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By Marisawright · Posted
I have to admit, I had a similar experience as Nemesis with a financial adviser. It might be better now, because of the ban on financial advisers taking commissions from the funds they sell. However, that means they now charge a flat fee, which is a few thousand dollars, and some people baulk at that. I feel as though the OP's question -- will he be taxed on the lump sum if he withdraws it before he leaves - has been answered. It sounds like you're talking about a much bigger question, i.e., is it really a good idea to withdraw the lot? I think there's a lot of strong reasons why it's a bad idea to withdraw the whole lot if you're staying in Australia in your retirement. After all, the minute you take it out of super, you've got to put it in some kind of investment (even if it's just a bank account) and suddenly you're earning taxable interest. And there's all that decision-making about how and where to invest. Not to mention the temptation to treat yourself to something with some of that lump sum, which you may regret when the money runs out later. It gets a lot more complicated if you're thinking of moving overseas, due to exchange rate risks, tax differences between countries etc. For that reason, I think he'd need to consult someone like Andrew from Vista, who's got experience of how moving between countries affects things like tax and pensions. Ordinary financial advisers either here or in the UK wouldn't know the complexities. -
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I am hoping my experience was unusual, that's the reason I won't name the company, suffice to say it was quite clear us peasants aren't really worth the large companies spending time on us! I'd never give anyone advice on what to do with their own super (or money in general), cos everyone's situation is unique; I can only outline what I did and the fact I managed it without having to pay for help in the end. Suited me, as I had reasons for having to come back on a short timeline, and while in the long run it might well have made more financial sense to stay in Australia longer, mentally, emotionally and even physically I think departing when I did was the best route, and so I had to do the best I could with the money at the time. -
I'm confused by that too, why would she have to stay an extra year? She'd get the PR 801 straight away and it they got on with it and applied quick t may well come through by the end of this year. Seems crazy to be trying to do the year on 3 month tourist visas. Trying to leave and re-enter every three months when the rest of the family are Ozzies is almost begging for a refusal as there's a good chance they won't believe she's a genuine tourist.
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