I am over 55 and am planning on withdrawing my uk pension pot, value approx £20,000, and bringing into Australia. I would like to keep half in cash and pay the other half into my Super. The pension has grow by about £8,000 since we became residents. My question is -will I pay any extra tax other than the 15% concessional tax if I pay £10, 000 into my super as a personal contribution ? Am I correct in thinking that the £12,000 value before coming to Australia will be tax free? Thanks, Karen
This is a question for an experienced tax accountant but on the surface, you are correct subject to the exit rules of your UK fund. A number of rules and Qualifying funds were changed by the UK in 2015.
You can contribute to your Australian Super Fund up to the $25,000 annual limit at the concessional rate so that depends on what other contributions will be made by you or your employer this financial year.
Get professional advice before you touch it!
I am not a financial planner so can't give you any financial advice but here is a link from the ATO on transfer of super from foreign funds https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Super/Tax-treatment-of-transfers-from-foreign-super-funds/
You should seek help of a financial planner in your local area whom you can have a face to face meeting with and have a chat about this.