Moving from Australia to the United States is one of the most exciting things you'll ever do. It's also one of the most financially complex. The decisions you make in the months before you fly can save you tens of thousands of dollars. Or cost you the same if you get them wrong. This 2026 financial checklist walks through what Australians should address before moving to the US. The aim: get it sorted while you still have time on your side.
I've worked with the team at Apt Wealth Partners on this guide. They specialize in exactly this scenario — Australians at every stage of the US move. They've also put together a free downloadable checklist that mirrors what's in this article. Fill in the form at the bottom to get a copy.
Why this financial checklist matters more than you think
Most Australians moving to the US underestimate the financial complexity until they're already here. By then, three things have shifted. Specifically:
- Decisions you could have made cheaply from Australia now require an international lawyer or accountant
- Tax positions that were optional before you left are now locked in
- Some Australian structures (super, trusts, managed funds) have become significantly harder to manage from a US tax-residency position
The single most valuable thing you can do, therefore, is get organized early. Tax residency rules, investment structures, property timing, and super all interact in surprising ways. As a result, they catch people off guard. Fixing mistakes from overseas is far harder — and more expensive — than getting it right the first time.
The rest of this article walks through every category on the pre-departure financial checklist.
Australian tax residency: where the financial checklist starts
First, confirm whether you'll become a non-resident for Australian tax purposes. If you expect to live outside Australia for more than two years, you probably will. However, the test isn't automatic. But it's not automatic. The ATO uses a specific set of tests. Your circumstances need to clearly fit one of them.
Why this matters: your Australian tax rates and obligations change once you become a non-resident. Certain assets also get treated very differently for capital gains tax (CGT).
Furthermore, if you're keeping Australian shares or managed funds, you'll face a choice:
- Deemed disposal — pay tax on the gains accrued to date, then no further Australian CGT as a non-resident
- Defer — get assessed on the full gain for the period of time you’re overseas
Each option has trade-offs. The right one depends on your situation, what you hold, and how long you'll be overseas. A cross-border adviser can model the comparison for you.
You'll also need to confirm whether you still have to lodge an Australian tax return while you're in the US. This is usually required if you own Australian property. Same goes for a HECS/HELP debt or certain other Australian-source income.
For more depth on how Australian tax residency works for expats, see my piece on the ongoing tax residency rule changes.
US tax: the financial checklist traps to avoid
The US tax system works very differently from Australia's. Therefore, some Australian investments cause unexpected problems once you become a US tax resident.
First, the biggest landmine: PFIC rules. Most investments not domiciled in the US can be classified as a Passive Foreign Investment Company. That includes most Australian managed funds and ETFs. PFICs trigger complex reporting requirements and often punitive US tax treatment. Many Australians choose to sell these holdings before arriving in the US. Then they rebuild their portfolio with US domiciled funds or Australian direct company stock once they’re here.
Similarly, superannuation requires careful attention. If you've made large personal contributions, the structure may need adjusting to avoid adverse US tax outcomes. Same goes for a self-managed super fund (SMSF) — both the structure and investments often need a review. The US has no equivalent to super, and the US–Australia tax treaty treatment is nuanced. Different US tax treatments are possible. The right one depends on how the fund is structured and what contributions have been made.
Getting professional advice before you land is much easier than trying to unwind problems later. Once you're a US tax resident, however, your options narrow.
Want to see what these issues look like once you're already in the US? Apt Wealth has covered the seven Australian financial strategies that most often backfire post-move. Read it as the companion piece to this checklist.
Property timing: a critical financial checklist item
Australian property is often the biggest asset people hold. Furthermore, the tax treatment can change dramatically once you become a non-resident.
Two scenarios to plan for:
Selling your former principal place of residence
If you plan to sell your former main residence, selling before you leave Australia can result in a far more favorable tax outcome. A 2020 rule change means selling your main residence while overseas can trigger a six-figure CGT bill. The same sale before departing wouldn't have applied that bill at all. The rule removes the main residence CGT exemption for foreign residents in many cases.
Therefore, if selling is on the table at all, run the numbers on a pre-departure sale before you commit to any timeline.
Keeping the property as a rental or investment
Even if you're keeping the property, also get a formal valuation at the time you leave Australia. A retrospective valuation done years later is much harder. It's also more expensive and more open to ATO challenge. The valuation establishes your cost base for future CGT calculations. As a result, it can save you thousands when you eventually sell.
You'll also want to confirm:
- Whether you'll need a property manager (most expats do — managing tenants from across the world is a recipe for stress)
- Withholding tax on rental income paid to non-residents
- Australian land tax obligations, which differ by state and often increase for non-residents
- Insurance changes — many landlord policies need updating when the owner is overseas
Insurance, banking, and estate planning: financial checklist essentials
Finally, a few items that often get overlooked in the rush to leave:
Insurance
Some Australian life, TPD (total and permanent disability), and income protection policies don't cover you while you're overseas. Others cover you only for a limited period. Therefore, read the fine print on every policy before you fly. Also know that replacing Australian insurance with US equivalents isn't always possible. Pre-existing conditions get treated differently in each market.
If your existing super-linked life insurance terminates when you leave Australia, you may want to lock in private cover before you go.
Banking
First, keep at least one Australian bank account open. Opening a new Australian account from the US is genuinely difficult — most banks require you to attend a branch in person. You'll need an Australian account to receive rental income, tax refunds, and super-related payments. Same goes for any other Australian-source income.
You'll also need a low-cost solution for moving money between AUD and USD. Retail bank rates are punishing. The spread plus fixed fees can cost 3-5% per transfer. Services like Wise and OFX are designed for exactly this and cost a fraction of bank rates.
Estate planning
Australian wills and powers of attorney should be reviewed before you leave. The goal is to ensure they still operate correctly across jurisdictions. You may also need US-side documents. This is particularly true if you'll own US property, have US-citizen children, or hold significant US assets. Cross-border estate planning is its own specialization. (More on whether you need a will in your new home country here.)
Australian structures: complex financial checklist territory
If you have an SMSF, a family trust, or an Australian company, these structures become significantly more complex once you're living in the US. Both Australian non-resident tax rules and US tax obligations apply. As a result, they don't always interact cleanly.
Specifically, the big risks:
- SMSFs can lose their complying status if more than 50% of trustee decisions are made offshore. As a result, that triggers major Australian tax penalties on top of US tax issues.
- Family trusts can produce tax outcomes that work well in Australia. However, they often trigger PFIC, Subpart F, or other anti-deferral rules in the US.
- Australian private companies can run into US controlled foreign corporation (CFC) rules.
In every case, therefore, reviews by both an Australian adviser and a US-side adviser are strongly recommended before you depart. Sometimes the right answer is to restructure or unwind before leaving Australia. Other times, the right answer is something else entirely. Sometimes it's to maintain the structure with a different governance model. The wrong answer is to leave without a plan and assume it'll sort itself out.
Rethinking the financial checklist for the long term
Moving overseas is a major life event. As a result, your existing financial strategy probably needs a refresh. Things to reassess:
- How long you expect to stay in the US (2 years vs. 10 years vs. permanent dramatically changes the right structure)
- Your long-term plans — staying, returning to Australia, or moving to a third country
- Cross-border tax planning and which jurisdiction you'll optimize toward
- Currency management strategy between AUD and USD
- Investment portfolio rebalancing for US tax efficiency
- Retirement income planning across both systems
Finally, for anyone planning to return to Australia eventually, currency management deserves real attention. Even a 10% AUD/USD swing on a six-figure return amount is a significant chunk of money. A low-cost currency exchange solution matters. So does a thoughtful approach to timing transfers — together they can be worth tens of thousands over a multi-year stay.
The financial checklist needs cross-border professionals
The interaction between Australian and US tax and financial planning is highly specialized. Most generalist advisers in either country won't have the cross-border expertise. Working with a firm that handles Australia–US scenarios routinely makes a real difference. The choice is often between expensive mistakes and a clean transition.
Some signs to look for in a cross-border adviser:
- Direct experience with Australian-specific issues (super, PFIC implications for Aussie ETFs, the AU–US tax treaty)
- Coordination with a US-side accountant or tax attorney
- Familiarity with the visa types most Australians use (E-3, L-1, E-2, green card)
- Understanding of US state-level differences (California, New York, and Texas all treat residents very differently)
A proactive review before departure makes a significant difference. Ideally do it 6-12 months out. Planning early puts you in control of your timeline and your tax outcomes. Reach out to the team at Apt Wealth Partners if you want to start that conversation — they specialize in helping Australians navigate the US move at every stage.
Get the free pre-departure financial checklist from Apt Wealth Partners
I've worked with Apt Wealth Partners to compile everything above into a single pre-departure financial checklist. You can work through it step by step. It covers tax residency, investments, property, super, insurance, banking, estate planning, and more.
Fill in the form below to download your free copy.
Financial checklist before moving: FAQs
Ideally 6-12 months before departure. Some items — like selling a former main residence to capture the CGT exemption, or restructuring an SMSF — take months to execute and can't be rushed in the final weeks. Anything less than 3 months out and you're in damage-control mode rather than planning mode.
Probably yes if you're moving for more than two years, but it's not automatic. The ATO uses several tests and your circumstances need to clearly meet at least one. Confirm with a tax adviser before you depart — the timing of your residency change affects what tax you owe and when.
A Passive Foreign Investment Company (PFIC) is a US tax classification that catches most non-US managed funds and ETFs — including the vast majority of Australian-domiciled investments. Once you're a US tax resident, PFICs trigger complex annual reporting and often punitive tax treatment. Many Australians sell their Australian fund holdings before moving and rebuild with US-domiciled equivalents.
It depends, but the question deserves a serious analysis. A 2020 rule change removed the main residence CGT exemption for foreign residents in many cases. That means selling while you're overseas can trigger a six-figure CGT bill that wouldn't have applied if you'd sold pre-departure. Run the numbers on a pre-departure sale before you commit to any timeline.
Yes, but the US tax treatment of super is nuanced. The US has no equivalent retirement structure and the AU-US tax treaty isn't entirely clear on super treatment. Large personal contributions, SMSFs, and certain investment strategies can create US tax problems that are easier to fix before you leave Australia than after.
Yes — keep at least one. Opening a new Australian account from overseas is genuinely difficult since most banks require you to attend a branch in person. You'll need the account to receive rental income, tax refunds, super payments, and any other Australian-source income.
Not your bank. Retail bank exchange rates and fees typically cost 3-5% per transfer. Services like Wise and OFX are designed for cross-border transfers and cost a small fraction of bank rates. Set them up before you move so they're ready to use when you need them.
Read the fine print on every policy. Some Australian life, TPD, and income protection policies don't cover you while overseas, or only cover you for a limited period. Replacing them with US equivalents isn't always possible because pre-existing conditions are treated differently. Lock in any cover you'll need before you fly.
Often, yes. You'll usually need to keep lodging if you own Australian property, have a HECS/HELP debt, hold certain other Australian-source income, or have any Australian tax obligations that need ongoing reporting. A cross-border tax adviser can confirm what applies in your specific case.
Not getting professional advice early enough. The single most expensive class of mistakes comes from finding out about a problem after you're already a US tax resident — by which point your options have narrowed significantly. A pre-departure review with a cross-border specialist 6-12 months out is the highest-leverage investment most movers can make.
This article was developed in partnership with Apt Wealth Partners. The information provided is general in nature and does not constitute financial product advice or a recommendation to purchase any product. It does not take into account your individual objectives, financial situation, or needs. Apt Wealth Partners (AFSL and ACL 436121, ABN 49 159 583 847) recommends that you obtain professional advice before making any decision in relation to your particular circumstances. Apt Wealth Partners is not a registered Tax Agent — you should seek tax advice from a registered tax agent before making any decision based on this content.
