Alan Collett

Three Private Binding Rulings issued by the ATO that might be of interest to 410 visaholders:

1. Re the taxation of overseas source pension income by Aussie tax residents, including the question of whether tax deducted at source from the overseas pension is capable of being claimed against the tax liability in Australia:
http://www.ato.gov.au/rba/print.asp?...tent/54895.htm

2. Re the deduction that is available in Australia for what is called the Undeducted Purchase Price of a pension:
http://www.ato.gov.au/rba/print.asp?...tent/54787.htm

3. Re the taxation of a 410 visaholder who is considered to be a tax resident of the UK and of Australia, including a consideration of the tie breaker clauses in the UK - Australia Tax Treaty:
http://www.ato.gov.au/rba/print.asp?...tent/54817.htm

Probably not the most interesting of subjects - except maybe to tax accountants like me! And maybe some 410 visaholders ...

Best regards.

Polyphemus

Hi Allan thanks for the post, I'm a few years off the pension, but would like to ask a q. - (if free advice is too cheeky then please stop reading and flame me )

Currently planning migration and recieve a PHI income protection benefit, and waiver on a pension, both valid in Oz. I cannot find a relevant reference in the ATO site re benefits (equiv. to compensation??), and was wondering what increased tax load may be levied in Oz (at source in the UK currently).

Mmm double taxation of the disabled, nice . Do I forget the compact 4x4 and look at a skateboard??

Any words gratefully recieved, Gerry.

Alan Collett

Hmmm ... I tend to work on the principle that if there isn't an exemption apparent in the Australian tax legislation the income is wholly assessable in Australia once you have become a tax resident.

There oughtn't be double taxation though - the Treaty should act to ensure that isn't the case.

Best regards.

Polyphemus

Thank-you. G