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Go Matilda - Your Gateway to Australia The Go Matilda Forums The Go Matilda Forums The Tax and Money Forum UK Police Pension
The Go Matilda Forums The Go Matilda Forums The Tax and Money Forum UK Police Pension|
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Junior Member |
I already have permanent residence approved in Australia and have made my initial landing. I have returned to the UK to sell my house.
I retired from the Police Force last year and have a regular full pension. This is currently paid into a UK bank and taxed accordingly. When I move permanently to Aussie, do I leave this as it is or get it sent to a bank account in Aussie and pay aussie tax or even leave it in the UK bank but pay aussie tax?. What options do I have? Is there any other retired police officers out there living in Australia who could please advise me. Thanks. |
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Member |
Initial comments:
- the location of the bank account into which the pension is paid is irrelevant in the context of how the income should be taxed - where you are tax resident is a key factor - you must also have regard to the Tax Treaty between the UK and Australia Happy to advise more formally if you would like to send me an email, or complete the details here (please excuse the picture!): http://www.collettandco.com/contact.cfm Best regards. Alan Collett alan-at-gomatilda-dot-com Registered Migration Agent Number 0102534 Fellow of the Institute of Chartered Accountants in England and Wales Member of the Institute of Chartered Accountants in Australia http://www.gomatilda.com and http://www.collettandco.co.uk Offices in Southampton - England; Melbourne, Perth, Brisbane, and Geelong - Australia |
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Member |
Hi, I am a retired Police Officer from the Thames Valley Police, my wife and I moved to Oz in July 2004 and now live in NSW. My police pension is paid into a UK bank account and my wife transfers all or some over when the exchange rate is in our favour. We have agreed to pay Oz tax on the pension which is about the same as the UK however you will need a tax file number in order to do that. The choice is yours where you decide to pay the tax. whatever you decide the tax man gets his cut My wife and I are taxed as individuals so we put any spare cash into my wifes account to offset any tax bill. Whatever you decide I would suggest seeking advice from Alan or someone as good. If I can help further let me know. Mick Brown
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Member |
Hello Mick, and thanks for your kind words.
I would only say that you don't have the choice where your pension income is taxed - the Tax Treaty between the UK and Australia gives the country in which you are tax resident the right to tax the income, and if you are living in Australia I can assure you the ATO wants you to pay tax on UK source pension income to them! Best regards.
Alan Collett alan-at-gomatilda-dot-com Registered Migration Agent Number 0102534 Fellow of the Institute of Chartered Accountants in England and Wales Member of the Institute of Chartered Accountants in Australia http://www.gomatilda.com and http://www.collettandco.co.uk Offices in Southampton - England; Melbourne, Perth, Brisbane, and Geelong - Australia |
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Junior Member |
Hi Mick - Thanks for that information. Understood that I would have to pay tax in Australia if resident but was not sure as to whether to leave the money in the UK. Funny enough currently living in Thames Valley area whilst waiting to sell property. Was in Dorset force myself.
Hi Alan - Just to let you know that I will be in touch at some stage when property is on the move. Will have various financial matters to discuss. Regards Tom. |
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