UK pension transfers: part 1
Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2022
Many Australians have substantial pension benefits in overseas jurisdictions as a result of the ease with which people, who may have been born overseas, were (and once again are) able to travel and obtain work in Australia. This is particularly the case with respect to United Kingdom expatriates. The value of some of these pension accounts has been quite high when compared to an ongoing pension entitlement (for defined benefit schemes), or where the money has been invested over a period of time. With the attractiveness of now retiring in Australia, it is desirable to transfer these funds to Australia. However, there are some complex interactions between the two jurisdictions to be aware of to ensure that taxpayers do not inadvertently pay tax at prohibitive rates in one or both of the jurisdictions.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Jemma Sanderson CTA
- Published On:1 Oct 2022
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page