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The old country and the new
Key points
- Pensioners considering moving between the UK and Australia should consider the effect on their pension receipts.
- Most retired people in Australia will receive their pension free of tax.
- For UK residents income from an Australian superannuation fund is likely to be an overseas pension and taxable here.
- The default position is that a lump sum from an Australian superannuation fund is taxable income.
- Payments for foreign service before 6 April 2017 may be eligible for foreign service relief.
- Pension payments may become taxable after a period of temporary non-residence.
Despite the countries being half a world apart there is it seems still a close relationship between the UK and Australia. There are estimated to be more than 100 000 Australians living in the UK and more than a million UK expats in Australia and television programmes giving British families the opportunity to live in Australia for a week ahead of possible migration...
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