Pension transfers are not the exciting part of emigration to Australia, it is doubtful that you jump for joy, as if finally saw in hand, but when you realize that what you can save taxes that is accurate, timely advice could be more than all the other costs of emigration, together, you realize it's time to think seriously question the majority to transfer UK pension to Australia.
Darion Pohl, a pensionTransfer specialist and director of Prism Xpat, showed me, 7 most common mistakes that make many British immigrants during the test, their pensions in the United Kingdom to Australia.
I must stress that all the advice and information in this article are general in nature, information and should not be construed in any way financial advice. Financial situation of each person will be different and you should seek professional advice from a cross-border pensions specialist to determine the best way to act.
# 1 on a tax free lump sum from his pension in the United Kingdom
Planning for pensioners in Australia are planning to stop and take a tax free lump sum of their British pensions in order to help them set-up living in Australia may pay a risk that rates high in Australia, up to 46.5 % on pension payments from the rest of the pension system of the United Kingdom.
# 2 Non-pension of achievement can not be transferred
According to a British> Pension moved to Australia, it is difficult if not impossible, to transfer them again. You have to be in the country where you plan to retire before deciding whether to transfer your pension in Australia is considered the best option.
Remember to live up to 1 in UK 8 migrants returning from Australia, back in Britain in the first two years of exile, which can be both emotionally and financially expensive and it is there, but potentially disastrous in the longConcept led to a pension if the United Kingdom and can not transfer out.
# 3 do not fully understand Australian Jobs
It is an obligation for employers to contribute to Australia's 9% of your salary to a pension fund. In many places of work or employment contracts of the basic salary is inclusive of commission and this contribution, and in some it is a plus for it. This has a huge impact on the actual take-home "part of your salary. Many new immigrantsnot aware of this, get caught and disappointed at the end.
# 4 do not realize that the right to a state pension of the United Kingdom has been resolved.
If you are a British state pension and the right to migrate to Australia, then your application is fixed and does not go in line with inflation and other increases.
# 5 think that only bad news
The stock market crash, credit crunch, higher interest rates, the cost of living, housing prices fall. It seems everyone Doomand the darkness! That is not all bad news, but if you plan early and get the right advice can save a lot of taxes and still in very good financial conditions for a new life in Australia.
# 6 Out Doing It Yourself captured
Some people try to cash by transferring their pension saving himself. Not having the correct knowledge of British and Australian tax systems and understanding of pensions in the United Kingdom may be transferred to Australia, oftenleft in a worse financial situation and risk paying a rate of 55% tax if they transfer their UK pension into a non-approved pension funds in Australia.
# 7 Getting the wrong advice
An estimated 8 three different tax regimes pension in the United Kingdom. Many of these differ from those described in Australia. Without the advice from both sides of Australian and British in an analysis of what should be done, you're always only a small part of the story missing, and manyOpportunities. Talking with someone who knows each of these tax systems of both countries and give the best advice
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