Pension lump sum transfer to Australia. Tax?
Oct 31st 2013, 11:40 am
#16
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Re: Pension lump sum transfer to Australia. Tax?
Oct 31st 2013, 9:57 pm
#17
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Re: Pension lump sum transfer to Australia. Tax?
Thanks Paul. How would we go about transferring it before my wife becomes a resident? It is just a case of opening an account in her name and moving it across, or is there more to it than that? Also, I'm not resident for tax purposes, yet, could I do the same, I.e. If we split it?
Best method of transferring is Ozforex IMHO.
Oct 31st 2013, 10:34 pm
#18
Living the dream in WA
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Re: Pension lump sum transfer to Australia. Tax?
You don't have to actually transfer it before becomming resident you just have to recieve it (into a UK a/c would be fine). The ATO are only intrested in worldwide income you recieve once you are tax resident so any income or lump sum before this date is irrevelent (to ATO, might be relevent but to UK taxman??).
Best method of transferring is Ozforex IMHO.
Best method of transferring is Ozforex IMHO.
Oct 31st 2013, 10:53 pm
#19
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Re: Pension lump sum transfer to Australia. Tax?
No tax on money transferrs by ATO. Just declare your interest you recieve from the point you become tax resident. Maybe you can juggle it so that you recieve all the intrest income 1 day before you become tax resident in Oz. Perfectly legal and sensible.
Oct 31st 2013, 10:56 pm
#20
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Re: Pension lump sum transfer to Australia. Tax?
... if monthly pension payments exceed the lowest tax bracket, that would obviously be taxed in the UK accordingly ...
=> Not once you are tax resident in Australia. There is a procedure to be followed under the Tax Treaty between the UK and Australia whereby the pension income is wholly taxable in Australia, and a NT (No Tax) PAYE Coding is applied to the pension in the UK.
Best regards.
=> Not once you are tax resident in Australia. There is a procedure to be followed under the Tax Treaty between the UK and Australia whereby the pension income is wholly taxable in Australia, and a NT (No Tax) PAYE Coding is applied to the pension in the UK.
Best regards.
Oct 31st 2013, 10:58 pm
#21
Living the dream in WA
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Re: Pension lump sum transfer to Australia. Tax?
Got it. So we can transfer over what is needed, leave the rest in the UK, but, as you say, will have to declare interest earned on UK account when filling in tax return.
Nov 1st 2013, 9:01 am
#22
Living the dream in WA
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Joined: Jan 2013
Posts: 315
Re: Pension lump sum transfer to Australia. Tax?
... if monthly pension payments exceed the lowest tax bracket, that would obviously be taxed in the UK accordingly ...
=> Not once you are tax resident in Australia. There is a procedure to be followed under the Tax Treaty between the UK and Australia whereby the pension income is wholly taxable in Australia, and a NT (No Tax) PAYE Coding is applied to the pension in the UK.
Best regards.
=> Not once you are tax resident in Australia. There is a procedure to be followed under the Tax Treaty between the UK and Australia whereby the pension income is wholly taxable in Australia, and a NT (No Tax) PAYE Coding is applied to the pension in the UK.
Best regards.
