Financial Planning Myths Australian Expats in Singapore Still Believe and Why They Could Cost You

By Jarrad Brown

Living the expat life in Singapore comes with a lot of perks ranging from a vibrant lifestyle, low tax rates, and endless travel opportunities. But while you’re busy enjoying hawker food and weekend getaways, it’s easy to fall into a few financial traps that could cause long-term damage to your wealth. Here are some of the biggest financial myths Australian expats in Singapore still believe and why it’s worth setting the record straight.

Myth 1: I don’t need to worry about my superannuation while I’m overseas

Many Australians think their superannuation will take care of itself while they’re away. But if you’re working for a Singapore-based company, chances are you’re not receiving any superannuation contributions at all. That means your retirement savings could be coasting, or worse, losing ground. Add to that the fact that some Australian superannuation funds don’t accept contributions from overseas, and you’ve got a recipe for a seriously underwhelming retirement if you’re not paying attention.

Myth 2: I’ll deal with my finances when I move back to Australia

Tempting? Definitely. Smart? No. Kicking the can down the road could mean missing out on years of compounding growth, tax planning, and strategic investment decisions. Singapore’s low tax environment offers some incredible planning opportunities that are much harder to access once you’re back on Australian soil. The earlier you plan, the better your financial position will be. Plain and simple.

Myth 3: I’m not living in Australia, so Australian tax rules don’t apply to me

This one catches a lot of people off guard. Just because you’re based in Singapore doesn’t automatically mean the Australian Taxation Office views you as a non-resident, nor does it mean that you no longer have any tax obligations to be mindful of. Maintaining strong connections to Australia may impact your tax residence, and with Taxable Australian Income, or HECS/HELP balances, your reporting obligations may still carry on. It’s complex but getting it wrong can be expensive.

Myth 4: My CPF / SRS and overseas investments will cover me in retirement

Singapore’s CPF and SRS system and low-tax income might feel like a dream, but it doesn’t come without its own tax implications when you return home. If you plan to return to Australia one day, you might find that some overseas assets are taxed differently or can’t be accessed when you need them the most. Retiring comfortably and tax-efficiently often requires a well-planned approach that works across jurisdictions.

Financial Clarity Across Both Borders

Being an Australian in Singapore opens doors of opportunities, but it also comes with unique financial risks. Don’t let outdated assumptions quietly chip away at your future. A little proactive planning now can mean a whole lot less stress later.

Not sure where to start? I can help you navigate both the Australian and Singaporean systems with clarity and confidence.

To learn more about how we may be able to help you, please contact us:

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✉ jarrad.brown@admin.gfcadvice.com

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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.

*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.