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Tax payable on UK pension income

Tax payable on UK pension income

Old Sep 27th 2020, 2:25 am
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Default Tax payable on UK pension income

Hi everyone - been living/working in Oz for many years now but as I am now over 65 have recently received a small UK pension (based on my time working in the UK) which is paid directly into a Australian bank account. Still working (unfortunately!) at the moment so am paying Oz tax each year based on my salary. My question is does anyone know how much tax is payable on the UK pension? I rang the ATO but the guy was a bit vague and thought there would be a small tax offset available of 8% and the rest is taxed as normal income but my tax accountant thinks 20%. Perhaps I just take it to my accountant and see what rolls out in the process? Any help/advice appreciated.
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Old Sep 27th 2020, 6:26 am
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Default Re: Tax payable on UK pension income

If you're referring to the UK state pension - then the annual amount received is declared and included in your normal taxable income. Just the same as any other income received.

You can claim 8% UPP on your tax return and you do get a slight reduction in tax owed.

This UPP percentage my be different if you're referring to a private UK pension - in which you probably need more specialised input.
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Old Sep 28th 2020, 4:13 am
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Default Re: Tax payable on UK pension income

thanks Nicky for your help!
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