PPRuNe Forums - View Single Post - Wealthy Expats won't find it alluring
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Old 27th Oct 2006, 20:32
  #25 (permalink)  
410
 
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Someone could confirm this, but I've been told by a friend who has just retired to Australia and decided to remain a non-resident much as 404Titan has because he tells me that if you put your money into an Australian super fund and then make one of the many errors in managing it that the ATO deems you might make in their incredibly complex tax syatem, they will impose a 45% penalty on you - ie, take almost half your retirement money and you get no say in the matter. The decision on whether you have erred or not is the ATO's and they can take the money straight out of your fund without you having any say in the matter.

Is it any wonder people like 404Titan decide to stay offshore.
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