Most foreign pensions and annuities are taxable in Australia, even if tax was withheld from your payment by the country from which the payment came. Examples of foreign pensions and annuities that fall into this category are age and superannuation pensions paid from Austria, Germany, Italy, the Netherlands and the United Kingdom. Offsets can be claimed if certain conditions are satisfied – allowing you to prevent the double taxation of your foreign pension or annuity income.
Abbotts can provide advice on foreign pensions and annuities to ensure you understand your taxation obligations, including pensions or annuities that have a undeducted purchase price (UPP).
Abbotts has a diverse client base including Australians living overseas and non-residents living in Australia. We are able to assist our clients in making decisions around moving financial assets into and out of Australia.
We also provide comprehensive advice on tax matters relating to migration, foreign asset management and expat tax matters, to ensure you meet your tax obligations while minimising your overall taxes payable to both the ATO and foreign tax organisations.
If a foreign tax return is required, we can assist and advise your foreign tax advisor on your Australian taxation position, making it easier to align your tax affairs across borders.
Chris has been a part of the Abbotts Team since 1987 and has worked in the accounting profession since 1983. He qualified as a Chartered Accountant in 1991 and was appointed as a Partner in Abbotts Chartered Accountants that year.
Eric has in excess of 15 years of experience providing tax and business services having worked in both mid-tier and boutique advisory firms.