UK Citizens Flee Economic Turmoil to Escape to Australian Shores

The recent and sudden economic turmoil that has engulfed the UK’s financial markets has seen young British citizens and graduates; together with other foreign nationals migrate to the some what safer shores surrounding a more robust Australian economy.

According to expert financial services and immigration group 1st Contact, most of the UK migrants include young professionals ranging from 18-30 years of age, together with graduates, where it is believed that these individuals are fleeing the city of London to avoid the cold winter spell coupled with the dismal economic outlook, to take advantage of Australia’s flux job market and attractive life-style.

According to 1st Contact, with the UK banking, finance, construction and trade industries, to mention a few, being adversely effected from the declining UK economy, Britain’s young professionals who previously populated these professions are now actively seeking greater career advancement and skills development opportunities abroad, where Australia is proving to be a popular destination.

The abundant nature of the Australian job market has opened up copious amounts of opportunities for the foreign recruitment market, where it has been confirmed that last year alone, up to 30 000 British citizens took up Australian working holiday visas. This has been further confirmed with a 14.86% increase (from 2006 to 2007) in the uptake of Australian working holiday visas by foreign nationals.

On the other end of the spectrum, according to an article published in London’s Paola Totaro on 4 December 2008, the volumes of Australian citizens returning home from the UK, over the festive season has remained consistent and can therefore not be directly attributed to Britain’s economic downswing.

In order to facilitate the ease of migration to brighter Australian shores, 1st Contact is geared towards assisting these individuals with their Australian tax compliance requirements. 1st Contact offers the following advisory tips to individuals seeking a new start within the Australian terrain:

* You will be required to submit an Australian tax return for the 2008 tax year if you have earned assessable income in Australia or were an Australian tax resident during the year ended 30 June 2008.

* Most Australian citizens, who have resided in the UK on a working holiday visa, will be regarded as Australian tax residents and therefore may have tax obligations in Australia. Similarly certain individuals who have obtained alternative UK visas may also have tax obligations in Australia.

For any additional queries regarding the management of tax obligations in Australia, please contact Simon Howard on simon.howard@1stcontact.com or +61 3 9670 0669

For Australian immigration queries please contact 1st Contact Visas:
UK Office
+44 20 7759 7546
migration@1stcontact.com

South African Office
+27 21 657 2196
saoffice@1stcontact.com