Dreaming of a midlife gap year overseas? Here’s what you need to do before jetting off.
You’ve got your house mostly paid off, the kids have left home and you’ve built up some savings or even come into a bit of an inheritance. With carpe diem in mind, you’ve arranged a sabbatical from work and it’s finally time for a midlife gap year before resuming “normal” life.
You can speed up the process by getting an account with an international bank such as HSBC or ING in Australia and then transfer it to your new address.As Karen and Craig Pudig found when they were on a gap year that was cut short by COVID-19, they could not find a doctor that would accept their $3000 travel insurance in the US. So while their policy was great for COVID-related travel claims, it did not pay out when Craig needed to see a doctor .
If your property is in the inner city or a destination such as a beach, then you could use a rental management service like MadeComfy that operates like an Airbnb. This will give a high return per rental and also has the advantage of leaving your furniture in place.yourself. But without a manager, it will be hard to fix problems from overseas. Managers can take 12 to 20 per cent of the income from the property.
For example, if you generate $1500 income a week the tax amounts to $18,000, excluding deductions. You can minimise this by timing your gap year to cross two tax years, giving you two income tax thresholds to spread the income over. Choosing the right time to travel could cut the tax on the aforementioned $80,000 to just $9800.Land tax year is payable over a calendar year
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