Australian Super QROPS 2016/17

Pension Transfer to Australian Super QROPS | Australian QROPS Rules 2016/2017

Who Can Transfer a Pension to Australian Super QROPS?

  • You must between the age of 55 and 74; you cannot transfer to an Australian Super QROPS before age 55 or after age 75
  • Anyone who holds a British, Irish or Dutch pension scheme: British expats, Irish expats , Dutch expats and Australians with UK pensions resident in Australia can transfer their UK private pensions, SIPP, SSAS, defined contribution or defined benefit pensions (final salary pension schemes which are not “in payment”) to an Australian Super QROPS
  • You cannot transfer UK state pensions schemes of defined benefit schemes (final salary schemes) which are “in payment” to Australian Super QROPS
  • UK state pension schemes can be paid into an Australian bank account though
  • If you are under 55, you will need to leave your pension where it is or transfer out to an Isle of Man, Malta or New Zealand QROPS to get your pension out of the UK tax net. All these countries have a Double Taxation Agreement with Australia; the tax rules are complex, please email us for further information

Which Australian Superannuation Pension Scheme Can You Transfer a UK Pension into?

  • You can transfer a UK pension scheme into an Australian Super QROPS – an Australian SMSF which has attained HMRC’s ROPS / QROPS requirements only if you are over 55 years of age and under 75
  • Irish pension transfers are covered under chapter 13 of the Ireland-Australia Double Taxation Agreement; you can only transfer an Irish pension scheme to an Australian Super QROPS if you are working in Australia
  • Dutch pension transfers to Australian QROPS are allowed at the discretion of the Dutch Tax Authorities and you need a copy of your employment contract in Australia

Australian Super QROPS

Maximum Amount Which Can Be Transferred from a UK Pension Scheme to an Australian SMSF in 2016/2017

  • A maximum limit of A$540,000 (around 318,000 GBP dependent on exchange rates) can be transferred into an Australian SMSF QROPS
  • This pension cap is backdated to 1st July 2007 and must be completed before June 30th, 2017, so time is of the essence! After June 30th, you can only transfer $100,000 Australian dollars per year
  • Further contributions of $35,000 (over 50 and work test required) from 30th June 2016.

Age Restrictions for Australian Super QROPS

  • Currently, you need to be over age 55 to move your pension scheme and below age 75. If you are over 65, you also need to satisfy a work test. This means you need to be employed at least part-time for a minimum of 40 hours in a 30 day period in Australia. You can work part-time consulting, cleaning, babysitting, gardening, mowing the lawn, etc. but you need to get an Australian Tax File Number (TFN)
  • The good news though is from the 1st July 2017, Australians aged 65 year or over (and up to the age of 74) will be able to make super contributions without satisfying a work test. The work test is currently working 40 hours in a 30-day period in the financial year in which you plan to make the super contribution. Such individuals will also be able to receive contributions from their spouse under the contributions splitting rules (and presumably under the low-income spouse tax offset rules). You can read more here for the Australian work test rules

QROPS for Residents in Australia Under 55 Years of Age or over Age 75

  • You could move your UK pensions into a UK SIPP or a Malta QROPS or Isle of Man QROPS in Australian Dollars or GBP or other currency; NZ QROPS are usually held in GBP only
  • The only limit on the amount you can transfer into a Malta / NZ / IOM QROPS is the UK limit of 1m GBP for 2016/17
  • Both a UK SIPP and Malta QROPS are taxed in Australia at client’s highest marginal rate of income tax due to the Double Taxation Agreements in place between Britain/Malta and Australia, however:
  • A UK SIPP allows 25% as a tax-free lump withdrawal; a UK SIPP is taxed up to 45% on death after you reach 75 years of age
  • A Malta QROPS allows a 30% tax-free cash lump sum withdrawal; A Malta QROPS has zero tax on death at source; also you can use some Australian tax allowances to reduce the tax on your foreign QROPS
  • Whilst a Malta QROPS and a UK SIPP both allow for full flexi-access drawdown; further UK drawdowns or “Uncrystallised Funds Pension Lump Sums” would be taxed in the UK* whereas any benefits taken from Malta would only be taxed in Australia.
    *This is the result of adding sections 636A(1A) and (1B) of the Income Tax (Earnings and Pensions) Act 2003 (which contains the 25% tax free – 75% taxable provisions) to the “member payment provisions” in Schedule 34 of the Finance Act 2004.

australia qrops 2016

Timing of Your UK Pension Transfer to an Australian Super QROPS, Australian Residency and Tax

  • If you transfer a UK pension scheme to an Australian SMSF Super QROPS within six months of residency, there is no extra tax on lump sums transferred in
  • Tax will be payable on any increase in value of the lump sum transferred-in since the start of Australian tax residency if the transfer is after the 6 month window
  • In other words, if you have been a resident in Australia for over six months, you will need to pay tax on any capital gains of your UK pension pot. This is because Australian Supers are taxed at 15% on any gains made. In Australia this is paid by the Australian Supers, but you would need to pay a tax to the ATO. The modern approach of the ATO (based on ATO ID 2015/7) is that only the exchange rate at the time of receipt [of your UK pension transfer] is to be used in calculations.
  • Who pays the Australian tax arising on the increase in value of your pension pot since attaining Australian residency? You can pay the tax at your marginal rate of tax or you can elect in writing on form NAT 11724 to have the fund pay the whole or a proportion of it at 15%. It is best to liaise with the Australian Taxation Office (ATO) at +61 2 6216 1111 if you are overseas or 13 10 20 if you are in Australia.

Australian Super QROPS 2016/17 Summary

As you can see, there are many factors you need to take into consideration when thinking of transferring a pension to an Australian Super QROPS

  • Age of member
  • Health of member
  • Whether you need flexible drawdown
  • Tax considerations
  • Currency considerations
  • Final retirement destination in old age
  • Residency / visa considerations
  • Investment Considerations
  • Any guarantees and protections you may be giving up during a transfer
  • Inheritance / estate planning considerations
  • Death benefit considerations

QROPS Compliant Super Funds

Australian Super QROPS which are Australian SMSF’s which must carve out rules, so that benefits cannot be taken before age 55 and you cannot transfer from a UK pensions scheme into a Australian QROPS compliant SMSF until you reach age 55.

List of QROPS Compliant Super Funds

The list below are Australian Super funds which have applied for HMRC QROPS / ROPS compliance. However, it doesn’t mean they achieve those standards. Please contact a QROPS specialist to make sure you are being transferred to the correct QROPS compliant super fund.

 

A & P Tedder Super FundAustralian Super QROPS
A Bedford Superannuation FundAustralia Super QROPS
AC & SD Rawnsley SMSFAustralia Super QROPS
AER (Plus 55) Super FundAustralia Super QROPS
AFT Superannuation FundAustralia Super QROPS
AKMD Superannuation FundAustralia Super QROPS
Amblin SuperfundAustralia Super QROPS
Andrew Barton Superannuation FundAustralia Super QROPS
Anjala Super FundAustralia Super QROPS
APPP over 55 Super FundAustralia Super QROPS
ARTAYLOR SuperfundAustralia Super QROPS
ASR UKPension SuperfundAustralia Super QROPS
Australian Defence Force Superannuation SchemeAustralia Super QROPS
Australind Superannuation FundAustralia Super QROPS
Axela Super FundAustralia Super QROPS
B & N Greer Super FundAustralia Super QROPS
Bailey Super FundAustralia Super QROPS
Bakersinaus Superannuation FundAustralia Super QROPS
Barker Gold Coast Super FundAustralia Super QROPS
Barnwell Superannuation FundAustralia Super QROPS
Bastian-Lee Super FundAustralia Super QROPS
Baxter Superannuation FundAustralia Super QROPS
Bazncaz Superannuation FundAustralia Super QROPS
Bell Heather Super FundAustralia Super QROPS
Ben & Ollie Superannuation FundAustralia Super QROPS
Beverley Family Superannuation FundAustralia Super QROPS
Bigboi Superannuation FundAustralia Super QROPS
Biggs Cook Superannuation FundAustralia Super QROPS
Bixie Retirement FundAustralia Super QROPS
Boehm Superannuation FundAustralia Super QROPS
Boogie Bear Superannuation FundAustralia Super QROPS
Boucker Superannuation FundAustralia Super QROPS
Breakey Family SuperAustralia Super QROPS
Brennan RSFAustralia Super QROPS
Bridge Over Troubled Waters Retirement FundAustralia Super QROPS
Broadie Bonus Superannuation FundAustralia Super QROPS
Brookfield Super FundAustralia Super QROPS
Brown Superannuation FundAustralia Super QROPS
Burge SMSF Pty Ltd ATF Burge Superannuation FundAustralia Super QROPS
Burr Superannuation FundAustralia Super QROPS
C & C Purchase Superannuation FundAustralia Super QROPS
C & L Gifford Superannuation FundAustralia Super QROPS
C & M Rowlands (Vic) Super FundAustralia Super QROPS
C.P. Eapen Superannuation FundAustralia Super QROPS
Calibre Superannuation FundAustralia Super QROPS
Callar Super Fund No1Australia Super QROPS
Calnan Super FundAustralia Super QROPS
Cardwell 55 Plus Super FundAustralia Super QROPS
Caroline Luke Superannuation FundAustraliaSuper QROPS
Carson SMSF Pension FundAustralia Super QROPS
Caskie Family Super FundAustralia Super QROPS
CatrionaPallett Superannuation FundAustralia Super QROPS
Cayford Family Superannuation FundAustralia Super QROPS
Cheers Barclays Superannuation FundAustralia Super QROPS
Chesapeake Super FundAustralia Super QROPS
Cheverall Pty Ltd ATF the Cheverall Superannuation FundAustralia Super QROPS
Clarke Davies Super FundAustralia Super QROPS
Clarke Family Super FundAustralia Super QROPS
Cliff Forde 55plus Superannuation FundAustralia Super QROPS
CLQ Superannuation FundAustralia Super QROPS
Cohen ROPS Super FundAustralia Super QROPS
Colleer and Mclaren Superannuation FundAustralia Super QROPS
Commonwealth Superannuation Scheme (CSS)Australia Super QROPS
Conrad J Soutart Superannuation FundAustralia Super QROPS
Courtney & Phadke Superannuation FundAustralia Super QROPS
Coyne Supperannuation FundAustralia Super QROPS
CP Hoy Superannuation FundAustralia Super QROPS
CP Lockwood Super FundAustralia Super QROPS
Crossland Over 55 Super FundAustralia Super QROPS
CS & JM Baxter (QLD) Super FundAustralia Super QROPS
Cundale Super FundAustralia Super QROPS
D Hodson Superannuation FundAustralia Super QROPS
Dane Super FundAustralia Super QROPS
David Tudor Evans Super FundAustralia Super QROPS
Davies Super FundAustralia Super QROPS
DB65 SuperfundAustralia Super QROPS
Dean Gale Super FundAustralia Super QROPS
Deeny Superannuation FundAustralia Super QROPS
Desiree SuperfundAustralia Super QROPS
Devonport Super FundAustralia Super QROPS
DJ & J Heeley Over 55 Super FundAustralia Super QROPS
DJB Super FundAustralia Super QROPS
DMWSF Superannuation FundAustralia Super QROPS
Doumani Family Superannuation FundAustralia Super QROPS
Downes Family Super FundAustralia Super QROPS
DP & LJ Rees SuperfundAustralia Super QROPS
Duggan Thomas Superannuation FundAustralia Super QROPS
Duma Superannuation FundAustralia Super QROPS
Edlynros SMSFAustralia Super QROPS
EE Super FundAustralia Super QROPS
Eels Riley FundAustralia Super QROPS
Ellerbrook Super FundAustralia Super QROPS
Elliot Family Super Fund (Over 55)Australia Super QROPS
Emilia Super FundAustralia Super QROPS
England Superannuation FundAustralia Super QROPS
Evernew Superannuation FundAustralia Super QROPS
Ewing Family Superannuation FundAustralia Super QROPS
F Goldstein Super FundAustralia Super QROPS
Final Curve Self Managed Superannuation FundAustralia Super QROPS
Finch Over 55’s SuperannuationAustralia Super QROPS
Frejya Superannuation FundAustralia Super QROPS
Fulmar FundAustralia Super QROPS
G Collier (55 plus) Super FundAustralia Super QROPS
G D Kewley Super FundAustralia Super QROPS
G.Graham Super FundAustralia Super QROPS
Gaskell over 55 smsfAustralia Super QROPS
Gemmstead Superannuation FundAustralia Super QROPS
GHC4 SuperfundAustralia Super QROPS
Gilkes-Cox SuperAustralia Super QROPS
Gilsenan Superannuation FundAustralia Super QROPS
Glendinning Family Super FundAustralia Super QROPS
Glenmaddie Superannuation FundAustralia Super QROPS
Godley Family Super FundAustralia Super QROPS
Goldsack Superannuation FundAustralia Super QROPS
Gooding 2016 SMSFAustralia Super QROPS
Goodwin Super FundAustralia Super QROPS
Gordon T Low Superannuation FundAustralia Super QROPS
Gorgeon Super FundAustralia Super QROPS
Gould Family Superannuation FundAustralia Super QROPS
Grant Leith Super FundAustralia Super QROPS
Green & 55 Super FundAustralia Super QROPS
Green 55 plus Superannuation FundAustralia Super QROPS
Groom Family Super FundAustralia Super QROPS
H McIvor Superannuation FundAustralia Super QROPS
Hall Saxby Age 55 Plus SuperfundAustralia Super QROPS
Harvey Smith Family Super FundAustralia Super QROPS
Heanor Super FundAustralia Super QROPS
Hedge Super FundAustralia Super QROPS
Hermisuper Pension FundAustralia Super QROPS
Ho & Tanaka Over 55 SuperfundAustralia Super QROPS
Houghtons Super FundAustralia Super QROPS
Hunt976 Super FundAustralia Super QROPS
HZD Superannuation FundAustralia Super QROPS
Ian & Sheila Sinclair Super FundAustralia Super QROPS
Ian Heap SMSFAustralia Super QROPS
I Michie Superannuation FundAustralia Super QROPS
Ingleside Investments Superannuation FundAustralia Super QROPS
Intrepid Superannuation FundAustralia Super QROPS
Irvine-Brown Superannuation FundAustralia Super QROPS
J & G Davies Superannuation FundAustralia Super QROPS
J & N Bradshaw Superannuation FundAustralia Super QROPS
J & V Jamieson SMSF Pty Ltd ATF Jamieson Super FundAustralia Super QROPS
J Brand Super FundAustralia Super QROPS
J Jurewicz SuperannuationAustralia Super QROPS
JA & SM Cannon Pty Ltd as Trustee for Cannons Super FundAustralia Super QROPS
Jacobson Family Superannuation FundAustralia Super QROPS
Jane Raymond Superannuation FundAustralia Super QROPS
Jaques Family SMSFAustralia Super QROPS
Jay Gee Superannuation FundAustralia Super QROPS
JBlack55 Super FundAustralia Super QROPS
JD Martinez Age 55 Plus Super FundAustralia Super QROPS
JDavies55Australia Super QROPS
Jenkins McGrath Super FundAustralia Super QROPS
JGG (No1) SuperfundAustralia Super QROPS
JISE Super FundAustralia Super QROPS
JLSAGLYNN 55 SMSFAustralia Super QROPS
JM & G Lunn Superannuation FundAustralia Super QROPS
JM Pflaum Super FundAustralia Super QROPS
John McNally (55 plus) Super FundAustralia Super QROPS
Johnston Family Super FundAustralia Super QROPS
Johnstone Davies Super FundAustralia Super QROPS
Jones Superannuation FundAustralia Super QROPS
Jovcic (Plus 55) Super FundAustralia Super QROPS
JRB Leventhorpe Family Super FundAustralia Super QROPS
Juliet Ashworth Superannuation FundAustralia Super QROPS
Kafue Superannuation FundAustralia Super QROPS
KCWilliams Plus 55 Super FundAustralia Super QROPS
Keenan Family Superannuation FundAustralia Super QROPS
Kelly Superannuation FundAustralia Super QROPS
Killcare 55 Super FundAustralia Super QROPS
Killen Family Superannuation FundAustralia Super QROPS
King Superannuation FundAustralia Super QROPS
KSAK PTY Ltd ATF KK Pension FundAustralia Super QROPS
LDH Over-55 Super FundAustralia Super QROPS
Leiper (Plus 55) Super FundAustralia Super QROPS
Lemon Street Superannuation FundAustralia Super QROPS
Lennon Fraser Age 55 Superannuation FundAustralia Super QROPS
Lette 55 Super FundAustralia Super QROPS
Local Government Superannuation SchemeAustralia Super QROPS
LockRichard55 SuperfundAustralia Super QROPS
Locke Sinclair Retirement FundAustralia Super QROPS
Lorigan Superannuation FundAustralia Super QROPS
M&J 55 Superannuation FundAustralia Super QROPS
M and M Belcher Super FundAustralia Super QROPS
Mack-Heaven Superannuation FundAustralia Super QROPS
Maeva 2 Investments Superannuation FundAustralia Super QROPS
MAGNGA Superannuation FundAustralia Super QROPS
Malkin Family Superannuation FundAustralia Super QROPS
Marbecca Super FundAustralia Super QROPS
Mark Case PensionAustralia Super QROPS
Mark Russell Super FundAustralia Super QROPS
Mayers Family Superannuation FundAustralia Super QROPS
MC Preston Super FundAustralia Super QROPS
McAteer 55 Plus Superannuation FundAustralia Super QROPS
McCarroll Super FundAustralia Super QROPS
McConnell Family FundAustralia Super QROPS
McConochie Family Superannuation FundAustralia Super QROPS
McCormack Over 55 SMSFAustralia Super QROPS
MCD – SMSFAustralia Super QROPS
McIntyre Family Super FundAustralia Super QROPS
Mclauchlan 55 Superannuation FundAustralia Super QROPS
McNee Family Super FundAustralia Super QROPS
McQuarrie-Dunn SuperfundAustralia Super QROPS
Michael Russell Thornham Superannuation FundAustralia Super QROPS
Middlesex Superannuation FundAustralia Super QROPS
Miles Superannuation FundAustralia Super QROPS
Military Superannuation and Benefits SchemeAustralia Super QROPS
MJC2015 Over 55 Super FundAustralia Super QROPS
Moller & Hughes Superannuation FundAustralia Super QROPS
Money Penney Superannuation FundAustralia Super QROPS
Murrandy Superannuation FundAustralia Super QROPS
Muxlow Retire Tasmania Superannuation FundAustralia Super QROPS
N & C Pigott Superannuation FundAustralia Super QROPS
N Saunders Over 55 SuperfundAustralia Super QROPS
NCDA Super FundAustralia Super QROPS
Neil Anderson Superannuation FundAustralia Super QROPS
Neil Dickson 55 Plus Superannuation FundAustralia Super QROPS
Nichols Superannuation FundAustralia Super QROPS
Nochar Retirement FundAustralia Super QROPS
Noon Superannuation FundAustralia Super QROPS
NP Aged 55 SMSFAustralia Super QROPS
NP JP O’Brien Super FundAustralia Super QROPS
Oakley SuperfundAustralia Super QROPS
Occasions Pty Ltd ATF the Valli Superannuation FundAustralia Super QROPS
Ollis Super FundAustralia  Super QROPS
One Nil Superannuation FundAustralia Super QROPS
Owen (Age plus 55) Super FundAustralia Super QROPS
P & J Sweeney Super FundAustralia Super QROPS
P Wyns Age 55 Super Fund (SMSF)Australia Super QROPS
P.Brewer Superannuation FundAustralia Super QROPS
Park View Pension SuperfundAustralia Super QROPS
PB 55 Super FundAustralia Super QROPS
PD & JW Superannuation FundAustralia Super QROPS
Peter Adrian Usher Superannuation FundAustralia Super QROPS
Peter J Douglas Super FundAustralia Super QROPS
Phil & Marion Bryant SuperfundAustralia Super QROPS
Phipps Super FundAustralia Super QROPS
Pickford (55 plus) Super FundAustralia Super QROPS
Probuck Super FundAustralia Super QROPS
Pruhonice SuperAustralia Super QROPS
Public Sector Superannuation Accumulation PlanAustralia Super QROPS
Public Sector Superannuation SchemeAustralia
Puppy Superannuation FundAustralia Super QROPS
R & C Pain Over 55 SMSFAustralia Super QROPS
R & L Superannuation FundAustralia Super QROPS
R L Michael & T F Michael Family Superannuation FundAustralia Super QROPS
Ras Retirement FundAustralia Super QROPS
Rayner Lawton Super FundAustralia Super QROPS
RBC Superannuation FundAustralia Super QROPS
RBCT Superannuation FundAustralia Super QROPS
Reddy Superannuation FundAustralia Super QROPS
Regane Superannuation FundAustralia Super QROPS
Renn Super FundAustralia Super QROPS
Renukas Woofie Super FundAustralia Super QROPS
Richard Fuller Over 55 SMSFAustralia Super QROPS
Richard Weston Superannuation FundAustralia Super QROPS
RL Drake Superannuation FundAustralia Super QROPS
Rob Young Over 55 SMSFAustralia Super QROPS
Robert Ian Kershaw Superannuation FundAustralia Super QROPS
Rogers Superannuation FundAustralia Super QROPS
Rolan Goli-Molnar Superannuation FundAustralia Super QROPS
Rosser L Personal Pension SchemeAustralia Super QROPS
Rossy SuperfundAustralia Super QROPS
Rowley Superannuation FundAustralia Super QROPS
Roy Family Retirement FundAustralia Super QROPS
Ryan Trust Lifetime Super FundAustralia Super QROPS
Rycroft Superannuation FundAustralia Super QROPS
RZ Beaver Super FundAustralia Super QROPS
S & J Thomas Superannuation FundAustralia Super QROPS
S & M McLuckie Super FundAustralia Super QROPS
S & T Clarkson’s Super FundAustralia Super QROPS
S Windram Super FundAustralia Super QROPS
Scholey Superannuation FundAustralia Super QROPS
Sheldon Superannuation FundAustralia Super QROPS
SJS Super FundAustralia Super QROPS
Skeoch Over 55’s Superannuation FundAustralia Super QROPS
SLALE Pullen Superannuation FundAustralia Super QROPS
Slickenside SuperAustralia Super QROPS
Smith Retirement SMSFAustralia Super QROPS
Smithson Family Superannuation FundAustralia Super QROPS
South Beach Superannuation FundAustralia Super QROPS
Spychal Family Super FundAustralia Super QROPS
Stephen Charles Farley & Lynn Teresa Farley ATF Farley Superannuation FundAustralia Super QROPS
Steve & Sue Balme Super FundAustralia Super QROPS
Stockport Super FundAustralia Super QROPS
Storrs Superannuation FundAustralia Super QROPS
Sue Daniels Superannuation FundAustralia Super QROPS
Super DevereauxAustralia Super QROPS
SuperCrossey FundAustralia Super QROPS
Supernova Superannuation FundAustralia Super QROPS
Swift Superannuation FundAustralia Super QROPS
Synga Super FundAustralia Super QROPS
T & M Caulfield SMSF Pty ATF Caulfield Super FundAustralia Super QROPS
T and C Super FundAustralia Super QROPS
T Hibbert Superannuation FundAustralia Super QROPS
Tania Via Super Concepts 55 Plus FundAustralia Super QROPS
Tanunda Superannuation FundAustralia Super QROPS
Three Boabs Super FundAustralia Super QROPS
Tickner SMSFAustralia Super QROPS
Tidswell Master Superannuation PlanAustralia Super QROPS
TJB 55 plus Superannuation FundAustralia Super QROPS
TLCR Retirement FundAustralia Super QROPS
Tomkinson SMSF Pty Ltd ATF Tomkinson Superannuation FundAustralia Super QROPS
Tony Quinn Super FundAustralia Super QROPS
Tovey Over 55 Superannuation FundAustralia Super QROPS
Trustee for Sinnington Super FundAustralia Super QROPS
Turner Family Super FundAustralia Super QROPS
TYP 55 plus Superannuation FundAustralia Super QROPS
UNCLE SuperfundAustralia Super QROPS
Vic Sole Self-Managed Super FundAustralia Super QROPS
VT McDonald Super FundAustralia Super QROPS
Wasret Pty Ltd as trustee for Wasret Super FundAustralia Super QROPS
Watson Carroll Super FundAustralia Super QROPS
Welsh Family Super FundAustralia Super QROPS
Westwood 55 Plus Superannuation FundAustralia Super QROPS
Whalley SMSF Pty Ltd ATF Whalley Superannuation FundAustralia Super QROPS
Wight Retirement FundAustralia Super QROPS
Wildman Family Super FundAustralia Super QROPS
Willowend 55 plus Superannuation FundAustralia Super QROPS
Wilson Ingham Retirement FundAustralia Super QROPS
Yanda Number One Super FundAustralia Super QROPS
Yorkdale 1955 Super FundAustralia Super QROPS
Yorkdale 1961 Super FundAustralia Super QROPS
Zed Super Fund No. 2Australia Super QROPS

Australian Income Tax Rates on Australian Super QROPS

Income tax rates for Residents in Australia for 2014/2015 year, 2015/2016 year (and 2016/2017 year)

Income Marginal Income Tax Rate Medicare Levy Tax Payable
$0-$18200 0% 0% Nil
$18201- $37000 19% 0%-2%* 19 cents for each $1 over $18200
$37001-$80000 32.5% 2%* $3572 plus 32.5 cents for each dollar over $37000
$80001-$180000 37% 2% $17547 plus 37 cents for each dollar over $80000
$180001 and above 47% 2% $54547 plus 47 cents for each dollar over $180000

There is zero income tax on an Australian Super QROPS which is an Australian SMSF which is QROPS compliant if you take your retirement benefits after the age of 60 years old.

You would pay Australian income tax on a foriegn QROPS such as a NZ, Malta or Isle of Man QROPS.

*In 2015-16 you do not have to pay the Medicare levy if your taxable income is equal to or less than $21,335 ($33,738 for seniors and pensioners).

You will pay only part of the Medicare levy if your taxable income is between $21,335 and $26,668 ($33,738 and $42,172 for seniors and pensioners).

More about the Medical Levy reduction and exemptions here.

Please contact us today to ask our financial experts a question. Each pension case is unique and a discussion is necessary to find the optimal solution.