bovered Posted June 13, 2022 Share Posted June 13, 2022 Can anyone please recommend a financial advisor in the Sydney/Illawarra region with an overall knowledge of the Australian and UK tax, pension system, and property regulations ? I've been here 10 years, I'm an Australian citizen and I am reaching an age when I have to make decisions in regard to these three items. I have financial interest in both countries and have zero idea of what to do for the best in regard to financial planning. Apologies if I've overlooked the answer to this question in a previous post, it seems like it would be a common enough enquiry - I did have a little look and nothing was obvious. Many thanks. Quote Link to comment Share on other sites More sharing options...
Ken Posted June 13, 2022 Share Posted June 13, 2022 You probably need to work out if your need is more pressing for a financial advisor or a tax advisor. Financial advisors are not allowed to give advice about tax and Tax advisors are very limited in the amount of financial advice they are allowed to give (and very few have knowledge of both Australian and UK tax). Some bigger firms do employ both types of advisors but then you still have to talk to two (or more) different people. Quote Link to comment Share on other sites More sharing options...
Parley Posted June 13, 2022 Share Posted June 13, 2022 13 hours ago, Ken said: You probably need to work out if your need is more pressing for a financial advisor or a tax advisor. Financial advisors are not allowed to give advice about tax and Tax advisors are very limited in the amount of financial advice they are allowed to give (and very few have knowledge of both Australian and UK tax). Some bigger firms do employ both types of advisors but then you still have to talk to two (or more) different people. That is very odd given many financial decisions have tax considerations at their heart. Eg negative gearing decisions. Seems odd to say i can talk about the financial advice but not about the tax. Quote Link to comment Share on other sites More sharing options...
Ken Posted June 14, 2022 Share Posted June 14, 2022 7 hours ago, Parley said: That is very odd given many financial decisions have tax considerations at their heart. Eg negative gearing decisions. Seems odd to say i can talk about the financial advice but not about the tax. You can talk about many things. But you can't charge a fee for tax advice in Australia unless you are registered with the Tax Practitioners Board (and no you can't get around that by claiming the tax advice came free with the financial services advice you charged for). Similarly you can't give financial advice unless you are licenced to do so. In some areas there's a lot more red tape in Australia than there is in the UK. Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted June 14, 2022 Share Posted June 14, 2022 On 13/06/2022 at 18:51, Ken said: You probably need to work out if your need is more pressing for a financial advisor or a tax advisor. Financial advisors are not allowed to give advice about tax and Tax advisors are very limited in the amount of financial advice they are allowed to give (and very few have knowledge of both Australian and UK tax). Some bigger firms do employ both types of advisors but then you still have to talk to two (or more) different people. Hi Ken You are mostly correct however there is a subset of financial advisers who are called "tax financial advisers" who are specifically accredited to provide tax advice relating to the investment being discussed. These new provisions came into effect on 1 January 2022. If you are not an accredited tax financial adviser you can't discuss tax in terms of gearing or even franking credits. Sad, but true! Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted June 15, 2022 Share Posted June 15, 2022 On 13/06/2022 at 13:48, bovered said: Can anyone please recommend a financial advisor in the Sydney/Illawarra region with an overall knowledge of the Australian and UK tax, pension system, and property regulations ? I've been here 10 years, I'm an Australian citizen and I am reaching an age when I have to make decisions in regard to these three items. I have financial interest in both countries and have zero idea of what to do for the best in regard to financial planning. Apologies if I've overlooked the answer to this question in a previous post, it seems like it would be a common enough enquiry - I did have a little look and nothing was obvious. Many thanks. Hi bovered Feel free to reach out to me via andrew@vistafs.com.au and I'd be happy to see if we are in a position to assist. Regards Andy Quote Link to comment Share on other sites More sharing options...
bovered Posted June 19, 2022 Author Share Posted June 19, 2022 Thank you everyone for commenting, I had no idea tax and financial advise would be separate entities, that's actually quite helpful. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 20, 2022 Share Posted June 20, 2022 Some of us are tax qualified and work closely with financial planners - so clients can get the holistic advice they often require to secure optimal outcomes. Best regards. Quote Link to comment Share on other sites More sharing options...
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