If you have migrated or returned home to Australia, you may be able to transfer your retirement benefits from an overseas super fund to a complying Australian super fund, and benefit from the concessional tax environment.
An amount paid from a foreign super fund has two components:
- the applicable fund earnings (also called the growth component), which are any earnings on the overseas super fund while the individual was an Australian resident; and
- the balance of the transfer.
The tax paid on the foreign super lump sum depends on when the benefit is received, whether the individual makes an election concerning applicable fund earnings, their age and their non-concessional caps.