Jump to content

You're currently viewing the forum as a Guest
and join in with discussions   
ask migration questions
message other members

..and much much more!

Andrew from Vista Financial

  • Content Count

  • Joined

  • Last visited

  • Days Won


Andrew from Vista Financial last won the day on January 20 2017

Andrew from Vista Financial had the most liked content!

Community Reputation

573 Excellent


About Andrew from Vista Financial

  • Rank
    Financial (Pensions) Adviser

Recent Profile Visitors

5,997 profile views
  1. Andrew from Vista Financial

    Australian Superannuation

    Hey Michael It's difficult to be able to see any flaws in your plan without knowing about your circumstances in full and goals and objectives. This would include other assets that you may have and the amount of pension you are entitled too as well as and very importantly your retirement income requirements, this may assist you with this one: https://www.superannuation.asn.au/resources/retirement-standard Could you elaborate? Regards Andy
  2. Andrew from Vista Financial

    QROPS transfer and tax deductions

    Hi Nasher This should help: https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/?anchor=Whatyoucantclaim#Whatyoucantclaim Andy
  3. Andrew from Vista Financial

    SIPP drawdown and subsequent transfer

    Hello The strategy above would seem to be viable, there may be a slight hurdle transferring the residue after the PCLS (25% lump sum) has been taken and you are living in Oz if the balance is over the allowable Australian contributions caps (in cases like these typically $300,000) and your SIPP providers rules once in drawdown (in terms of allowing partial transfers out). Regards Andy
  4. Andrew from Vista Financial

    Stimulus Relief Package and Q&A

    So as Ken say's it has been extended to certain temporary residents also: https://minister.homeaffairs.gov.au/davidcoleman/Pages/Coronavirus-and-Temporary-Visa-holders.aspx?fbclid=IwAR2HRNdDYpD9i3oiAzjMJaG4b_bTmQcv1SrQ4zop7G9i_-q1CDDIdPC1MGU I've attached an updated fact sheet (1 April) on accessing super, it shows that the condition of release this now falls under is separate to accessing super under compassionate grounds and it seems that they sill exist over and above this. This access will be it's own unique condition of release known as compassionate ground - coronavirus. compassionate-grounds-corornavirus.pdf
  5. Andrew from Vista Financial

    Stimulus Relief Package and Q&A

    Hi I think that unfortunately you may not be able to as the measure for people to access the $10,000 seems to fall under the compassionate grounds condition of release (compassionate grounds - coronavirus) and unfortunately temporary residents cannot access super under this condition of release. Conditions of release can be found here: https://www.ato.gov.au/Super/APRA-regulated-funds/Paying-benefits/Releasing-benefits/Conditions-of-release/ The only conditions of release that temporary residents can access super can be found here: https://superoracle.firststatesuper.com.au/getting-money-out-of-super/temporary-residents-and-conditions-of-release However the government do seem to be bending over backwards to help people out so perhaps they could/may look at changing this however I have not heard anything to date. Regards Andy
  6. Andrew from Vista Financial

    Claiming Super

    Hi I know it's been covered off but to add my comments being much the same in that I understand it only to be possible when a temporary visa has expired. Regards Andy
  7. Andrew from Vista Financial

    Stimulus Relief Package and Q&A

    Good morning I have attached the following articles which I feel may be useful: 1) Stimulus relief package and what this could mean for you 2) Q&A: Key money matters for uncertain times accessing superannuation income stream payments social security entitlements redundancy payments aged care bonds and more. Q&A - Uncertain times.pdf Stimulus Relief Package.pdf
  8. Andrew from Vista Financial

    Lump sump tax free pension

    Hello Paul The tax implications in Australia as rammygirl points out above will broadly be based on the growth since you arrived however there is a difference to this in terms of how the growth is considered and how much of the lump sum is assessable depending on whether your scheme is defined contribution (market linked) or defined benefit (salary linked). Your other option perhaps is to consider a transfer to an Australian (QROPS) Super Fund (tax is still payable on the growth but may be able to be mitigated) and then draw from age 60 tax free (obviously not going to work if you need the money now). Hope this helps. Andy
  9. Andrew from Vista Financial

    Superannuation claim and refund

    Hello Julian As you were a permanent resident to be able to access your superannuation benefits then typically you will need to meet a condition of release, details found here: https://www.ato.gov.au/Super/APRA-regulated-funds/Paying-benefits/Releasing-benefits/Conditions-of-release/ That said there may be some slight variances in limited instances with certain government schemes and so it would also be diligent to contact your scheme directly for confirmation. Hope this helps. Regards Andy
  10. Andrew from Vista Financial

    UK SIPP/ISA - Okay to re-invest divided? Switch holdings?

    Yes that's a good point you make as I am aware of some pension providers that do not permit contributions to be made if the member is a non-resident and in fact I have also heard of a situation whereby a member was no longer able to transact so you should absolutely check with them prior to leaving. Good luck.
  11. Andrew from Vista Financial

    drawing down super as non-aussie resident

    Hi there As I understand it, the rules relating to a condition of release are essentially trumped by your visa type and therefore I believe that if you do not become permanent residents then ordinary release rules still do not apply and instead you will have to access the money via the DSAP process: https://www.ato.gov.au/forms/applying-for-a-departing-australia-super-payment/ Hope this helps. Regards Andy
  12. Andrew from Vista Financial

    UK SIPP/ISA - Okay to re-invest divided? Switch holdings?

    Hi PrisonMike Regards SIPPs/foreign super funds (so long as they meet the definition of a foreign super fund (by default UK Pensions should)) then the tax treatment of these in Australia is essentially deferred until such time as either or a lump sum or income is taken at retirement and assessed accordingly at that time. Regards ISA's, Australia does not recognise UK ISA's (tax wrappers) and therefore as I understand it these investments would be treated like any investment portfolio is treated for tax purposes in Australia. Regards Andy
  13. Andrew from Vista Financial

    Superannuation transfer

    Hi Tim From what I understand Holborn are not Australian regulated and so I am not sure how they would be able to recommend an Australian Super (unless they have recently gained Authorised Rep status with an Australian Financial Services License (AFSL)), they may work in conjunction with an Aussie Adviser. I thought that Finsec were Adelaide based, as are we, I wasn't aware they had offices in Brisbane but you seem to have found one? Is your situation complex or reasonable straight forward. Straight forward would be that you are over age 55, have a defined contribution scheme and your pension balance/s is/are under $300,000 (excluding any applicable fund earnings). Complex starts from anything that doesn't fit in the above and those complexity levels differ depending on other factors (larger balances probably the biggest factor). In terms of impartial if your case is straight forward there really should not be too much to worry about when it comes to being impartial as there are not many alternatives if a transfer to Australia is going to occur, it would have to go to either the only Retail (QROPS) Super Fund in Australia or a Self-Managed Super Fund and if your balance is under $300,000 it's unlikely a SMSF is going to be appropriate anyway. The other thing regards being impartial, Australian Financial Planners are not permitted to take commissions from Super/Investment products so this will be good for peace of mind, they are also not able to act for you if there is any danger of a conflict. There are a few Advisers in Australia that do offer advice in this area, way more than the two you have named but in the grand scheme of things they are quite limited in proportion to the amount of Advisers in Australia, obviously if you are looking to deal with a local firm that will cut numbers down again. Hope this helps. Andy
  14. Andrew from Vista Financial

    Amalgamating UK superfunds

    Hi plato You should start by contacting each organisation to update them with your current details. You could then request up to date statements, this will be a start. Regards amalgamating it may not be possible to get them into one for one reason and another but the start on this would be to make initial contact. For NHS try here: https://www.nhsbsa.nhs.uk/nhs-pensions USS: https://www.uss.co.uk/members/members-home/deferred-members Perhaps this one for the Scottish Scheme: https://pensions.gov.scot/teachers Give that a go. ATB Andy
  15. Andrew from Vista Financial

    'trivial commutation and aged pension

    Hello Ena Take a look here regards lump sum benefit payments (to one's self) from foreign super fund (ie UK Pension Funds), it should help: https://www.ato.gov.au/individuals/international-tax-for-individuals/in-detail/super/tax-treatment-of-transfers-from-foreign-super-funds/?page=5#Transferring_amounts_to_yourself Regards Andy