Oz Dreaming

Hi all,

I have a question regarding transfering UK pensions to Oz. I am planning to validate my visa in jan or Feb next year (have to validate it by April). Then planning to move over there in July.

As i understand it you have 6mnths to transfer your pension after taking up residency, before you have to start paying tax on the transfer.

My question is does anyone know when the 6mnths starts? when you validate your visa (become a oz resident) or when you become a permanent resident (eg move out there for good instead of validating it).

Another question has anyone transferred their pension by themselves? is it easy to do? and do you have any Super annuation companies you would recommend. I dont fancy paying 1-3% for the privilage of a company to transfer it.

Australia_bound?

Would recommend you pay for good advice rather than speculate on here. Gomatilda.com are experts in this field as far as I know.

im9907620

[QUOTE=Oz Dreaming;6672966]Hi all,
"As i understand it you have 6mnths to transfer your pension after taking up residency, before you have to start paying tax on the transfer."


Under new proposals announced this week by the UK Govt there will be no rush to transfer a pension to Auz within 6 months as a transfer will be counted as assessable income of the Auz fund and taxed at the going rate (15%?).

It also means that the Auz tax that would have been levied on a UK transfer outside of the 6 month window, will not now be classed as a Unauthorised payment under Uk rules which could have meant further UK charges (on top of the Auz tax charge) from the UK end. All other facets of QROP schemes appear to unchanged.

louie

You don't become a resident for tax purposes until you move out there, validation is irrelevant if you validate as part of a holiday.

dcousins2k4

do you have the Pension Transferred into your uk Bank currently or where you planning to have your uk Pension company Transfer it directly into your Auz acct?

Horizon01

6 months starts from the day you arrive as a permanent resident

Lisa and Martin

Does anyone have any knowledge of how the rules apply to temporary residents? We are going on a 163 state-sponsored business owner visa, we have to run a business for a minimum 2 years before we are allowed to apply for permanant residency. Any info much appreciated.

Aussie_Pete

Definitely ask a professional! Even if you just give them a ring/visit one at a show, any info you can get should help. Friends of ours took professional advice and saved a fair bit, even if you take into account the fees they ended up paying.

We're a few months away just yet (probably more with the hosue) but are planning on attending one of the shows, armed with pen and paper!

On that note, has anyone been to any of the shows before and would recommend one over another?

Thanks,

Pete.

Australia_bound?

What happens if you arrive on 457? and then stay? Is it from day you take PR?

Fly Away

As I understand it, as a temporary resident, you do not have to transfer your pension. However once you become PR, the 6 month rule applies. Fingers crossed this proposal mentioned by im9907620 is accepted. That will buy us all some breathing space to decide the best course of action.