Australian accountants have left the country “in droves” in the last three years, according to figures from the Australian Bureau of Statistics.
About 1,400 accountants left Australia to work overseas permanently during the year to September 2006, showing almost a ten-fold increase from the 153 departures recorded in 2004.
Many professionals left home to look for adventure, career opportunities and greater financial rewards, Carmichael Fisher managing director Michael Markiewicz said.
The Middle East is a popular destination for finance professionals due to higher paying roles and low taxes.
“For example salaries in Dubai are not subject to any income tax. all your earnings are tax free,” Markiewicz said.
“And when you leave Dubai, you receive a 6 per cent bonus for each year you have worked in the Emirates.”
In contrast, increase in the number of finance advisers departing Australia was comparatively modest, with the number of permanent offshore moves growing from 76 to 85 in the past three years.
“The number of advisers leaving Australia is fairly flat and far lower than that of accountants,” an FPA spokesperson said.
“This may reflect the buoyant market in Australia and the high demand for experienced financial planners.”
