Top 5 things to consider before moving to Australia as a UK expat

Australia is a popular destination for UK expats for many reasons. But before you make the move, there are some important financial considerations you need to be aware of, or else you could find yourself in a position where your finances aren’t set up to enjoy the benefits of the Australian lifestyle.

At Apt Wealth Partners, we specialise in UK expat Australian financial advice. We’ve helped hundreds of UK expats and returnees manage this transition smoothly. Based on our experience, here are the top 5 things to consider for a UK expat moving to Australia.

1. Transfer your UK pension to Australia carefully

A UK pension for expats in Australia can be complex. It is likely one of your most valuable financial assets, so it’s vital to make informed choices before transferring it.

To transfer your UK pension into an Australian superannuation fund, the receiving fund must be a qualified recognised overseas pension scheme (QROPS) and you must be at least 55 years old. Transfers made within six months of arrival can often avoid immediate tax consequences.

That’s not to say that if you’re under 55 you don’t need to worry about your pension. For this age bracket, you may want to consider having your pension managed in readiness for a transfer.

However, not all pensions are alike.

• Defined contribution pensions (such as self-invested personal pension - SIPPs) are generally easier to transfer.
• Defined benefit pensions are more complex and often require regulated UK transfer advice.

Understanding applicable fund earnings (AFE) – the investment growth since becoming an Australian resident – is also essential, as AFE is always taxed.

Working with an adviser who understands both UK and Australian systems ensures your pension transfer is compliant, tax-efficient and aligned with your retirement goals.

2. Understand tax residency and double taxation

When you move to Australia permanently, you generally become an Australian tax resident from the day you arrive. From then on, you’re taxed on your worldwide income and assets, including those in the UK.

If you’re moving temporarily (for example, on a 482 skilled visa), you may qualify for temporary resident tax concessions, where only Australian-sourced income is taxable.

The UK–Australia Double Tax Agreement (DTA) helps prevent double taxation. However, you must still report all overseas income – including rental income, dividends and UK employment income – on your Australian tax return.

Getting advice early can help you avoid unexpected liabilities and protect your wealth across both systems.

3. Build your retirement wealth through superannuation

Once you settle in Australia, superannuation becomes the foundation of your long-term retirement strategy. While your UK pension remains important, contributing to super provides valuable tax advantages and helps you grow wealth within the Australian system.

If you plan to transfer your UK pension, aligning it with your superannuation structure helps manage investment risk, currency exposure and contribution caps.

With the right strategy, your combined retirement assets can work together to provide a stable and tax-efficient income in the future.

4. Consider property, cost of living and currency impacts

Property decisions are often among the biggest financial considerations for expats. Whether you plan to sell, rent or retain your UK property, it’s crucial to understand how it will be taxed in both the UK and Australia.

If you sell your UK home after becoming an Australian resident, both countries may apply capital gains tax (CGT), but the DTA typically prevents double taxation. Rental income must also be declared in both jurisdictions.

When buying in Australia, be aware that securing finance can be more difficult for new arrivals, particularly if your income is still UK-based.

Currency movements can significantly affect transfers and investments, so consider using a specialist foreign exchange provider or a staged transfer strategy to reduce volatility and get better value from your funds.

5. Prepare for healthcare, insurance and lifestyle changes

Australia offers an excellent quality of life and a strong healthcare system, but costs can vary widely from the UK. While Medicare provides public health cover, many expats also take out private health insurance to access private hospitals and shorter wait times.

If you’re moving with a family, factor in childcare, schooling and lifestyle expenses early – private education can range from AUD $5,000 to over AUD $30,000 per year.

It’s also important to review your existing UK insurance policies. Many may not cover you once you move, so setting up local life, income protection and total and permanent disability (TPD) insurance helps safeguard your family’s future.

Moving with confidence

With the right strategy, you can navigate complex tax rules, manage currency transfers and build long-term wealth across both countries.

At Apt Wealth Partners, we’re specialists in UK expat Australian financial advice, helping UK expats and returnees plan, protect and grow their wealth with confidence. Whether you’re preparing to move or have already arrived, our cross-border advisers can help you make smart, informed decisions for your future.

Contact Apt Wealth Partners today to discuss how we can help you make a smooth, financially secure move to Australia. For more detailed information on financial considerations for UK expats moving to Australia, download our UK expat guide.

General Advice warning

The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.