We had been referred a new client from Perth WA, where the client had his family home 12 months earlier. The client had commenced a dream job that started in Sydney and was expected to return to Perth or another state upon completion of the first 12 months.
Initially, the client’s family stayed on in Perth but eventually the client had them join him, leaving his family home in Perth vacant.
The client’s new employer had covered the first 6 weeks of expenses as an incentive to help make the move east. The client had leased a CBD Unit for $1,200 per week near his Sydney office for the last 12 months and had spent $62,400 with the intention to claim it all as a tax deduction.
Relying on your prospective employer for strategic tax advice about how to maximise relocation tax concessions is not recommended.
Don’t let this happen to you – before engaging in big life changing decisions it’s best to check with us for some formal advice before it costs you tens of thousands of dollars.
We have the answers, you just need to ask.