• Moneycorp currency Transfers
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    1. #1

      Senior Member
      Join Date
      May 2008
      Hallett Cove
      135 times

      Exclamation UK Pension Transfers

      Its a good idea within your early months in Australia to look into transfering you UK Pensions I have copied in some information members may find helpfull. This is general information and should not be taken a personal advise. PM me if you need more info. Steve

      Australian tax treatment of transferred benefits
      The Australian tax treatment of the transfer will depend on
      whether it occurs within six months of the member becoming an
      Australian tax resident, or after this date.
      For a permanent migrant, the date of becoming an Australian
      tax resident is usually the date of arrival.
      Benefits transferred within six months
      Where the overseas super benefits are received within six months
      of the member becoming an Australian tax resident, the entire
      amount transferred is treated as a non-concessional contribution.
      No tax will be applied in Australia, however the full amount will

      count against the non-concessional cap of $150,000 ($450,000
      if the bring-forward provision is available).

      Benefits transferred outside six months
      Where the transfer occurs outside the first six months of the
      member becoming an Australian tax resident, the difference
      between the value of the overseas benefit as at the date of
      becoming an Australian tax resident and the final transfer amount
      will become what is referred to as the growth component.
      The member has three options for the treatment of this
      growth component:


      Include the growth component in their personal assessable
      income, which would be taxed at their marginal tax rate. Within
      the super fund, the amount transferred would form part of the

      tax-free component and be counted against the member’s

      non-concessional cap.


      Elect for the growth component to be included in the assessable
      income to the receiving fund, subject to tax at a maximum rate
      of 15%. While the growth component is essentially treated as a

      concessional contribution, the amount is not counted against

      the member’s concessional contribution cap.

      Elect to transfer only part of the growth component to super
      and include the rest in their personal assessable income (this is
      a combination of the first two points).
      Last edited by Chelseadownunder; 08-07-2009 at 06:58 AM.
      Steven Guy - UK Pension transfer, Superannuation, Life Insurance, Investment, Self managed Super & Mortgage advice. FIN 231Technical Analysis, Currently taking Masters in Finance.
      Financial Adviser Australia Member FPA (Advanced Diploma) (Self managed Super)


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