Brian Chick

This may possibly be a bit off topic for this group, but I have been
drawing a blank in searching for this information elsewhere. Basically
what I am looking for is the rules for how Australia treats foreign
(US/Canada) retirement accounts of people who migrate to Australia.
Both the US and Canada have tax-sheltered retirement investment plans
that I am participating in (RRSPs in Canada and a 401K plan in the
US), and if I choose to emigrate to Australia I want to know what to
do with these accounts. Will Australia treat investment gains in these
accounts (if I choose to leave them in place) as non-taxable?

I have searched the Australia Tax Office web site and found nothing
except information about retirees who are drawing pensions from other
countries. I also searched the Australia Immigration Office web site
without luck. Unfortunately the retirement savings plans in the US and
Canada both impose penalties if you withdraw the money before
retirement age, so I would hope to be able to leave these accounts
alone and maintain the tax-sheltered benefits of them if possible.

If anyone who has faced this issue in immigrating from the US or
Canada to Australia can help that would be great.

Thanks,
Brian

4000 Psi

"Brian Chick" <[email protected]> wrote in message
news:[email protected]...
    > This may possibly be a bit off topic for this group, but I have been
    > drawing a blank in searching for this information elsewhere. Basically
    > what I am looking for is the rules for how Australia treats foreign
    > (US/Canada) retirement accounts of people who migrate to Australia.
    > Both the US and Canada have tax-sheltered retirement investment plans
    > that I am participating in (RRSPs in Canada and a 401K plan in the
    > US), and if I choose to emigrate to Australia I want to know what to
    > do with these accounts. Will Australia treat investment gains in these
    > accounts (if I choose to leave them in place) as non-taxable?

the gains are only taxed at the time of sale ... if you do not sell, then
there is no gains (yet) ... at the time of sale you'll be liable in the
country of residence, which i am assuming, will be AUS for you ... unless if
you split your time between the 2 or, in your case, the 3 countries

    > I have searched the Australia Tax Office web site and found nothing
    > except information about retirees who are drawing pensions from other
    > countries. I also searched the Australia Immigration Office web site
    > without luck. Unfortunately the retirement savings plans in the US and
    > Canada both impose penalties if you withdraw the money before
    > retirement age, so I would hope to be able to leave these accounts
    > alone and maintain the tax-sheltered benefits of them if possible.

i'd leave them alone until maturity ... when you reach the retirement age,
worry about it then ... i presume you have some time to go ...

lesleys

Brian,

http://www.irs-tax-forms-now.com/inc...gains-tax.html

Start here. Also look-up Foreign Investment rules (FIF) which depend on the type of visa you will have.

Basically, foreign pension funds get taxed.

Lesley