Senate Select Committee Reports on Tax Treatment of Pension Transfers Into Australia
Jul 26th 2002, 1:04 am
#1
Migration Agent
Thread Starter
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Senate Select Committee Reports on Tax Treatment of Pension Transfers Into Australia
The Senate Select Committee has reported on the tax treatment of pension transfers into Australia from overseas (and the UK in particular).
A summary plus a link to the report is here:
http://www.gomatilda.com/news/article.cfm?articleid=211
Although not yet law (the Report will now be considered by the Federal Government) the contents should be of interest to quite a few ...
Best regards.
Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England and Melbourne, Australia
A summary plus a link to the report is here:
http://www.gomatilda.com/news/article.cfm?articleid=211
Although not yet law (the Report will now be considered by the Federal Government) the contents should be of interest to quite a few ...
Best regards.
Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England and Melbourne, Australia
Jul 26th 2002, 10:52 am
#2
Forum Regular
Joined: Apr 2002
Location: Manchester
Posts: 117
Re: Senate Select Committee Reports on Tax Treatment of Pension Transfers Into Australia
S**T, that reminds me, I need to get my head round boring old pensions!!!
Jul 27th 2002, 2:21 am
#3
Guest
Posts: n/a
Re: Senate Select Committee Reports on Tax Treatment of Pension Transfers Into Australia
Hello,
Is there any information regarding US retirement accounts (like
401(k)) treatment when immigrating to Australia?
Biggest problem that I see is that as soon as you touch the US retirement accounts -
they penalize you 20% right away - in addition to this there is a current tax
liability as if you earned this income.
Considering the above, it is very possible that by the time you pay the penalties,
the US tax and the Australian tax you probably get 50% in your hand.
Any one has had experience with this? I would like to know as I will be in this boat
very soon. And what a time to be in this boat - already lost 35% of the value due to
stock market crash.
../Leo
Alan Collett <[email protected]> wrote in message
news:<[email protected]>...
> The Senate Select Committee has reported on the tax treatment of pension transfers
> into Australia from overseas (and the UK in particular).
>
> A summary plus a link to the report is here:
> http://www.gomatilda.com/news/article.cfm?articleid=211
>
> Although not yet law (the Report will now be considered by the Federal Government)
> the contents should be of interest to quite a few ...
>
> Best regards.
>
>
>
> Alan Collett alan-at-gomatilda-dot-com Registered Migration Agent Number 0102534
> and a Fellow of the Institute of Chartered Accountants in England and Wales
> http://www.gomatilda.com and http://www.collettandco.co.uk Offices in Southampton,
> England and Melbourne, Australia
>
>
>
> --
Is there any information regarding US retirement accounts (like
401(k)) treatment when immigrating to Australia?
Biggest problem that I see is that as soon as you touch the US retirement accounts -
they penalize you 20% right away - in addition to this there is a current tax
liability as if you earned this income.
Considering the above, it is very possible that by the time you pay the penalties,
the US tax and the Australian tax you probably get 50% in your hand.
Any one has had experience with this? I would like to know as I will be in this boat
very soon. And what a time to be in this boat - already lost 35% of the value due to
stock market crash.
../Leo
Alan Collett <[email protected]> wrote in message
news:<[email protected]>...
> The Senate Select Committee has reported on the tax treatment of pension transfers
> into Australia from overseas (and the UK in particular).
>
> A summary plus a link to the report is here:
> http://www.gomatilda.com/news/article.cfm?articleid=211
>
> Although not yet law (the Report will now be considered by the Federal Government)
> the contents should be of interest to quite a few ...
>
> Best regards.
>
>
>
> Alan Collett alan-at-gomatilda-dot-com Registered Migration Agent Number 0102534
> and a Fellow of the Institute of Chartered Accountants in England and Wales
> http://www.gomatilda.com and http://www.collettandco.co.uk Offices in Southampton,
> England and Melbourne, Australia
>
>
>
> --
