Pre-Departure Checklist for Australian Expats

Mitchell Kelsey
6 hours ago
5 min read

Relocating overseas is an exciting opportunity for Australians, whether driven by career growth, lifestyle changes, or personal adventure. However, moving abroad also introduces financial, tax, and legal complexities that require careful planning well before departure.

This pre-departure checklist for Australian Expats is designed to help you organise your financial affairs, remain compliant with Australian regulations, and establish a strong foundation for your life overseas. Addressing these matters early can reduce stress, minimise risk, and allow you to focus on settling into your new country with confidence.

Our pre-departure checklist for Australian Expats is also available as a downloadable, print-friendly PDF.

PRE-DEPARTURE PREPARATIONS

Before leaving Australia, there are several practical steps worth addressing to ensure a smooth transition. This section of the pre-departure checklist for Australian Expats outlines the key preparatory actions to consider.

Review Your Budget

Assess your current financial position and create a budget for your new country of residence. Factor in differences in cost of living, local taxes, housing costs, healthcare, and any jurisdiction-specific expenses.

Build an Emergency Fund

Ensure you have a suitable emergency fund in place. In many cases, it may be appropriate to hold emergency funds both in Australia and in your new country to manage unexpected expenses or timing issues with currency transfers.

Mail Forwarding

Set up mail forwarding or nominate a trusted contact to manage important correspondence you may continue to receive in Australia.

International Driver’s Licence

If you plan to drive overseas, familiarise yourself with the requirements for obtaining an international driver’s licence and any local driving regulations.

CURRENCY & PAYMENTS

Managing money across borders is a critical component of a successful relocation. This part of the pre-departure checklist for Australian Expats focuses on reducing currency costs and improving cash-flow efficiency.

Foreign Exchange (FX) Accounts

Consider setting up a foreign exchange account with a reputable FX provider. This can help you transfer funds at competitive exchange rates and lower transaction costs compared to traditional banks.

Monitor Exchange Rates

Keep an eye on exchange rate movements before departure so you can strategically time transfers for initial living expenses or major purchases abroad.

BANKING & ACCOUNTS

Ensuring uninterrupted access to your funds is essential when moving overseas. This section of the pre-departure checklist for Australian Expats helps you avoid common banking disruptions.

Notify Your Bank

Inform your Australian bank of your move overseas and confirm how to manage accounts securely while living abroad.

Notify Share Registries

If you hold Australian shares, update your details with the relevant share registries to ensure ongoing communication and tax compliance.

Open International Accounts

Establish a bank account in your new country before or shortly after arrival to manage local income and expenses efficiently.

Access & Payment Methods

Confirm your debit and credit cards will work internationally and update payment methods where required.

SEEK FINANCIAL ADVICE

A strategic financial plan is essential before departing Australia. This section of the pre-departure checklist for Australian Expats focuses on long-term wealth, superannuation, and debt management.

Establish a Financial Plan

It’s advisable to work with an Expat Financial Adviser to create a tailored financial plan that aligns with your overseas income, lifestyle goals, and long-term objectives.

Review Superannuation

Understand how your Australian superannuation will be treated while you are living overseas and how it fits into your broader retirement strategy.

International Retirement Accounts

You may gain access to retirement or pension schemes in your host country. It’s important to understand how these accounts work, their tax treatment, and how they may interact with Australian superannuation upon your return.

Manage Existing Debts

Plan how you will manage any Australian debts while abroad, including mortgages, Student HELP (formerly HECS) debts, car loans, or personal loans.

SEEK TAX ADVICE

Tax residency and cross-border tax obligations can be complex. This section of the pre-departure checklist for Australian Expats highlights key tax considerations to address before departure.

Understand Tax Implications

Seek advice on the tax consequences of becoming an Australian expat, including how your income, investments, and assets may be taxed both in Australia and overseas.

Lodge an Australian Tax Return

Ensure your Australian tax affairs are up to date. This may include lodging a final Australian tax return or addressing outstanding obligations prior to departure.

INSURANCE CONSIDERATIONS

Adequate insurance coverage provides peace of mind when living abroad. This part of the pre-departure checklist for Australian Expats focuses on protecting you and your family.

Life Insurance

Review your life insurance policies to confirm they remain valid while you are living overseas.

Health Insurance

Research international health insurance options to ensure your medical needs are adequately covered in your new country.

Employer-Provided Insurance

If your overseas employer offers insurance benefits, review the scope of cover and identify any gaps that may need to be addressed.

GOVERNMENT AGENCIES

Before leaving Australia, it’s important to address key government-related matters. This section of the pre-departure checklist for Australian Expats helps ensure ongoing compliance and access to services.

Medicare

Your access to Medicare generally remains valid until the expiry date shown on your Medicare card. Confirm your eligibility before departure.

Australian Electoral Commission (AEC)

If you plan to live overseas, notify the AEC of your move. Voting is not compulsory for Australians living abroad, but if you wish to remain enrolled, consider whether this may have implications for your tax residency status.

MANAGING PERSONAL ASSETS AND BELONGINGS

Organising your personal assets and belongings ahead of time simplifies your relocation. This section of the pre-departure checklist for Australian Expats helps you plan effectively.

Personal Assets & Belongings

Decide what to do with personal items such as furniture, electronics, and whitegoods. Whether to sell, store, or lease them.

Vehicles

If you own a vehicle in Australia, decide whether to sell it or arrange long-term storage before departing.

ESTATE PLANNING

Estate planning for Australian Expats is often overlooked when moving overseas, but remains a critical consideration. This final section of the pre-departure checklist for Australian Expats ensures your affairs are protected.

Update Your Will

Review and update your Will to reflect your new circumstances, including changes to your address, assets, or beneficiaries.

Power of Attorney

Consider establishing or updating a Power of Attorney so a trusted person can manage your affairs in Australia if required.

Conclusion

Relocating overseas involves far more than booking flights and packing your belongings. It requires thoughtful preparation, strategic financial planning, and a clear understanding of your obligations both in Australia and abroad.

By following a pre-departure checklist for Australian Expats, you can ensure your tax position, investments, insurance, estate planning, and long-term financial goals are addressed before you leave. Taking the time to plan now can reduce uncertainty, protect your wealth, and support a more confident transition into your new life overseas.

As every expat’s circumstances are unique, some considerations may fall outside this checklist. Seeking advice from qualified financial, tax, and legal professionals can provide invaluable clarity and peace of mind.

Safe travels!

Runway Wealth Management is the trusted Financial Adviser to the Australian Expat community. Our tailored advice is backed by expertise, education and experience, which allows us to be at the forefront of Australian Expat Financial Planning.

If you would like to speak to one of our Expat Financial Advisers about this blog or if you have other queries, we would be more than happy to speak with you. Feel free to send us an enquiry through the ‘Contact Us’ tab provided in the link below:

General Advice Disclaimer: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.