I stole Jim Chalmers’ lunch money and now I have to sell my house for tax reasons.

Well… sort of.

The Nomad Tax Reality

Most of you know that my family is nomadic – slowly visiting 6–10 countries each year. Itinerants on the voter rolls; happily still Australian residents for tax purposes.

This latter point means we each paid tens of thousands of dollars in income tax last year to a country we didn’t visit. Paid a lot of tax, by choice.

But the new raft of tax changes definitely targets people like me. Business, Trusts, Negative Gearing, New Minimums – it’s like I stole Jim Chalmers’ lunch money back in the day, and this is his revenge.

The $64,000 Question

So do we want to stay Aussie tax resident, even if it adds 50%+ to our tax bill? Tax on global clients, some of whom couldn’t even find Australia on a map?

I still need to run the numbers on our specific circumstances – but it sure doesn’t make us MORE likely to settle back down under.

Are we beginning to offload our Australian assets due to the changing tax regime? Honestly, it’s a factor.

This is something I’m hearing from other business owners, too – portfolio entrepreneurs with the flexibility to restructure, relocate, or simply reconsider. Tax policy is supposed to encourage behaviour. The question for every government is: is it encouraging the right behaviour?

The House

Which brings us to selling this property in North Brisbane. Originally purchased as a new build opportunity for our future family home, we now know that we’re not going to do that.

Even if we stay comfortable paying “the paradise tax” (the more we travel, the more we do appreciate the Great Southern Land and its $9 coffees), our dream is no longer the big suburban home with a pool and a yard.

Maybe it’s not the best marketing timing to sell. And with no debt on this property, we’re not rushed – but that may change in the coming year, and better a year too early than a day too late.

Our street recently joined the $3 million club, so securing a corner block for half that may appeal. There’s a family out there who want the opportunity to create their dream home, close to parks and playgrounds and schools and cafes, in a neighbourhood that will welcome them.

The Broader Lesson

We’re not that family anymore. And we’re not sure how much tax we’re willing to pay to not feel at home.

For other business owners – especially those with the flexibility of a portfolio or remote business model – the lesson is simpler: run the numbers before somebody runs them for you. Tax changes rarely arrive alone, and the cumulative effect can shift your entire strategy.

Don’t react. Respond. Know your Circles of Control. And make sure you’re making decisions about your life and your business based on your vision – not somebody else’s lunch money grudge.

Here’s hoping our choice is an opportunity for the next family.

Pictured: The Family we are today