Melbourne Departed
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RE: UK Tax on Australian Superannuation
The section on pensions is rather opaque. Its states: ARTICLE 17 Pensions and annuities 1 Pensions (including government pensions) and annuities paid to a resident of a Contracting State shall be taxable only in that State. 2 The term “annuity” means a stated sum payable periodically to an individual at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money’s worth. Does 1 mean that I would need to be a resident of Australia at the time the lump sum was paid to me to avoid UK income tax. Ie: Given that am residing in the UK, If the super company pays me the full lump of my Australian superannuation into my Australian bank account when I am 60, and I then transferred that money to the UK, it would then become liable to UK income tax? -
RE: UK Tax on Australian Superannuation
I have read these posts and have to say I am more confused than when I started. I am a dual British and Australian citizen (currently domiciled in the UK). I am now in my mid 50's but in my late 30's/ to mid 40's I accumulated a modest Australian super which is still active. I believe that I can access the whole of this super at age 60 if no longer working, or 65 if still working. My question is pretty similar to everyone else's. If the Australian Super fund pay the full lump at 60 into my UK bank account, is it liable to UK income tax? Also, if I have the same lump paid first into my Australian bank account does it then become savings and is it therefore exempt from UK income tax should I later transfer some or all of it to the UK? And finally, am I able, now, to pay cash from my UK savings into my Australian super, and would these contributions have to be accounted for differently by HMRC when I withdrew the super? Thanks to anyone/HMRC Admin who can clarify.