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Pension transfer...


Jennifer Shields

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Thanks Jen.

 

Best regards.

Alan

I saw your credentials on your last post so I thought I'd ask you a question.

 

If you have a UK pension (SIPP) do you get taxed on any growth up until retirement in Oz once you convert it to an annuity or only on the income as in the UK?

I had assumed that I could leave my UK pension as is, convert it to a UK annuity and pay the tax on the income stream when paid to Oz.

 

I don't have a huge pot at the moment but the growth on it over the next 25-30 years should be pretty big. I don't intend to make anymore contributions to my UK SIPP once I leave the UK.

 

Thanks in advance.

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Have a look at the Foreign Investment Fund Rules, which can require you to include the annual growth in overseas funds in your assessable income. Search at Australian Taxation Office Homepage - though be warned, they are not easy to get your head around!

 

Happy to advise more formally - albeit for a fee. Feel able to send me an email if you are interested.

 

Best regards.

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