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23 Jul 12 Choice to have an Australian fund pay tax on a foreign super transfer

When a taxpayer transfers a superannuation lump sum from their foreign super fund, directly to an Australian super fund, more than six months after becoming an Australian resident or terminating their foreign employment, they can choose to have all or part of the assessable part of the lump sum treated as assessable income by their Australian super fund.

If they choose to do this, their Australian super fund will pay tax on the assessable part of the lump sum at a concessional rate of 15%, instead of them paying tax at their marginal rate.

For a copy of the form "Completing your choice to have your Australian fund pay tax on a foreign super transfer", go here

 


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