be_christopher

We have the same plan.

I will get tax advice here in the USA and if that's ok then:

1) Transfer to a SIPP.  2) Take the 25%. 3) Back home to Aus. 4) $AUS 300k transfer.  5) The rest over a few years. 

OK. Thanks. To add to the complication I am tax resident in the USA. There is some international treaty law that suggests that it's tax free in the USA as well, though it's not definitive. 

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Has anyone taken the 25% tax free amount before transferring to Australia? It's not clear to me if the tax free status from the UK is preserved in Australia. 

OK. I may be a few months ahead of you, arriving back in Aus in Feb.

I've sent an inquiry about transferring to a SIPP. I will post know how it all goes.

That may be a good approach Skippy2017. Bring over the $300,000 into a QROPS account and then transfer the rest over gradually. Though need to be sure there isn't a 15% transfer tax on the $100,000 in later years.

IVCM looks pretty good and may be easier than creating your own QROPS compliant SMSF. 

https://ivcm.com/products/aesf/

Has anyone done a SIPP transfer to Australia ?

Thanks for the comment,. Leaving it in the UK is an option though I'd like to take advantage of the 6 month tax window and keep all my pension arrangements as simple as possible. 

I don't know my tax calculation is correct. A 45% tax on any amount over $AUS 300,000 seems prohibitive. 

"Jun 10, 2019 - If you transfer your UK pension to an Australian one within six months of moving to Australia, then you can do so without any tax implications. If, however, you don't make the transfer until after that period, the amount you transfer will be subject to a 15% tax, according to the Australian Tax Office, or ATO."

Hi Andrew,

Thanks for this site. I'd appreciate some general advice: 

I am 59 and have $AUS 670,000 in a UK defined contributions pension. I am returning to Australia to live in February next year. I intend to  create a QROPS compliant fund and transfer money to this account. Will I have to pay Australian tax of 45% of 370,000 (670,000-300,000)  = $AUS 160,000 ? 

"The maximum UK pension balance you can transfer using the Australian superannuation non-concessional contributions bring-forward rule is $300,000, based on figures for the 2018-19 financial year."