29
Aug

Migrating to Australia ? Superannuation considerations

Did you know that if you are either migrating or returning to Australia, it may be possible to transfer your retirement benefits from an overseas fund to an Australian super fund. Whilst there is generally no Australian tax if the transfer occurs within six months of becoming an Australian tax resident, a transfer after six months can be arranged with tax payable only on the growth component of the benefit since you became an Australian tax resident. Transfers are subject to normal contribution caps which may limit the amounts that can be put into your Australian fund.

Trans-Tasman transfers (between Australian and New Zealand funds) are preferentially treated and in most cases will not incur the tax on growth referred to above. There are restrictions on these transfers and you should seek advice if you wish to make such a transfer.

Complex laws apply in relation to UK transfers and you should speak to your Experien Financial Service’s  adviser to assess your options in this regard. Click here to lodge an query.

This information is general in nature and should not be relied on for your personal financial planning needs. You should seek personal financial advice of your own. This information is general in nature and should not be relied on for your personal financial planning needs. You should seek personal financial advice of your own.