Hi All
I've had conflicting advice from two different accountants relating to the transfer of my UK pension into an Australian SMSF.
Opinion 1 - I can transfer the value of my fund as at the date I became an Aussie resident as an NCC. As the fund was less than $330k at the time, I was led to believe that I could bring that over under the 3 year bring forward rule (ie 3 x$110k). I can then bring the remainder of the fund over but need to pay 15% on that balance. In essence, I thought I could bring over the entire fund over at once.
Opinion 2 - The entire fund transfer process is limited by the NCC limits, so I'm now being told I can bring $330k over in this financial year, wait 3(maybe 4) years bring another $330k over, wait 3/4 years bring another lump over etc. If my Australian balance hits $1.7m then I can't bring in any more based on the balance cap. On this basis, it appears I can never get the entire fund relocated, or I'll be too old to be able to spend it..
Pretty unhappy with so-called expert advice. Can anyone confirm one option or the other or an alternate view please?
TIA