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Edited version of private advice
Authorisation Number: 1051652102632
Date of advice: 26 March 2020
Ruling
Subject: Taxation of pension income
Question
Will the Australian government service pension you receive on retirement be assessable in Australia?
Answer
No. An article in the relevant agreement for the avoidance of double taxation with respect to taxes on income and fringe benefits and the prevention of fiscal evasion states that pensions (including government pensions) and other similar periodic remuneration that are paid to a resident of a Contracting State are only taxable in that State.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are a citizen and resident of Country Z.
You previously worked and lived in Australia for approximately X years.
Over 20 years ago you returned to Country Z to live and work.
You are now preparing to retire.
Further issues for you to consider
It is not compulsory to declare your Tax File Number to a financial institution or superannuation fund however there may be tax consequences if you do not, generally this will result in you being taxed at the highest marginal rate.
You should contact the relevant organisation to discuss the specifics of your situation with them.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 6-5(2)