Tax & Accounting
We provide holistic tax advice on the myriad tax issues returning expats need to consider as they prepare to return to Australia. We partner with Fairway Tax where advice on UK tax matters is required and we work with Expat US Tax where specific advice is required on US tax matters.
Our approach is to identify the key tax issues upon which a client needs advice and, via a through a series of Zoom calls, we gather the necessary base information we need to answer client queries and provide recommendations on how they should proceed.
As the saying goes ‘forewarned is forearmed’ and tax planning prior to repatriation is one way to ensure that tax issues are identified before they become a problem.
Our Services
International tax advice
We provide advice on the tax implications of repatriating to Australia including the tax impact of changing tax residence and how to optimise your affairs for Australian tax rules.
UK pension transfer tax advice
With assistance from our UK based partners, we advise on the tax implications of transferring funds from a UK pension scheme to a QROPS compliant fund in Australia and how to best minimise the tax impact.
SMSF tax and audit
We have full SMSF compliance service including accounting, tax and audit. We also operate QROPS compliant SMSFs which includes HMRC reporting as required.
Personal tax
We provide an annual Australian income tax return preparation and lodgment service which includes advising clients on what tax deductions and how to minimise their after-tax property income.
Business tax
We advise on the optimal business structure (company, trust or partnership) to use and can assist with completing ongoing accounting, Business Activity Statement and income tax lodgments.
UK Pension Transfer Advice
Providing advice on UK pension transfers is complex and requires expertise in multiple disciplines. To the extent that pension advice is required by a UK Financial Conduct Authority (FCA) licenced adviser, we partner with either Gorton Wealth Management (part of the SJP organisation) or Skybound Wealth. Both firms are licenced in the UK and are able to provide advice to holders of UK pension accounts.
In relation to the tax implications of transferring a UK pension to either an individual who is tax resident of Australia or to a QROPS compliant superannuation fund, this is the domain of our tax professional within Majenda Australia Pty Ltd. The advice we provide covers both the UK and Australian tax implications of making a transfer but does not extend to which financial product to use or anything which is outside the tax domain.
Once a client becomes tax resident of Australia and has made a decision to transfer their UK pension entitlements to a QROPS compliant fund in Australia, Majenda Financial Pty Ltd is able to provide personal advice as to which option is likely to best suit the client’s needs. The comparison is usually between whether to use a retail offering such as the Australian Expatriate Superannuation Fund (AESF) or whether to set up a Self Managed Superannuation Fund (SMSF) and go through the process of obtaining achieving compliance with the His Majesty’s Customs & Revenue (HRMC) organisation in the UK.
Majenda Australia and Majenda Financial are not licenced in the UK, but instead we use the UK partner firms to provide any advice that is required by an FCA regulated adviser.
Get in Touch
Contact our friendly team for more information regarding our services and the best way that we can assist you.