Pensions

Old Feb 25th 2008, 7:53 am
  #1  
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Default Pensions

Hello everyone,
Great easy to use and honest site (must be easy if I can navigate around it!)
We are in the very early stages of applying for a 457 visa.
I have a few questions which I hope someone can answer.
Once we get over there will we have a 4 year gap in our pensions?
Can existing pensions be tranferred without paying 2X tax?
What is the percentage of PR being refused?
If I started a nursing course over in UK could I carry on in Oz or would it be better to wait till I we got there? Would I be able to do it under the 457 regulations?
I think that's all for now - bound to be hundreds of more questions!
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Old Feb 25th 2008, 9:15 am
  #2  
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Default Re: Pensions

Originally Posted by Emmi Grate
Once we get over there will we have a 4 year gap in our pensions?
Can existing pensions be tranferred without paying 2X tax?
What is the percentage of PR being refused?
Welcome Emmi!

Not sure about transferring pensions, but 'pensions' in Oz are a bit different to the UK. Over here everyone pays 9% superannuation (aka pension) - its really good, as you can pick the financial institution to invest with (and whether you want a safe investment, high growth/risk, etc). You therefore have more control over your investment. Maybe sounds complex, but you can always just take the default option There is an intro on it on the Australian Tax Office website: http://www.ato.gov.au/super/

As for % of PR being refused, I don't think DIAC publish anything on that - although my understanding is if you meet the points test, their sanity check of your documents and experience (and health requirements, etc) then you're in - it just takes a while!

Cheers,

Nick
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Old Feb 25th 2008, 9:18 am
  #3  
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Default Re: Pensions

Remember a subclass 457 is a temporary residency visa and as such you will become a "temporary resident" for tax purposes, with special exemptions available to you on overseas derived investment income, capital gains, etc.

Have a look at the ATO website for starters to better understand what this means.

Best regards.
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