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| Pension Agreement Concluded Between Austria And Australia |
by Mary Swire, Tax-News.com, Hong Kong
Monday, February 22, 2010
A supplementary social security agreement to eliminate double superannuation
coverage between Australia and Austria has been concluded by Australia’s
Minister for Foreign Affairs, Stephen Smith, and the Austrian Minister for Labour,
Social Affairs and Consumer Protection, Rudolf Hundstorfer.
It was explained that double coverage arises where an employee is sent from
one country to work temporarily in another country and the employer and the
employee are required to pay superannuation or social security contributions
for the employee in both countries.
This will no longer be the case between Australia and Austria. As Australia
and Austria already have an existing Social Security Agreement dealing with
pensions, the new agreement will be supplementary to it, removing the doubling
up on superannuation payments. It is expected to be effective from mid-2011.
"The supplementary agreement will improve economic links by reducing costs
for businesses operating in Australia and Austria," Chris Bowen, Australia’s
Minister for Financial Services, Superannuation and Corporate Law, said. "Generally,
seconded workers from Austria will continue to contribute to and be covered
by the Austrian social security system and will not be subject to Australia's
superannuation guarantee.”
"Similarly, Australian workers seconded to Austria will remain subject
to Australia's superannuation guarantee and contributions will not be required
to be made to the Austrian social security system.”
He added that the agreement incorporates the same principles of avoiding double
coverage included in many of Australia's other social security agreements, including
those recently signed with Poland and the Czech Republic.
A comprehensive report in our Intelligence Report series
titled "The Lowtax International Pensions Report" which has an
in depth view on The Mechanics of Pensions Provision, 'High-Tax' Country Pension
Regimes and 'Lowtax' Jurisdictions In Which To Locate Pensions Savings, is available
in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report14.asp
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