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OES2861(Newbie)Newbie
9 June 2023

Hello,

I have started to receive pension payments in my country of origin, this payment is transferred and kept into a local bank account (country of origin). The money received has not been transferred to Australia nor will it be. I intent to use it only to pay some expenditures while I am on a trip visit once a year. It is a small amount that I get paid since I just worked for 2 years over there before moving to Australia. Should I declare this in my tax return?

Many Thanks

973 views
3 replies
973 views
3 replies

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Bruce4Tax(Taxicorn)Taxicorn
9 June 2023

Likely to be taxable income to an Aus tax resident.


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knaresbro(Devotee)Devotee
10 June 2023

It may depend on which country your speaking about. Look for a "double tax agreement" and then see whether it enables the foreign pension to be excluded. If it doesn't, you may need to declare the income in the appropriate place on your ATO return, but many (e.g. I know the US pattern well) are tax-free here.

​

In any case, once the money's sitting in your foreign bank account you may want to consider some separate possibilities. Any interest earned on that account (irrespective of whether its content is pension or otherwise) should be declared. And if you were to move the money to Australia (as opposed to spending it there as you intend) you may have a foreign currency gain/loss to consider.

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Is money kept in a foreign bank account taxable in australia? | ATO Community