Pensions - Someone must know?
#16
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[i] - but I would urge those who are moving to Australia to not ignore the issue in the belief the tax issues will go away. They won't, and it might be an expensive mistake.
Best regards.
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#17
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I read somewhere that if your family's combined pensions are worth less than a certain amount, or they are company sponsored you are exempt from the FIF tax implications. Is that true???
Cheers,
C.
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C.
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#18
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Yes, if the value of your and your "associates" (as defined) FIFs plus Australian resident unit trust holdings is less than A$50,000 you can qualify for the small investor exemption.
There is also an exemption from the FIF Rules for employer sponsored superannuation funds.
What is unclear is which exemption applies first. For example, if you have employer sponsored super funds with a value of A$40,000 and (say) an endowment policy with a value of A$20,000, is the endowment policy exempt from the FIF Rules?
I have sent a letter to the ATO asking for guidance on this issue, and I will put a news item on the Go Matilda site in due course.
Note also that the FIF Rules are separate from section 27CAA - the former can affect you if you leave your pension funds and investments outside Australia while the latter only affects pension transfers into Australia.
Best regards.
There is also an exemption from the FIF Rules for employer sponsored superannuation funds.
What is unclear is which exemption applies first. For example, if you have employer sponsored super funds with a value of A$40,000 and (say) an endowment policy with a value of A$20,000, is the endowment policy exempt from the FIF Rules?
I have sent a letter to the ATO asking for guidance on this issue, and I will put a news item on the Go Matilda site in due course.
Note also that the FIF Rules are separate from section 27CAA - the former can affect you if you leave your pension funds and investments outside Australia while the latter only affects pension transfers into Australia.
Best regards.
Originally posted by cruisey
I read somewhere that if your family's combined pensions are worth less than a certain amount, or they are company sponsored you are exempt from the FIF tax implications. Is that true???
Cheers,
C.
I read somewhere that if your family's combined pensions are worth less than a certain amount, or they are company sponsored you are exempt from the FIF tax implications. Is that true???
Cheers,
C.
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#19
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Cheers Alan. I'd be really interested to know what the ATO say. If you let us know I'd be really grateful.
Thanks for your help.
C.
Thanks for your help.
C.
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