How do I bring a UK pension back to Australia?
The wisdom: You're correct regarding no access until 55 but note this is increasing to 57 from April 6, 2028, says Brigitta Nadya, a financial adviser with Independent Wealth Partners.
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ABC News
2 days ago
- ABC News
Five-storey buildings could replace farmland on Sunshine Coast CBD block
Developers had their eyes on Maroochydore's Wises Farm for decades, and for good reason. The prime parcel of land on Queensland's Sunshine Coast lies mere minutes from the Maroochydore city centre and Alexandra Headland beach. The late Peter Wise's staunch stance against urban development made the 39-hectare site, bordered by the Sunshine Motorway and Wises Road, even more alluring and valuable. The recent purchase of the land by Brisbane-based firm QM Properties, for an eye-watering $93.5 million, has only served to thrust it back into the spotlight. Maroochydore's last remaining undeveloped private land was sold with preliminary approval for low to medium density housing, and a maximum of 570 homes, or a maximum of 800 units. Plans submitted to Sunshine Coast Council in May show large sections of the site could include housing up to 15 metres, or about five storeys. The plans also retain many of the existing trees that line a creek along the site, and make provisions for a park and a small shopping centre. But longtime Sunshine Coast councillor Ted Hungerford said the plans were still subject to change. "I'm waiting to see whether they [QM Properties] continue to the current application that is being assessed by our planners or whether they bury that or whether they want to go with a whole new plan," he said. QM Properties was unavailable for an interview. A spokesperson said they understood the public interest but were not in a position to provide further comment or answer questions. The company's website states that it was founded in 1976 and its projects are "thoughtfully located, engineered and designed to suit market demand". "Adopting best practice and innovative solutions ensures QM developments are sensitive to both people and the environment," the website reads. David and Joannne Ellaby have lived along Wises Road for 14 years and worry about the impact on traffic. Mr Ellaby said there was already a large church, school, funeral home and sportsgrounds further up the road. "Some afternoons when the school's coming out, there's a football or a sporting thing happening at the rugby league club — it's a mess," Mr Ellaby said. "Then you add another 10,000 car movements coming out [of the new development], so it would be nice to know what traffic mitigation the council and the town planners are thinking about putting in here." The couple said that while they understood the need for more housing, they were concerned about the direction the Sunshine Coast was heading with higher-density living. "So many people have said over the years that we don't want it to be another Gold Coast, but unfortunately now it's seeming that way," Ms Ellaby said. Mr Ellaby said he had concerns about how the local council was handling the extra growth. "It just needs to be done in a sensible way and they're not doing that. And I'm pretty sure most other people who live here would agree with that," he said. Val Moran, who also lives along Wises Road, said he supported the project as it would provide much-needed housing for the region. "I have seen the [preliminary] plans and I think they're quite good," Mr Moran said. "There'll be open space along this road and of course a creek going through, so the creek will represent another green area." Jackie Le Roux, from local business group 4556 Chamber, said the development provided "fresh opportunities". "It will actually increase foot traffic for retailers, tradespeople, service providers, hospitality operators," Ms Le Roux said. "From a business point of view there is a positive embracing of the vision because it does help the local economy." Nicole Bennets from the Planning Institute of Australia said the site was well-suited to urban development. "We don't get parcels of land like this very often at all in South-East Queensland … most other land coming to market sits on the fringe of cities," Ms Bennets said. "This piece of land has good proximity to existing roads and other infrastructure so it means less cost for governments to actually deliver all the infrastructure required." She said under the Sunshine Coast Council's draft planning scheme there was also requirements on future developments to ensure they were creating "complete" communities. "If you're starting to push up around 500 dwellings on a site like this, you would expect to see some local parks being delivered and other amenities for those residents," she said. "Providing the services and infrastructure and amenities that they need in order to live really well."
West Australian
7 days ago
- West Australian
Inheritance tax wake-up call for all expat Brits in Australia still with private pensions in the UK!
A major tax change in the UK could have serious consequences for thousands of British expats living in Australia with pension savings left behind in the old country. From April 2026, pension pots inherited after the age of 75 will no longer be tax-free for beneficiaries. Instead, they'll be taxed as income, at the recipient's marginal rate — potentially as high as 45 per cent.. And from April 2027, the UK is going a step further — pensions will be brought into the scope of inheritance tax, too. This 2027 change is a fresh move from the UK Treasury. Pensions, which were previously exempt from UK estate taxes, will now potentially face double taxation — income tax plus inheritance tax. If you're an Australian tax resident with a UK pension and you're assuming it'll all pass seamlessly to your family one day, then think again. Historically, UK defined contribution pensions — also known as 'private pensions' — were a handy estate planning tool. If the pension holder died before age 75, the entire pot could pass to beneficiaries tax-free, and even after 75 it was only subject to income tax when withdrawn. More importantly, pensions were excluded from the estate for UK inheritance tax purposes, meaning they avoided the UK's hefty 40 per cent estate tax altogether. But from April 2026, that income tax exemption ends for people who die over age 75. And from April 2027, the pension itself will be counted as part of the estate for inheritance tax purposes. The UK government has confirmed that from April 2027, defined contribution pensions will be reportable for inheritance tax, with the responsibility falling on executors. In some cases, families could have just six months to report and pay tax or face late penalties. If that sounds like a nightmare for grieving families navigating two tax systems, it's because it probably will be. In contrast, Australian superannuation is relatively generous when it comes to estate planning because: Adding further complexity is a lesser-known change to how the UK defines inheritance tax exposure. From April 6 this year, the UK moved to a residence-based system. If you've been a UK tax resident for 10 out of the last 20 tax years, you may be classified as a long-term resident and subject to UK inheritance tax on your worldwide assets. So, even if you've been living in Australia for years, you may still be caught by UK inheritance tax, because the new rules apply a 'tail' period of up to 10 years after you leave. For many, transferring UK pensions to Australia via a Qualifying Recognised Overseas Pension Scheme has for a long time — and in the right circumstances — made financial sense. It consolidates retirement savings, aligns your money with your tax residency and gives you more control. Now, with the emergence of this new tax regime, the argument for a transfer grows stronger. It also removes the burden from your family of having to deal with HM Revenue and Customs, complex executor responsibilities and international tax reporting. Of course, it's not always straightforward because: But with professional advice, the process can often be navigated smoothly and the long-term benefits can be significant. The UK's planned tax changes are a wake-up call for British expats in Australia because: So, if you have UK pension savings and live in Australia, it's time to reassess your strategy. A well-considered pension transfer, in the right circumstances and with the right personalised advice, could mean more of your hard-earned savings stay in the hands of your family — and not in the UK tax office. Nicholas Hart is a financial adviser and UK Pensions expert at Empire Financial Group
Herald Sun
16-06-2025
- Herald Sun
Vital Signs Podcast: EBR's major milestones in WiSE CRT commercialisation
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Vital Signs is a podcast series focused on investing, hosted by Senior Health and Biotech journalist Nadine McGrath. In this episode Nadine chats to John McCutcheon, the President and CEO of EBR Systems (ASX:EBR). EBR is focused on its lead technology, the WiSE CRT System, an innovative device designed to overcome the limitations of conventional Cardiac Resynchronisation Therapy (CRT) and is the only leadless left ventricular endocardial pacing (LVEP) device on the market. The company recently received FDA approval for the device in the US, opening the door to a mega market opportunity in one of the worlds largest healthcare markets. Earlier this month, the first two US commercial patients were treated with WiSE ahead of the company's reimbursement milestones, further demonstrating the clinical importance of the device. In this episode McCutcheon explains the significance of the technology, the reimbursement scheme and outlines the next steps for EBR as it prepares for commercial roll out. This podcast was developed in collaboration with EBR Systems, a Stockhead advertiser at the time of publishing. The interviews and discussions in this podcast are opinions only and not financial or investment advice. Listeners should obtain independent advice based on their own circumstances before making any financial decisions. Originally published as Vital Signs Podcast: EBR's major milestones in WiSE CRT commercialisation
