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HMRC confirms Australian super funds are no longer QROPS

HMRC confirms Australian super funds are no longer QROPS

HM Revenue & Customs has confirmed that Australian superannuation funds no longer meet the requirements to be considered a Qualifying Recognised Overseas Pension Scheme (QROPS), according to the Australian Superannuation Funds Association (ASFA). As a result, transfers made into the funds after 6 April risk a penalty tax charge of up to 55%. However, in a note sent to members last week, the association said HMRC is "considering relief" for transfers completed up until 17 June, the date it sent out a letter to QROPS operators asking them to confirm that their scheme meets the requirements of the "pensions age test". Please link to International Adviser to read the full article by Daniel Flynn.

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