UK Endowment / Aus Tax
Hi Guys,
Long time poster under a different user name but couldn't get my logins back. I've done a search and couldn't seem to find any recent threads (and it was interesting to see all the old names I'd been familiar with). Endowment Policy maturing in November (can't believe 25 years have gone by!). Any info on the current tax implication etc? Cheers. |
Re: UK Endowment / Aus Tax
Hi
The rules on foreign life policies were simplified a few years ago and as long as they meet some basic crireria they fall inline with domestic Australian policies. If the annual premium on your overseas life policy has not increased by more than 25% in any year and your policy was held for more than 10 years, the gains won't be assessable and does not need to be included in your return. Hope that helps Clive |
Re: UK Endowment / Aus Tax
Cheers Clive.
Any links to the relevant legislation? |
Re: UK Endowment / Aus Tax
Unfortunately I can't put links into my posts at the moment, something to do with being a new member. I did try though it wouldn't post.
|
Re: UK Endowment / Aus Tax
OK Thanks for giving it a go.
|
All times are GMT. The time now is 7:16 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.