Mark&Karen Posted August 17, 2013 Share Posted August 17, 2013 Hi all, I'd like to to find out at what point I technically become a permanent resident. The reason is that I need to transfer UK pensions over to a QROPS approved superannuation fund and there is a 6 month period from when you become a permanent resident to transfer pension funds over without being taxed I currently live and pay tax in the UK. I was granted a permanent residency visa p640 sub class 100 in Dec 2009. I then had 12 month period to activate visa by visiting Australia within 12 months of it being granted, which I did in Dec 2010, by going there for a 2 week holiday. Anyhow we are now in the process of moving over for good and plan to arrive in Nov this year, I'll also be contacting the UK tax office to let them no that I'll no longer be a UK tax paying resident. So my question is am I already deemed to be a permanent resident from the time I activated my visa when I visited in Dec 2010 or will it be when I arrive this November? I hope the above made sense. Regards Mark Link to comment Share on other sites More sharing options...
Rupert Posted August 17, 2013 Share Posted August 17, 2013 I think that your visa permanent residency is likely to be different to your residency for the purposes of considering pension transfers. Certainly you are a "permanent resident" already in immigration terms, but I do not know that this is enough. Tax residency and visa residency for example is also very different. For that reason, I think I will move your thread to money so some of the experts over there can help and so that your responses here do not mix up what could be two very different things. I am also going to change the title, to attract people who know about pension transfers.. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted August 18, 2013 Share Posted August 18, 2013 Hi Mark have a chat with Andrew Williams at Vista, he is the expert on this Link to comment Share on other sites More sharing options...
Gbye grey sky Posted August 18, 2013 Share Posted August 18, 2013 I would expect the answer to be that it is 6 months from the time you are deemed to be resident for tax purposes and not related to the granting of your visa but look forward to seeing a response from someone who knows to confirm this. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted August 19, 2013 Share Posted August 19, 2013 Hi Mark The time starts from when one becomes an Australian Resident from an ATO point of view therefore tax resident (temporary residents are treated differently in pension transfer regards). However it is not a given that you will pay tax if you transfer outside of six months and if tax is due it is only on the growth of the fund. Do not transfer a pension based on paying no tax within the first six months that is not the reason a pension should be transferred. Just out of interest where have you got your information from regarding having to transfer within 6 months? Regards Andy Link to comment Share on other sites More sharing options...
Quoll Posted August 19, 2013 Share Posted August 19, 2013 Yeah, I'd make sure that you like it in Aus before you move it! Read the threads on moving super back again! Link to comment Share on other sites More sharing options...
Big Billy Posted August 21, 2013 Share Posted August 21, 2013 Dear All, We used Nicholas Bond at Global Qrops Ltd http://www.globalqrops.com. The advice was excellent, his knowledge of both markets was good and we requested a report to be produced. They are authorised and regulated by FSA. We now have peace of mind, before our move and we do not have to act straight away. Independent Financial advice has an expense but we already know that the small cost compared to the total move budget will be paid back with better investments and pension advice. BB Link to comment Share on other sites More sharing options...
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