Daiput

I emigrated to Australia in 2006 but moved back to the uk in 2010. Whilst in Australia I paid several sums into a superfund from monies which had been accumulated from my uk savings which had previously been taxed under my general earned income. If I withdraw these monies now from my Australian pension fund , my understanding is that they would be classed as taxable income whereas I am only withdrawing money which I had saved whilst in the uk and had paid tax on from my income. Surely this is not right and is double taxing my income? If I had left the Money in the uk in a savings account anD had withdrawn it I would not have been taxed on it, similarly if I had just transferred it from the uk to an Australian bank savings account I would not be taxed on it so please explain why cashing in money in a superfund is any different

So are you saying from the above that irregular withdrawals taken as lump sums from a Australian fund are not taxable in the uk?

Admin 17 I think you are missing the point made by Curious1 in that Pension funds in Australia are made up of after tax income whereas in UK contributions are tax excempt, this would be where the similarity to ISA's comes from. It does seem unfair that Pension payments received from an Australian fund are taxed to a UK resident , when tax has already been paid on the contributions in Australia, doubling tax. For example If I received £10000 wages in Australia and paid £2000 tax on that, contributed the remaining £8000 to a pension fund, and then later in life received a pension payment from that fund I would have to pay a further 20% on that payment so in theory receive just £6400, making a total of £3600 tax paid on my original £10000, which is just unfair!

Is is not possible for you to give actual answers on here rather than quoting references to the website which is totally confusing when trying to apply to the question posed?

If this is the reply below to my query of the same date, they are not dividends they are income distributions same as made on trust funds in the uK Your reply Hi, If you report these dividends to the UK then you can claim FCTR against any UK liability by advising us that of the amount of tax paid in Australia. This would need to be done through self assessment on the foreign section. Thank you.

i have a pension fund in Australia which I do not draw. Payments are received into the fund by way of dividends/income distribution, which are taxed within the fund at 15% am I abe to offset these deductions against my UK tax through the reciprocal arrangement with Australia?

I have dual Nationality Australian and British, Do I understand correctly from the above that if I draw from my super fund in Australia but do not remit the proceeds back to the UK (just leave in an Australian Bank Account) it does not form part of my taxable income?