Andrew from Vista Financial

I must say it does sound as though it is a Tax Adviser that you are in need of as opposed to a Financial Planner. Therefore Alan above would fit the bill. ATB Andy

Pretty much sums it up from an Australian tax perspective although in some cases this may be a consideration: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Undeducted-Purchase-Price-of-a-foreign-pension-or-annuity/ Typically if a foreign super lump sum benefit payment is received more than six months after gaining residency or ceasing foreign employment then, the Applicable Fund Earnings (AFE) will be taxed at marginal tax rates/ : https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/Super-lump-sums-from-a-foreign-super-fund/ Regards Andy

Hi Walmerironman This scenario sounds similar to an enquiry that I recently received (and replied to via email yesterday). If it was not you then feel free to contact me directly on andrew@vistafs.com.au and I will let you know if we are in a position to assist. Regards Andy

Hi Paul What type of pension is it...DB or DC? I assume you are over age 55, is it worth it, this depends on a number of factors, all of course based around your future retirement goals and financial situation. The process has become so much harder over the last few years and there have been lots of changes from a regulation perspective so it has turned into a costly exercise if engaging a professional, that said it can prove valuable in the long run. You may also find if it is a scheme that has safeguarded benefits attached you are unable to do it yourself as qualified advice is mandatory. Regards Andy

Hi bovered Feel free to reach out to me via andrew@vistafs.com.au and I'd be happy to see if we are in a position to assist. Regards Andy

Several key super changes which may impact your ability to contribute to your Super/SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all Super/SMSF members, young and old, to grow their retirement savings. What are the changes? Originally announced in the 2021 Federal Budget, the following changes apply from 1 July 2022: · Individuals up to the age of 74, will no longer need to meet a work test to make voluntary, non-deductible, contributions · Individuals up to the age of 75, with a total super balance under $1.7 million, have the opportunity to make large non-concessional contributions (possibly up to three years’ worth) in a single year · The minimum age to make downsizer contributions will reduce to 60, allowing more individuals to use the proceeds from the sale of their home, to fund their retirement · The Superannuation Guarantee (SG) rate will increase to 10.5% p.a. for all and the $450 minimum income threshold for SG contributions, will be removed · Under the First Home Super Super Scheme (FHSSS) eligible individuals will have access to an extra $20,000 of voluntary contributions to fund a home deposit. How can you benefit from these changes? The Work Test Currently, if you are aged 67 to 74, you can only make voluntary contributions to super if you have worked at least 40 hours over 30 consecutive days in the financial year, or you satisfy the recently retired test. The work test must be met prior to contributing. From 1 July 2022, this work test will only apply to you if you wish to claim a tax deduction for the voluntary contributions you make to your Super/SMSF. If making personal deductible contributions, from 1 July 2022, you will be able to meet the work test at any time in the financial year. This means that the work test will no longer apply to contributions you make under a salary sacrifice arrangement or for any personal contributions that you don’t claim a tax deduction for, such as non- concessional contributions. Non-concessional Contribution Currently, only if you were under the age of 67 on 1 July of the financial year, can you make non-concessional contributions which exceed the annual $110,000 non-concessional contributions cap. Currently, the bring-forward rules allow you to make up to $330,000 (i.e. three years’ worth of non-concessional contributions), in a single year if your total super balances was under $1.48 million as at 30 June of the previous financial year, or $220,000 if your total super balances was greater than or equal to $1.48 million but less than $1.59 million as at 30 June of the previous financial year. From 1 July 2022, the cut-off age to access the bring rules will increase to 75. However, the total super balance thresholds referred to above, still apply. This means that if you are 74 on 1 July 2022 and you have a total super balance of less than $1.48m, you may be able to have one last boost to your retirement savings by making a $330,000 non-concessional contribution to your Super/SMSF. The contribution simply must be made, no later than 28 days after the month in which you turn 75. Downsizer Contributions Currently, you can only make a downsizer contribution if you are 65 or older at the time of the contribution and have satisfied the other eligibility requirements. From 1 July 2022, the minimum age will reduce to 60. All other eligibility rules remain unchanged and the maximum amount of downsizer contributions that can be made remains at $300,000 per person or $600,000 per couple. If you are selling your home and you get the timing right, you may be able to combine a downsizer contribution with the bring forward rules to contribute up to $630,000 to your SMSF, in one year. As a couple this could present a one-off opportunity to boost your retirement savings by $1.26m. First Home Super Saver Scheme (FHSSS) Currently the FHSSS allows you to withdraw a maximum of $30,000 of voluntary contributions (plus associated earnings/less tax) from your super fund to fund the deposit of a new home. From 1 July 2022, the maximum amount that can be withdrawn will increase to $50,000 meaning each eligible person will be able to withdraw an additional $20,000. All other eligibility rules remain unchanged. Also unchanged is the maximum amount of contributions that an individual can make each year that can count towards the FHSSS – this remains at $15,000 p.a. This means that it will take a member, at least four years of voluntary contributions, to reach the higher $50,000 limit. How can we help? Navigating your way through the superannuation contribution rules can be very complex, especially in the lead up to your retirement. If you require assistance, or would like to discuss whether any of these opportunities apply to you, please feel free to contact me on: andrew@vistafs.com.au

Hi LC Thank you for taking the time to post this, much appreciated and very glad you were abloe to get some benefit out of contacting and speaking ot us All the best Andy

There is a difference in the calculation for AFE on the initial lump sum between a DB and a DC scheme. With a DB scheme the AFE is apportioned whereas with a DC scheme it is not however the AFE cannot exceed the lump sum amount in any event.

Hi Ruth To confirm unlike the UK State Pension for Australian residents the NHS pension will increase annually in line with the relevant indexation. Regards Andy

Ian from send is on the forum now and I believe they are offering some promo, @Ian from SendPayments.com

Could also be a good strategy Ian for people with QROPS Super Funds that have transferred UK Pensions in recent years and already converted to Aussie Dollars..............could be buying more Pounds!

Personal taxation · Cost of living tax offset: The Low and Middle Income Tax Offset (LMITO) will increase, providing an additional $420 to reduce tax payable for eligible taxpayers in the 2021/22 financial year. This offset is non-refundable and available to those earning up to $126,000 per annum. However, individuals earning over $126,000 per annum will not benefit. Further, LMITO was not extended, meaning it will not apply for the 2022/23 or later financial years. · Halving of fuel excise: For six months from 12:01am 30 March 2022, the excise on fuel and petroleum-based products will be halved. Whilst not a direct tax, the expectation is this should result in lower fuel prices during this period. Half the current excise on fuel and diesel is 22.1 cents per litre. · Indexation of the Medicare Levy thresholds: The Medicare Levy low-income thresholds are indexed each year. From 1 July 2021, the thresholds are expected to be as follows ­ For singles $23,365 (increased from $23,226) ­ For families $39,402 (increased from $39,167) plus $3,619 per dependent (increased from $3,597) ­ For single seniors and pensioners $36,925 (increased from $36,705) ­ For family seniors and pensioners $51,401 (increased from $51,094) plus $3,619 per dependent (increased from $3,597) Home ownership Affordable housing measures: The First Home Loan Deposit Scheme and Family Home Guarantee allow eligible individuals to purchase a home with as little as a 2% deposit, and the Government will guarantee the loan, removing the need for lenders mortgage insurance. Currently, guarantees are limited to 10,000 per year. From 1 July 2022, changes to the existing home guarantee schemes will be made by allocating a total of 50,000 guarantees as follows: · 35,000 places under the First Home Guarantee (formerly the First Home Loan Deposit Scheme) · 5,000 places under the Family Home Guarantee targeting single parents regardless of any previous home ownership · 10,000 places under a new Regional Home Guarantee targeting individuals who have not owned a home in five years who relocate to a regional location and can supply a 5% deposit. The Family Home Guarantee and Regional Home Guarantee places are provided until 30 June 2025, whilst the 35,000 First Home Guarantee places are proposed to continue indefinitely. Business taxation · Small business training deductions: The Government is proposing to allow a deduction of 120% of eligible costs incurred in training staff in small businesses (ie businesses with an aggregated annual turnover less than $50 million). Generally, training must be delivered by an external registered training organisation in Australia and is only deductible if it relates to employees. For example, if an employer pays an external training company $5,000 to deliver eligible training to its employees, the employer can deduct $6,000 in its tax return. This measure is proposed to apply from 29 March 2022 to 30 June 2024. · Small business technology deductions: Small businesses may be eligible to deduct up to 120% of eligible business costs which support the business adopting digital technologies, such as cloud services or cyber security systems. Eligible expenditure will be capped at $100,000 per financial year and the measure is expected to operate from 29 March 2022 to 30 June 2023. · Changes to Pay As You Go (PAYG) instalments: The Government proposes to allow PAYG instalments for businesses to be calculated from approved software systems, based on current financial performance from 1 January 2024, subject to industry feedback. This aims to calculate more accurately withholding rather than having businesses wait until they have lodged a tax return to receive a refund of over-withheld amounts. · Increase to JobTrainer: The Government has proposed an additional 15,000 places in their JobTrainer program, which provides free or subsidised vocational training in select industries such as aged care and disability support. Superannuation Continuation of the reduced minimum pension drawdown: The budget proposes to extend the minimum amount that needs to be drawn from account-based income streams to the 2022/23 financial year. This means individuals with account-based pensions or term allocated pensions will be required to draw less from their savings, in line with the current year minimums. Social Security · Cost of living payment: Eligible social security recipients resident in Australia will receive a one-off $250 payment in April 2022. Eligible payments include the Age Pension, Disability Support Pension, Carer Payment and Allowance, JobSeeker Payment (and equivalent DVA payments), as well as individuals holding a Pensioner Concession Card or Commonwealth Seniors Health Card. Like previous relief, the payments will not be means tested and will be tax-free. Individuals will only receive one payment even if they receive multiple qualifying benefits. · Paid parental leave changes: Parental leave pay is proposed to be combined with Dad and Partner Pay resulting in a single scheme of up to 20 weeks leave which can be shared between parents as they see fit. This leave can be taken at any time within two years of birth or adoption. The new payment is proposed to be subject to an additional household income test designed to increase eligibility. Single parents are also expected to be able to access an additional two weeks of leave. · Lowering the Pharmaceutical Benefits Scheme (PBS) safety net: From 1 July 2022, the Government proposes the PBS safety net to come into effect earlier, with 12 fewer scripts being required for concessional patients and 2 fewer scripts for general patients each calendar year before the safety net activates. Once within the safety net, concessional patients do not pay for PBS medicines whilst general patients only pay the concessional co-payment rate (currently $6.80 per script). Note: These changes are proposals only and may or may not be made law. Important information and disclaimer Sources: www.budget.gov.au This document has been prepared by Actuate Alliance Services Pty Ltd (ABN 40 083 233 925, AFSL 240959) (‘Actuate’), a member of the IOOF group of companies (‘IOOF Group’), for use and distribution by representatives and authorised representatives of Actuate, Godfrey Pembroke Group Pty Limited, Consultum Financial Advisers Pty Ltd, Bridges Financial Services Pty Limited, Bridges Financial Services Pty Limited trading as MLC Advice, Lonsdale Financial Group Ltd, Millennium3 Financial Services Pty Ltd, RI Advice Group Pty Ltd, Shadforth Financial Group Ltd and Australian Financial Services Licensees with whom any IOOF Group member has a commercial services agreement. Information in this document is of a general nature only and does not take into account your objectives, financial situation or needs. You should seek personal financial, tax, legal and such other advice as necessary or appropriate before relying on the information in this document or making any financial investment, insurance or other decision. If this document is provided to you in conjunction with a Statement of Advice (‘SOA’), any personal financial advice relevant to the financial planning concept/strategy referred to in this document will be contained in that SOA. Information in this document reflects our understanding of relevant regulatory requirements and laws etc as at the date of issue, which may be subject to change. While care has been taken in preparing this document, no liability is accepted by Actuate or any member of the IOOF Group, nor their agents or employees for any loss arising from any reliance on this document. If any financial product is referred to in this document, you should consider the relevant PDS or other disclosure material before making an investment decision in relation to that financial product.

It also takes several months from the start of the process to the monies being paid usually, maybe even longer now with all the new FCA regulation that has come into effect with UK Pension Transfers, the exchange rate could change vastly between that time but as said having the ability to collect and hold/invest in sterling counters this. Andy

Also with the retail QROPS

Hi Iaf They are certainly one of the more reputable firms to deal with in my opinion.