Hi
I am 55 years of age, and my wife and I are looking to move permanently back to the UK at some stage over the next few years. My preservation age is 60. I am hoping one of the Finance guys on this forum can assist me. I am sure I would not be alone in wanting to know the answer to my questions but despite having read many posts on Pomsinoz for the last few years, I am still a bit unsure of how my super would be affected depending on when I move back to the UK
Question 1: I understand that if we stay in Oz until my 60th birthday and formally retire from my job, I can access my super in full with no tax implications in Aus. If I do this and then move back to the UK, do you know if my super money (big lump sum) is then liable to taxation in the uk after I settle back there or is it considered to be part of my personal wealth that I believe I am allowed to take back into UK as a 1 off tax exempt transfer when I move back (along with money from the sale of my house and other savings)?
Question 2: If we decided to move back to UK before my 60th birthday and got a job in the UK. Once I turn 60 I am presuming I can still access my super, in the same way as if I was still living and working in Aus ie I would need to retire from my job (new uk one). If this is correct, can I still 'cash' in the full value of my super?, if so, as I am now resident overseas, are there ATO tax implications on cashing my super in addition to those in UK? I believe I would lose approx 1/3 of the total value of the sum transferred to UK tax dept. (depending on my marginal rate of tax in UK for the financial year I transferred the lump sum). If I chose not to 'cash' in the full amount and instead took a small ongoing annual income which would be transferred over to a UK bank account on a fortnightly/monthly basis, would this income be treated in the same way as any other UK based earnings and taxed accordingly at the appropriate marginal rate of tax?
Thanks for any help you can offer.