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Australian superannuation funds and UK pensions

07 May 2019 / Naomi Smith , Krishan Parmar
Issue: 4694 / Categories: Comment & Analysis
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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