Requesting Private Ruling on calculation of UPP for UK University Pension

[datstheone]

I am receiving a pension that I contributed to while working in UK university sector. From what I have read it is possible that I may be able to claim a UPP deduction against my Australian tax. I have downloaded the ATO form and have much of the information that it asks for, including a letter from the pension provider confirming my contributions.

 

As I only moved to Australia a year ago yesterday I didn't need to investigate the UPP for my first tax return as my income less than the $18K personal allowance, so only now looking at the form in detail. A number of the questions are confusing me and it would appear that many accountants my know about applying UPP on a return but not about claiming for one in the first place.

 

Has anyone any experience with making a claim. If so could you answer a few queries for me?

 

- I have year by year details of my contributions. Do I add these up as they are to get my total contribution or is there any indexing that can be applied to match e.g. 1976 £ value to today's? If there is indexing where can I find the values?

- form asks for pension paid in first year. Is that the first year from date of retirement, Australian tax year or calendar year with partial payment due to retiring mid year?

- form asks for years that ruling is required for. As contributions, lump sum etc won't change is it possible to get a ruling that gets a %UPP that can just be used each year into the future? If not then I assume that I apply for a ruling for the current tax year?

 

Anything else that I might need to be aware of in exploring if I am eligible for UPP on this pension? As it will be another 9 years before I am eligible for senior tax rate allowance any little will help!

 

(I am aware that UK state pension has standard UPP of 8%, but I will not start receiving that until next tax year.)

 

Thanks for any help.

[Andrew from Vista Financial]

Hello I have moved your Question to the Money and Finance section as this is more of an accounting question but also because I understand that there are a few members who have claimed UPP for private pensions.

[datstheone]

Thanks Andrew.