Re: Pension Transfer
 

this sounds like a guy and his company that has attracted a lot of comments on here. Stick the name in the search function, and see if it is the same one ;)

Re: Pension Transfer
 

Have already done that. What comments there are on him are reasonably positive but there arn't many of them.
He's not the guy who regularly gets slagged off on here.
Its just that I was left with the message that I have to spend a lot of money now in order to save loads more later. While this may be true I need to feel much safer than I do right now before I act.
If I stand back and think for a moment it occurs to me that there are vast amounts of money swirling around the world economy flowing this way and that at the touch of a computer button. Surly the Oz tax man does'nt grab a slice every time money goes in and out of the country. It would stifle a modern economy.
cheers stressfree :confused:

Re: Pension Transfer
 

No the taxman dosn't grab part of any funds you transfer to Oz automatically. It's a self assessment system here and you have to declare any gains you've made on your year end tax return. They have automated programs that scan for tax evasion punters but that is generally for income generated in Oz as it's far more difficult for them to chase up tax evasion from abroard as they cannot so eaisly access your finincial affairs abroard.

Re: Pension Transfer
 

The ATO don't take a slice of capital; they only take a slice of income or gains. If your pension is worth £100,000 (say) when you arrive in Oz and it is worth £100,000 a year later then there is no tax to pay. If it is worth £105,000 a year later then they will want a slice of the £5000. However the transfer and pension fees would probably destroy the £5000 anyway in which case you would have nothing to pay. Remember, that at the end of the day, if you have had to pay tax, then you will have more money that you started with.

The good news is that the payment goes into your Oz super as an undeducted contribution. This means it comes out tax free at the end which is good because the money went into the UK pension tax free.

Regards
Alistair

Re: Pension Transfer
 

Alistair,

Quote: The good news is that the payment goes into your Oz super as an undeducted contribution. This means it comes out tax free at the end which is good because the money went into the UK pension tax free.


Which payment please?

Lesley