u/Then_Commercial9413

After 7 years in the UK, I’m moving back to Australia to start a new job in Sydney.
- I’m 23 and have 4 years of work experience in the UK
- My new job is an assistant manager working in consulting, paying 115k AUD inc. super. This can also include up to a 30% bonus
- New job starts in mid September and am looking to stay in Australia for the considerable future, maybe one more stint back in Europe in the future but that’s very TBC
- I’m very lucky to be moving back home, so rent will be low / invested by my dad and returned to me when I need it I.e. house deposit
- I’m good with my money, and have always made the most of UK wealth growing vehicles such as stocks and shares ISA

As I’ve never lived in Australia as a working adult (I’m 24 years old), just looking for some advice with how I should set out my financial plan. My understanding is:
- new CGT tax is crap and really de-incentivises young professionals to invest money, only solution is set and forget ETFs, which isn’t necessarily a bad thing?
- FHSS is great, and I should look to max that over my first 3.5 years to reach the 50k AUD
- Salary sacrifice any expendable money into my super, to benefit from the marginal tax rate

Is there anything else I should be considering / factoring in to my wealth plan? I’m not particularly focused on buying a property in the next 2-3 years, but depending on job growth, maybe the plan would be to buy in 4-5 years. What else should I be thinking of to drive my Aussie wealth?

Really appreciate any guidance / support! And happy to engage in comments :)

Hi all,

Just looking for some tax advice with the below:
- I have quit my UK job and have got 2.5 months of travel (Europe + Australia) before starting a new job back in Australia in mid September.
- I have lived in the UK the past 7 years, doing 3 years at uni and 4 years of work
- I have both a UK and Australian passport
- Australia may be long term, but I wouldn’t be surprised if I do one more stint in the UK later on (in 5 years or so, depending on how the economy looks)

In terms of the above, I’m trying to understand what I need to undertake:
- complete a P85 to confirm I will no longer be a tax resident. Should I complete this once I have left the country for the final time? I am flying out of London to Australia in late August. I will hopefully get back all the tax I have paid in FY27 so far.
- register to still contribute to NI whilst I’m away. If I spend the rest of my life in Australia, yet contribute to NI for another 31 working years (bringing the total to 35 years of NICs), will I be entitled to a full state pension (assuming there are no changes to how it works in the future)? Is this worth it or not?
- is there anything else I need to consider from a UK tax perspective?

Really appreciate your help :)