Australian Pension
Sep 2nd 2018, 7:59 am
#61
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Australian Pension
Be careful here if you cash in your pension is it treated as income in Oz.
My UK private pension is tax free in uk but I have to declare it as income here and subject to tax.
It might be safer to wait until you hit Oz retirement age 65 years 6 months because then your tax free allowance increase significantly form $18,200 to $32,279 because you become eligible for SAPTO and LITO.
I don't worry about commissions and exchange rates for my tax return, I just input what I actually receive into my Oz bank account to keep my tax return simple.
My UK private pension is tax free in uk but I have to declare it as income here and subject to tax.
It might be safer to wait until you hit Oz retirement age 65 years 6 months because then your tax free allowance increase significantly form $18,200 to $32,279 because you become eligible for SAPTO and LITO.
I don't worry about commissions and exchange rates for my tax return, I just input what I actually receive into my Oz bank account to keep my tax return simple.
Sep 2nd 2018, 9:02 am
#62
Lost in BE Cyberspace
Joined: Feb 2005
Posts: 15,526
Re: Australian Pension
Be careful here if you cash in your pension is it treated as income in Oz.
My UK private pension is tax free in uk but I have to declare it as income here and subject to tax.
It might be safer to wait until you hit Oz retirement age 65 years 6 months because then your tax free allowance increase significantly form $18,200 to $32,279 because you become eligible for SAPTO and LITO.
I don't worry about commissions and exchange rates for my tax return, I just input what I actually receive into my Oz bank account to keep my tax return simple.
My UK private pension is tax free in uk but I have to declare it as income here and subject to tax.
It might be safer to wait until you hit Oz retirement age 65 years 6 months because then your tax free allowance increase significantly form $18,200 to $32,279 because you become eligible for SAPTO and LITO.
I don't worry about commissions and exchange rates for my tax return, I just input what I actually receive into my Oz bank account to keep my tax return simple.
Good advice, I didn't realise cashing that Pension would be subject to tax. I knew about the 18,200 to 32,279 income though. My retirement age will be 66 unfortunately, not 65 and 6 months, I miss out on that sliding scale. My wife actually fares worse and doesn't reach pension age until 67. Lucky I mentioned it on here, you've save me a few K I reckon. Thanks
Sep 2nd 2018, 11:58 am
#63
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Australian Pension
Maybe not I hit 65 and 6 months on 30 May and the end of the tax year is 30 June and I claimed the SAPTO and LITO and I appear to have received the whole years allowance rather then just the 1 month I was expecting.
Sep 3rd 2018, 7:25 am
#64
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Australian Pension
I was reading the other day that the gov. is going to limit the number of doctors coming in from overseas (and even not renew visas of some already here) as there is now no longer a shortage of doctors
