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Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Old Sep 5th 2007, 5:17 am
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Default Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Does anyone know if I have to declare UK Pensions, ISAs, PEPs or shares on my Australian tax return? None of the above is providing an income for me at the moment.

There is a section called Foreign Investment Funds (FIF) but I'm unsure what this is.

Thanks all!
Dave
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Old Sep 5th 2007, 6:14 am
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Originally Posted by windsordave View Post
Does anyone know if I have to declare UK Pensions, ISAs, PEPs or shares on my Australian tax return? None of the above is providing an income for me at the moment.

There is a section called Foreign Investment Funds (FIF) but I'm unsure what this is.

Thanks all!
Dave
Er, your ISA should definitely be proving you with income - even if not enough to live off! Any interest payments, or increases in share value will qualify as income and as such should be declared, I believe. (I'm sure someone will correct me if I'm wrong!)
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Old Sep 5th 2007, 6:17 am
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Originally Posted by windsordave View Post
Does anyone know if I have to declare UK Pensions, ISAs, PEPs or shares on my Australian tax return? None of the above is providing an income for me at the moment.

There is a section called Foreign Investment Funds (FIF) but I'm unsure what this is.

Thanks all!
Dave
Depending on your visa status (and subject to certain other exemptions) as a tax resident of Australia you are required to include the growth in the value of your FIFs from one tax year to the next on your Aussie Tax Return.

FIFs include potentially all if the investments you have mentioned.

If in doubt, instruct a competent tax advisor (whose fees should be tax deductible).

Best regards.
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Old Sep 5th 2007, 6:18 am
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

PS. As esperanza says, all dividend and interest income is assessable in Australia - if you are a tax resident when paid and assuming you are not a "temporary tax resident."
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Old Jan 4th 2008, 11:48 am
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Originally Posted by Alan Collett View Post
Depending on your visa status (and subject to certain other exemptions) as a tax resident of Australia you are required to include the growth in the value of your FIFs from one tax year to the next on your Aussie Tax Return.

FIFs include potentially all if the investments you have mentioned.
I am probably getting the wrong end of the stick here, but...

Surely any unrealised gains (i.e. paper gains on stocks held, and not sold) in a year are not taxable.

Also, is there a kind of allowance before any gains become taxable (as in the UK where we have c. £8k before CGT kicks in)?

Thanks in advance.
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Old Jan 4th 2008, 11:55 am
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Originally Posted by sprite_green View Post
I am probably getting the wrong end of the stick here, but...

Surely any unrealised gains (i.e. paper gains on stocks held, and not sold) in a year are not taxable.
Unfortunately that is what the Foreign Investment Fund rules do. There is a A$50k exemption but this has not been increased since the early 1990s.

However, most directly held shares are exempt from this as far as I know. The real problems are with unit trusts/mutual funds.
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Old Jan 4th 2008, 2:21 pm
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Default Re: Declaring UK Pensions, ISAs, PEPs and shares on Australian Tax Return

Originally Posted by JAJ View Post
Unfortunately that is what the Foreign Investment Fund rules do. There is a A$50k exemption but this has not been increased since the early 1990s.

However, most directly held shares are exempt from this as far as I know. The real problems are with unit trusts/mutual funds.
Thanks J.

Just looking at the ATO website on this: http://www.ato.gov.au/individuals/co...ntent/8887.htm

I see the $50k exemption, but can't see the exemption relating to "directly held shares". I know you are working from memory, but any idea where I could dig further on this?
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