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Holders of Retirement Visas To Be Granted Work Rights

Author: Alan Collett
Date: Monday, December 23, 2002
 
Regulations allowing the holders of 410 Retirement visas to work up to 20 hours per week from the 1st of March 2003 are on the way.

At present a retiree who is living in Australia as the holder of a 410 Retirement visa can expect to have condition 8101 attached to his/her visa - meaning that no work (even voluntary) is allowed. From the 1st of March 2003 condition 8104 will replace 8101 - allowing the holder of a Retirement visa to work for up to 20 hours each week.

Holders of existing Retirement visas will be allowed to apply for a replacement visa with new condition 8104 without charge from the 1st of March 2003. This replacement visa will have the same expiry date as the existing visa.

Interestingly this work provision might allow retirees from the UK who have not started drawing an income from their pension fund to seek a very tax effective transfer of their pension fund to Australia - to effect a pension transfer to Australia one must be in receipt of earnings from one's "personal exertions."

Please contact us for more details about the new Retirement visa provisions and the tax planning opportunities.

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