A bit of advice?

Smudge1986 · #1 (**permalink**) 24th January 2011, 12:27 AM

Hey guys,

I came over to Australia on a Working Holiday Visa and have just had it confirmed I get to stay! WOOP WOOP! On a sponsored visa from my company.

However now I've actually "done it" I'm at a bit of a loss when it comes to the financial side of things.. I have been told I'm better of getting Private Health insurance, sorting out an accountant and to be honest I don't know where to start. Can anyone suggest a good accountant in Melbourne? Or suggest anything else I may need to sort out?

Cheers for your help!!
Carly

sfmike · #2 (**permalink**) 24th January 2011, 01:09 AM

Congratulations!

On the private insurance front, if you are over 30 there is an incentive to sign up in your first year. Otherwise, you will pay a penalty of 2% for every year you are over 30 if you eventually sign up (this is waived if you do it in your first year after becoming a resident). Wikipedia has a good overview.

For an accountant, I highly recommend Colin Heard (colinheard at hotmail dot com) in Melbourne. He was trained and practiced in the U.S. and is well versed in both countries' tax laws. Not sure where you are from, but U.S. citizens are required to file tax returns no matter where we live, which is important if you hope to return someday (there are various ways to avoid double taxation).