Hi all,
My name is Sean. My wife Michele and I are looking to move over to Italy in a few years and we are trying to get a feel for the tax implications related to our Australian superannuation.
Does anyone here have any experience with this?
What we have heard so far is that all income received from abroad is taxed at the standard tax rates including foreign pensions.
We have also heard that all financial assets held abroad (excluding property) is taxed at 0.2% so we are curious if this would include our Aussie superannuation?
I am ultimately wondering if anyone on here has Australian Superannuation and how it is handled with regards to the Italian tax system?
These are my assumptions:
Superannuation is already taxed in Australia when contributing to the accumulation account in preparation for the retirement period. I expect that this bulk amount (for example let's say AUD$1,000,000) is taxed initially at the 0.2% rate upon immigrating to Italy as it's not an income but rather a financial asset, then I expect that the only tax I would pay on that AUD$1,000,000 would be AUD$2,000 (or equivalent in EUROS)?
The next component for retirement income for Australians is the Australian Pension and for this I expect it to be taxed at the standard income tax rate of between 24% and 43% depending on the amount being received?
Does this align with what someone on here has already experienced?
Kindest regards, Sean
