Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2022
Many Australians have substantial pension benefits in overseas jurisdictions as a result of the ease with which people, who may have been born overseas, were (and once again are) able to travel and obtain work in Australia. This is particularly the case with respect to United Kingdom expatriates. The value of some of these pension accounts has been quite high when compared to an ongoing pension entitlement (for defined benefit schemes), or where the money has been invested over a period of time. With the attractiveness of now retiring in Australia, it is desirable to transfer these funds to Australia. However, there are some complex interactions between the two jurisdictions to be aware of to ensure that taxpayers do not inadvertently pay tax at prohibitive rates in one or both of the jurisdictions.
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