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Super Plus can establish a new SMSF or register your existing SMSF to meet the QROPS requirements.

• We charge a fee of $200 + GST to register a SMSF as a QROPS
• Ongoing we charge a nominal $10 + GST per month in addition to our standard fee for the additional administration requirements (up to 5 years maximum from date of leaving the UK, eg.. if you left 3 years ago, then $10 + GST per month for only 2 years).

To ensure the ongoing requirements are met, Super Plus would need to provide the administration service to the SMSF. Given our experience and quality service we’re the best administrator for your SMSF in any event.

Experience where it Matters

You don’t want just anyone providing this service, you want experience! That’s why we have a former UK licensed adviser employed by Super Plus and are able to provide both Financial Advisers and Trustees the support they need.

Seek Specialist advice

If you are uncertain about how or if to transfer your UK benefits, SEEK FINANCIAL ADVICE FROM A QUALIFIED ADVISER, the advice should also consider (if applicable) in what circumstances it may be better not to transfer.

How is a transfer treated in Australia – General guide only
This area is complex and specialist advice should be sought before making any decision, as you may be giving up significant benefits in your UK scheme.

Australian treatment on transfer
The value at date of residence in Australia is treated as a Non-Concessional Contribution and not taxed in the Australian Super Fund when received.

The increase in value between the date of residence and the date the funds are transferred to Australia is tax free if transferred within 6 months of residence. After 6 months the increase in value is taxed at a rate of 15% within the Australian fund.

Limits on amount received in Australia.
Any transfer into an Australian fund will be required to have a value less than the Australian contribution limits for Non-Concessional Contributions. Amounts over this limit will be subject to a penalty rate of tax and therefore consideration should be given to a staged transfer strategy over a period of years in such circumstances. There is no cap on the Concessional Contribution part (growth portion) when it applies to an overseas super transfer.

Restriction Once in Australia
There will be the normal superannuation restrictions on benefits within Australia. As the transfer has come from the UK, there will also be a restriction on the on transfer to another scheme. In the period of 5 years after leaving UK residency, benefits can only be transferred to another QROPS. If a transfer occurs to a non QROPS scheme inside this period there is penalty tax of 40% and the existing fund will lose it QROPS status. Any transfer within this period is required to be reported to the HMRC.

Residence
Residence for the purposes of the overseas transfer is treated as tax residence, so generally the date of arrival to take up permanent residence. This may be different from actual immigration residence as someone may be on a temporary visa before becoming a permanent resident, which may occur sometime later. A transfer before becoming a permanent resident may not be prudent due to restrictions on transferring super out of Australia. Specialist advice should be sought regarding this issue.

Act in Advance
As there is only a 6 month window to transfer to Australia tax free, clients need to consider the options early. UK residents can speed up this process by requesting a Cash Equivalent Transfer Value (CETV) from their current scheme(s) the day they depart the UK (have it posted to you in Australia via airmail or posted to a reliable UK friend that can quickly forward it to you). UK schemes must provide a CETV once a year free of charge, additional CETV’s may result in a fee.

More Help

Need more Help : Contact us

Find a UK Adviser www.thepfs.org

Find an Australian Adviser www.fpa.asn.au

British Overseas Pensioner Association www.britishpensions.org.au