I am a permanent resident in Australia since 2003 and just turned 60. I have UK pension plans which I can now claim as a lump sum and will pay UK tax on. I have not contributed to these plans since 2003. Do I have to pay tax again in Australia when I receive the lump sum.
Thanks Andrew
Hi @Everett1964,
Yes, for your lump sum the growth in your foreign super fund is taxed. This is called applicable fund earnings.
We've answered a similar question on another post see our response for the details.
Hi @Everett1964,
Yes, for your lump sum the growth in your foreign super fund is taxed. This is called applicable fund earnings.
We've answered a similar question on another post see our response for the details.
Hi Wendy I will be taxed inthe UK on the full amount not up till 2003 why should I be double taxed it's not a tax free lump sum
Hey @Everett1964,
This is because foreign pensions are taxable in Australia, and you'll need to report it on your tax return. As we have a tax treaty with the UK you may be entitled to claim a foreign income tax offset. This is so you won't have to pay tax here as well as in the UK.
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