New Zealand senior citizens moving to Australia with a South African pension.
My parents are New Zealand citizens on a South African pension and will not be working in Australia if we move there. Can anyone offer any info/advice on whether they will face any surprise costs or taxes? General advice about settling in is also welcome. I don't want this move to end up costing them a fortune!
Here is some information on the ATO website about transferring foreign pensions to Australia that I hope answers your questions: http://www.ato.gov.au/individuals/content.aspx?doc=/content/00197540.htm&page=1&H1 From a brief look it seems there are ways to avoid getting hit with large taxes - I recommend discussing your specific situation with a financial planner as well. Hope that helps :)
Can you advise if south African pension is taxable here in NZ. My dad was on railways in sa and obviosly paid tax on salary BEFORE his pension was deducted and paid into pension fund. So he did pay tax on pension I take. Can anyone advise