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winter1

Is Australian Super taxed in the UK

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1 hour ago, Sleeples in Australia said:

Hi.  New to the forum so be patient please.  Was there a definitive answer to Winter1 question back in 2013  "Is Australian Super taxed in the UK?".  I am looking at returning this year and am worried thaT i will be double taxed (15% on contributions in Australia, then taxed on Australian pension income in the UK).

Any help appreciated.

Your pension is tax free in Australia (you paid 15% tax when it was in superannuation mode, it’s tax free once you start taking it as a pension). 

You’ll have to declare it on your UK tax return and it will be taxed at whatever the rate for foreign pensions is at the time.


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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Hello,

Anybody had any interesting experiences or revelations since the last post was made ?

This is interesting  https://www.gov.uk/government/publications/pension-tax-for-overseas-pensions/pension-tax-for-overseas-pensions#chapter-2---taxation-of-payments-from-foreign-pension-schemes-or-annuities

Relevant section is approx half way down the page titled  "Changes to taxation of pension payments"

Am currently wading through it attempting to reduce it into everyday vernacular English.

Bill

 

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@Andrew from Vista Financial can hopefully answer your questions he is our super and pension guru for both Australia and UK along with a great financial advisor 


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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On 14/10/2019 at 20:02, BillW said:

Hello,

Anybody had any interesting experiences or revelations since the last post was made ?

This is interesting  https://www.gov.uk/government/publications/pension-tax-for-overseas-pensions/pension-tax-for-overseas-pensions#chapter-2---taxation-of-payments-from-foreign-pension-schemes-or-annuities

Relevant section is approx half way down the page titled  "Changes to taxation of pension payments"

Am currently wading through it attempting to reduce it into everyday vernacular English.

Bill

 

The original post was made in 2013 I would think any changes wouldn’t be in our favour 


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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On 31/10/2019 at 04:58, The Pom Queen said:

The original post was made in 2013 I would think any changes wouldn’t be in our favour 

One change does appear to be in the taxpayer's favour. Provided I'm reading it correctly 25% of a lump sum payment can be taken tax free (same as with a UK pension fund). That wasn't originally the case. An Australian Superannuation fund (other than an SMSF) appears to tick all the boxes under PTM112200.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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