Tax & Australian pension question
Aug 24th 2006, 9:45 pm
#1
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Joined: Jul 2005
Location: Victoria Point Qld
Posts: 373
Tax & Australian pension question
Hi I know I asked this before but just wanted to make sure that I had got it right.
John is going to transfer his uk pension when we leave here in dec.
Does he need to leave the uk before he can do it?
We know that he has to leave the pension in Aust 5 years ,but does he need to be in Aust?
Can we be travelling around the world or have to stay put?
If he wants to retire at 55yrs does he have to pay tax on uk pension,which will be in aust?
If so what percent?
We will be in Aust before he turns 50 so the plan is to take the money out at 55 if possible,which fits in with the having to be in an aust fund for that time .
Any ideas or help would be great,
Lorri
Ps John just asked if he is out of the uk would he still be under the uk pension rules,only get a % of the money,the rest in an annual pension?
I think that you have to transfer the money not just yourself.
John is going to transfer his uk pension when we leave here in dec.
Does he need to leave the uk before he can do it?
We know that he has to leave the pension in Aust 5 years ,but does he need to be in Aust?
Can we be travelling around the world or have to stay put?
If he wants to retire at 55yrs does he have to pay tax on uk pension,which will be in aust?
If so what percent?
We will be in Aust before he turns 50 so the plan is to take the money out at 55 if possible,which fits in with the having to be in an aust fund for that time .
Any ideas or help would be great,
Lorri
Ps John just asked if he is out of the uk would he still be under the uk pension rules,only get a % of the money,the rest in an annual pension?
I think that you have to transfer the money not just yourself.
Last edited by supersonic4; Aug 24th 2006 at 9:56 pm.
Aug 25th 2006, 12:26 am
#2
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Tax & Australian pension question
Your question is a little confusing and I don't know anything about transferring pension capital. I *do* know, however, that there are minefields which you must negotiate carefully if you are not to lose money in tax or charges.
It's not too early to find out from a reputable advisor who knows the UK and Oz tax laws and pension rules inside out: I think you only have a limited time after arrival to do the transfer without incurring high tax bills.
It's not too early to find out from a reputable advisor who knows the UK and Oz tax laws and pension rules inside out: I think you only have a limited time after arrival to do the transfer without incurring high tax bills.
