you are working in.5
The Australian Government has double taxation agreements with several countries so that Australians don’t end up paying tax in two countries. Visit the Australian Taxation Office website for more information on the tax implications of working overseas.
If you have a Higher Education Loan Programme (HELP) debt you are currently paying off, you will need to continue to pay it off while you work overseas.6
Typically, your super must remain in your super fund until you reach preservation age and are eligible to access it. If you wish, you can continue to contribute to your super in Australia while you’re away, though restrictions apply to self-managed super funds.7
To ensure you’ve taken care of the financial side of things, speak to your financial before you head off. If you don’t have one, call us on 131 267 or use our find an adviser tool.
Managing your money
Find out how you can make a big difference to the opportunities and lifestyle you enjoy today and tomorrow.
According to research, forking out money on experiences, time and other people is the way to go.