Effect of moving overseas on income streams and taxation
I am 61 and plan to retire next year. My super has been invested with a State Government superannuation scheme, which I will convert to an income stream with an industry super fund.
I am Australian and my partner is German and we would like to retire in Germany to be closer to her family. I have lived and worked all my life in Australia. Australia and Germany have a tax treaty. Article 18 of that treaty seems to indicate that my income stream would not be taxable in Germany. As an Australian resident it is not taxable in Australia.
My question is will it be taxable in Australia if I become a non resident of Australia and how much tax would I pay?
3 comments
3 comments
Non-residents aged over 60 in receipt of Australian superannuation income streams are taxed in the same manner as resident taxpayers.
Where such payments are received from a taxed source the income is classified as ‘non-assessable, non-exempt income’ and is not subject to Australian taxation.