Tax payable on transferred UK private pension?
Jan 28th 2013, 12:09 am
#1
Forum Regular
Thread Starter
Joined: Apr 2009
Posts: 210
Tax payable on transferred UK private pension?
My wife recently transferred over a private pension she had from a role that she left in 2006 and hadn't done anything with since in to her Super over here. The amount now in Aussie dollars is a fairly negligible $13.5k. Question is, is tax payable on this? I've seen an ATO form on this but it keeps referring to the word, "choice", which is throwing me a bit.
Jan 28th 2013, 12:21 am
#2
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Tax payable on transferred UK private pension?
Suggest you check out this article as it covers most issues.
http://britishexpats.com/forum/showt...ighlight=qrops
But yes it could be liable for tax (if it's value has increase since you have been here) but their is also a whole raft of conditions that you must comply with which you should have considered before transferring it.
http://britishexpats.com/forum/showt...ighlight=qrops
But yes it could be liable for tax (if it's value has increase since you have been here) but their is also a whole raft of conditions that you must comply with which you should have considered before transferring it.
Jan 28th 2013, 1:52 am
#3
Retired
Joined: Apr 2004
Posts: 34,649
Re: Tax payable on transferred UK private pension?
If tax is levied on the growth of the fund since 2006, there probably is none when looked at in Australian dollar terms (since the AUD has increased against the GBP).
Secondly, if there is tax it may be at the superannuation rate of 15% and payable in the fund itself rather than by the tax payer. Either way it's probably not going to be a lot of money. Get your tax advisor to research it for you.
Secondly, if there is tax it may be at the superannuation rate of 15% and payable in the fund itself rather than by the tax payer. Either way it's probably not going to be a lot of money. Get your tax advisor to research it for you.
