Many families treat a move to Australia as simple: the visa is granted, the flights are booked. But for families with businesses, property and investments in mainland China, Hong Kong, Taiwan, Singapore, Malaysia or Indonesia, the months before arrival often decide the real cost and risk. Once you become an Australian tax resident, or buy property before permanent residency is granted, many decisions become hard to unwind.

This article sets out, from a Melbourne lawyer's perspective, the main legal matters to deal with before you move. One point up front:pre-arrival tax structuring must be done with a qualified accountant or tax adviser. This article covers the legal side only.

1. Visa pathways: check which doors are still open

Australia's business migration landscape has changed significantly. The Business Innovation and Investment Program (including the subclass 188 visa) closed permanently to new applications on 31 July 2024. The National Innovation visa (subclass 858), introduced in December 2024, is a permanent visa available by invitation only after an Expression of Interest. It is aimed at researchers, entrepreneurs, investors, athletes and creatives with an internationally recognised record of exceptional achievement, which is a very different test from the old investor streams.

Other common pathways include skilled and employer-sponsored visas, partner visas and parent visas. Family members often travel on different visas granted at different times, and that affects tax residency, property eligibility and school fees, all discussed below. Our firm has two LIV Accredited Specialists in Immigration Law who can assess the family's visa plan as a whole.

2. Tax residency: the basic rules

The Australian Taxation Office's starting point is that Australian residents for tax purposes generally declare their worldwide income. Some temporary visa holders qualify as 'temporary residents', in which case most of their foreign income is not taxed in Australia, although income from work performed overseas may still be taxable. Whether you qualify depends on your circumstances; for example, it generally does not apply if you or your spouse is an Australian citizen or permanent resident.

That treatment usually ends once a permanent visa is granted. For example, after permanent residency is granted, rental income from Hong Kong and dividends from Singapore may need to be declared in Australia from that point. When and how offshore assets are held should therefore be planned with an accountant or tax adviser before arrival. We work alongside your tax adviser on the legal documents, but we do not replace specialist tax advice.

3. Offshore companies, family trusts and holding structures

Many families hold assets through BVI, Hong Kong or Singapore companies, or offshore family trusts. Once you are an Australian tax resident, Australia's controlled foreign company (CFC) and transferor trust rules may attribute some income in those structures to you. The actual impact must be analysed by a tax adviser.

On the legal side, check before you move: do the company constitution and share register match who really owns the shares? Are nominee arrangements documented? Under the trust deed, who is the settlor, trustee, protector and beneficiary, and who can change the trustee? These documents will be examined closely in any future estate, family law property settlement or bank due-diligence process.

4. Wills, powers of attorney and financial agreements

Wills:families with assets in several countries should usually consider separate wills for different jurisdictions, drafted so that a new will does not accidentally revoke an earlier one. Note also that under the Wills Act 1997 (Vic), marriage generally revokes an existing will unless it was made in contemplation of that marriage.

Enduring powers of attorney:an overseas power of attorney may not be usable in Australia, and vice versa. The safer course is to make a locally valid document in each place where you hold assets or live.

Binding financial agreements:before children marry or move in with a partner in Australia, a binding financial agreement can be made under the Family Law Act 1975 (Cth). One requirement for it to be binding is that each party receives independent legal advice before signing. These agreements deserve particular thought where family company shares or gifts from parents are involved.

5. Buying property: before or after permanent residency?

At the federal level, foreign persons generally need foreign investment approval (FIRB) before buying residential property. According to the ATO, from 1 April 2025 to 30 June 2029 foreign persons, including temporary residents buying a home to live in, are banned from buying established dwellings, with limited exceptions. A permanent resident is treated as ordinarily resident, and so not a foreign person, only if they have been in Australia for 200 or more days in the previous 12 months.

At the state level, Victoria charges foreign purchasers an extra 8% foreign purchaser additional duty on residential property, on top of ordinary duty, and foreign owners may also pay an annual absentee owner surcharge on land tax. According to the State Revenue Office, Australian citizens, permanent residents and New Zealand citizens on a subclass 444 visa are not foreign natural persons.

For example, suppose the main applicant expects permanent residency in about six months. Buying now on a temporary visa may rule out established homes entirely, and a new home would attract approval fees and the additional duty. Buying after permanent residency is granted and the conditions are met may give a very different result. The choice of owner, borrowing capacity and future family law and estate risks also need to be weighed.

6. Bringing money into Australia

Under AUSTRAC rules, you must declare cash (in any currency) and bearer negotiable instruments such as traveller's cheques and promissory notes if their combined value is A$10,000 or more when entering or leaving Australia. Deliberately splitting amounts to avoid reporting, known as 'structuring', is itself against the law.

When large sums are transferred, Australian banks, which have anti-money laundering obligations, will usually ask about source of funds: for example a business sale contract, property sale contract, dividend records or tax clearance. The country the money comes from may also have its own foreign exchange rules; mainland China, for instance, regulates the amount and purpose of individuals' foreign currency purchases. Prepare these documents early; a Notary Public can certify copies where needed.

7. Children's schooling (briefly)

A child's visa affects schooling options and costs. In Victoria, children of some temporary visa holders pay fees at government schools, and minors studying in Australia without their parents need a student visa and approved welfare arrangements. Plan this together with the family's visa pathway.

Practical timeline and checklist

12 months before

• Assess the visa pathway and likely timing for every family member.
• Work out with your accountant or tax adviser when tax residency will start and how assets should be held.
• Gather and review offshore company, trust and nominee documents.

3 months before

• Make or update wills and enduring powers of attorney in each country.
• Consider financial agreements for children who are about to marry.
• Prepare source-of-funds documents and have them notarised or certified.
• Confirm your FIRB and stamp duty status before signing any contract.

After arrival

• Declare cash of A$10,000 or more at the border.
• Review wills, powers of attorney, property plans and tax arrangements once permanent residency is granted.
• Keep an organised family document file and review it regularly.

Frequently asked questions

Can we still apply for the subclass 188 business visa?

No. The Business Innovation and Investment Program closed permanently to new applications on 31 July 2024. Families with business or investment backgrounds now need to consider other pathways, such as the National Innovation visa (subclass 858), whose criteria are very different.

Can a temporary visa holder buy an established home in Melbourne to live in?

According to the ATO, from 1 April 2025 to 30 June 2029 foreign persons, including temporary residents buying a home to live in, are banned from buying established dwellings, with limited exceptions. Confirm your status before signing anything.

Once we are Australian tax residents, is all our overseas income taxed here?

The general rule is that Australian residents declare worldwide income. Eligible temporary residents are not taxed in Australia on most foreign income, but there are exceptions. Confirm your position with an accountant or tax adviser.

Is a will made in China or Hong Kong valid in Victoria?

Victorian law can recognise wills made overseas in certain circumstances, but probate in Victoria may then need evidence of foreign law and translations, which adds time and cost. A separate Victorian will for Victorian assets is usually more straightforward, provided it is coordinated with the overseas will.

Are prenuptial agreements valid in Australia?

Australia uses binding financial agreements under the Family Law Act 1975, which can be made before or during a marriage or de facto relationship. Each party must receive independent legal advice before signing, and a court can set an agreement aside in limited circumstances, so careful drafting and execution matter.

Chua Tan Associates has practised in Melbourne since 1990, helping cross-border families in Mandarin, Cantonese and English with estates and succession, family law, property, commercial, immigration and notarial matters. If your family is planning a move to Australia, call us on 03 9602 3988 or contact us online. We can meet at our Melbourne CBD office or by video.

Related articles

• Assets in Australia, Malaysia, Singapore, Hong Kong and China: One Will or Several?
• Inheriting Australian Property as an Overseas Beneficiary: Tax, Duty, Land Tax and FIRB
• Cross-Border Estates: Assets in China or Southeast Asia and Probate in Victoria
• Parents Helping a Child Buy a Home in Australia: Gift, Loan, Trust or Joint Title?
• Family Trusts and Overseas Beneficiaries: Victorian Surcharges, Testamentary Trusts and Who Controls the Trust
• Cross-Border Family Business Succession: Passing the Baton in Asian Families
• Elderly Parents Living Between Two Countries: Powers of Attorney, Medical Decisions and Protecting Their Money

This article is general information only and is not legal advice.