Lost Your Job in Singapore? A Financial Survival Guide for Aussie Expats

By Jarrad Brown

Losing your job is hard. Full stop. But losing it in Singapore, as an Aussie expat, brings a whole extra layer of complexity that most people simply aren’t prepared for.

Suddenly it’s not just about updating your CV. You’re also navigating visa deadlines, tax clearance obligations, super decisions, and lease clauses, all at once. And often with just 90 days to figure it all out.

Here’s the thing: you don’t have to go through this in a panic. With the right information and a bit of clear thinking, you can protect yourself financially and avoid some genuinely costly surprises. Here’s what matters most.

First things first: That 90-day clock is real

If you’re on an Employment Pass (EP), your right to stay in Singapore is tied directly to your job. Once your employment ends, your employer is legally required to notify the Ministry of Manpower (MOM) within one week. Upon the cancellation of an Employment Pass (EP), your employer may apply for a Short-Term Visit Pass (STVP) which may grant you a valid stay in Singapore for up to 90 days while you prepare for your departure.

90 days sounds like enough. But you also need to pack up your home, sort your finances, handle your lease, and ideally still land a new job. It moves faster than you’d expect.

If you’re a Permanent Resident (PR), the situation is quite different. Losing your job does not affect your PR status at all. You can remain in Singapore and take your time finding the next opportunity. That breathing room makes an enormous difference.

Don’t sign anything until you know what you’re owed

When you’re stressed and just want it over, it’s tempting to sign whatever the company puts in front of you. Take a deep breath. Your departure package deserves a closer look before you sign anything.

You may be entitled to severance payments, plus a payout for any accrued but unused annual leave. All payments are subject to applicable tax and withholdings, so read the fine print carefully.

One thing many expats forget to ask about is repatriation costs. If you hold a valid EP, your employer is legally obligated to cover the cost of sending you home, which includes buying a flight ticket with checked luggage.

Tax clearance (IR21) is not optional

This one catches a lot of people off guard. Before your employer can release your final payment, they must file an IR21 form with the Inland Revenue Authority of Singapore (IRAS). This is your formal tax clearance, and it must be completed before you leave.

It’s also worth checking whether the double taxation agreement between Australia and Singapore applies to your situation. This could prevent you from being taxed twice on the same income.

The timing of your departure could affect your tax bill

This is one many Aussie expats don’t think about until it’s too late. When you officially leave Singapore could have a real impact on how much tax you pay in both countries.

If you leave midway through Singapore’s tax year, your final assessable income may be lower. That may help reduce your Singapore tax liability. On the Australian side, when you re-establish tax residency matters just as much. Returning at the wrong point in the financial year could inadvertently push up your taxable income in Australia.

It could be worth speaking with a cross-border financial consultant before you book your flights. Even shifting your departure by a few weeks could make a meaningful difference.

Coming home? Your super deserves attention

If you’ve been overseas for a few years without making super contributions, this could be a real opportunity worth exploring. Depending on your super balance, you may have unused concessional contribution caps available under the carry-forward rules.

Making a contribution when you return could potentially help reduce your taxable income in Australia, while also rebuilding your retirement savings at the same time.

Read your lease before you assume you can walk away

Your rental situation is one area where being underprepared can cost you significant money. Most expat leases in Singapore include a diplomatic clause. This generally allows you to exit early, providing two months’ notice, after completing at least twelve months if you have lost your employment or been transferred.

However, not all diplomatic clauses are drafted in the same way. Some still require you to reimburse a pro-rata portion of the agent’s commission upon an early exit. Read the wording carefully before assuming you are fully ‘in the clear’.

If your lease lacks a diplomatic clause, your options become more limited. Look for any other termination rights that might apply to your situation. If you are unsure, consider seeking professional advice before contacting your landlord in writing.

Don’t leave without reviewing your investments

If you hold investments in Australia with unrealised capital gains or losses, your change in residency status will likely affect their tax treatment. When you re-establish Australian tax residency, Capital Gains Tax (CGT) rules can shift in ways that may either benefit you or create an unexpected liability.

Furthermore, if you hold assets jointly with a partner, it is worth reviewing whether that ownership structure remains the most tax-efficient for your return. It is significantly easier to restructure these holdings before you depart Singapore than it is once you have already relocated.

You’ll get through this

Losing your job in Singapore is stressful, there’s no sugarcoating that. But redundancy also creates a rare window to take stock of your finances in ways most expats keep postponing. Handled well, it can be a genuine opportunity to restructure your finances, sort out your super, clean up your investments, and return to Australia in a stronger position than you left.

A common mistake is simply trying to get through it rather than thinking strategically from day one. Ninety days goes faster than you think, and moving back to Australia is a big step, especially when it is sooner than planned.

If you would like a second pair of eyes on your finances to ensure everything is set up correctly for your return, you could consider a complimentary consultation with me. We can discuss how to secure your financial future across borders. The groundwork you lay in the next few weeks can shape your finances for years to come.

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore.

Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3

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

📞 8282 5702

✉ jarrad.brown@gfcadvice.com

💻https://singapore.feebasedfinancialadvice.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.