hi sir,
as a local tax resident with PR status in australia, i have a previous annuity payment plan for my retirement at overseas. i would like to check whether my overseas annuity monthly income will be subject to australian tax payment?
Hi @happysummer,
Foreign annuities are generally all taxable in Australia, which means yours most likely will be too. If you've already paid tax on the income overseas you may be eligible for a tax offset when you lodge your return. The country your annuity came from needs to have withheld tax already, you also need to not be entitled to a refund of the foreign tax from the country, and the annuity needs to be taxable in Australia. I recommend reading through our MyTax page on foreign pensions and annuities. It runs through whether the income is taxable, whether a tax offset is applicable, and how to fill ou the appropriate section of your return.
Hi @happysummer,
Foreign annuities are generally all taxable in Australia, which means yours most likely will be too. If you've already paid tax on the income overseas you may be eligible for a tax offset when you lodge your return. The country your annuity came from needs to have withheld tax already, you also need to not be entitled to a refund of the foreign tax from the country, and the annuity needs to be taxable in Australia. I recommend reading through our MyTax page on foreign pensions and annuities. It runs through whether the income is taxable, whether a tax offset is applicable, and how to fill ou the appropriate section of your return.
Taxable in AUS, but you may be able to claim deductions each year for undeducted purchase price.
22 Apr 2024 · 6 min read time
15 Apr 2026 · 5 min read time
15 Apr 2026 · 4 min read time
1,209 views
2 replies