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Edited version of private advice

Authorisation Number: 1051794987548

Date of advice: 14 January 2021

Ruling

Subject: Pension income

Question

Are your Country Z Pensions taxable in Australia?

Answer

No.

Based on the information provided to the Commissioner your Country Z pensions are not taxable in Australia.

The Double Tax Agreement between Australia and the Country Z gives the taxing rights to both pensions to Country Z.

Therefore, the pensions are not taxable under section 6-5 of the Income Tax assessment Act 1997 (ITAA 1997).

This ruling applies for the following periods:

Year ended 30 June 2019

Year ended 30 June 2020

Year ending 30 June 2021

Year ending 30 June 2022

Year ending 30 June 2023

Year ending 30 June 2024

The scheme commences on:

1 July 2018

Relevant facts and circumstances

You are a resident of Australia for taxation purposes.

You have been a resident of Australia since 20XX.

You are a citizen of both Australia and Country Z.

You are in receipt of Country Z pensions.

You declare your pensions in your Country Z tax return.

You have previously declared these pensions in your Australian tax returns.

Relevant legislative provisions

Income Tax assessment Act 1997 section 6-5