Pension Contributions Tax
Sep 29th 2005, 12:22 pm
#1
BE Enthusiast
Thread Starter
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Pension Contributions Tax
Just received my annual statement from my Oz pension provider and I see that there is a 'Contributions tax' of close to 20% of all contributions. So in Australia you get taxed on the way in and on the way out with pensions.
From personal experience I have always held the belief that pensions are a poor investment (unless a company is providing it) and this belief is confirmed in Australia. I wouldn't have one if it wasn't a legal obligation. Pension companies & governments have trouble recognising that your pension fund is actually yours and not theirs.
From personal experience I have always held the belief that pensions are a poor investment (unless a company is providing it) and this belief is confirmed in Australia. I wouldn't have one if it wasn't a legal obligation. Pension companies & governments have trouble recognising that your pension fund is actually yours and not theirs.
Sep 29th 2005, 12:57 pm
#2
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Pension Contributions Tax
What makes you think you are taxed "on the way out" (by which I assume you mean when you reach retirement age) ...?
Best regards.
Best regards.
Originally Posted by ossigeno
Just received my annual statement from my Oz pension provider and I see that there is a 'Contributions tax' of close to 20% of all contributions. So in Australia you get taxed on the way in and on the way out with pensions.
From personal experience I have always held the belief that pensions are a poor investment (unless a company is providing it) and this belief is confirmed in Australia. I wouldn't have one if it wasn't a legal obligation. Pension companies & governments have trouble recognising that your pension fund is actually yours and not theirs.
From personal experience I have always held the belief that pensions are a poor investment (unless a company is providing it) and this belief is confirmed in Australia. I wouldn't have one if it wasn't a legal obligation. Pension companies & governments have trouble recognising that your pension fund is actually yours and not theirs.
Sep 29th 2005, 1:11 pm
#3
BE Enthusiast
Thread Starter
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Re: Pension Contributions Tax
Originally Posted by Alan Collett
What makes you think you are taxed "on the way out" (by which I assume you mean when you reach retirement age) ...?
Best regards.
Best regards.
