storming norman Posted September 1, 2013 Share Posted September 1, 2013 Hi I have just returned to uk permanently after working in oz for 7 years. I have built up super of 50000 dollars.Im not sure what to do with this super. would there be any advantage leaving it in the super account and getting the money later[55 years old] or transfer this money to my Australian bank account to gain interest for a later date? what would be the tax implications? thanks [ Quote Link to comment Share on other sites More sharing options...
Parley Posted September 1, 2013 Share Posted September 1, 2013 How old are you ? The reason I ask is it wouldn't make sense to transfer it into a bank account and leave it there for 20 years. If you have a long investment horizon you should invest it in growth or at least balanced, so it will grow to a larger sum over time. The other benefit in super, is that super funds only pay tax on their earnings of 15%, so this also helps your investment grow quicker than if held outside super. Quote Link to comment Share on other sites More sharing options...
NicF Posted September 1, 2013 Share Posted September 1, 2013 HiI have just returned to uk permanently after working in oz for 7 years. I have built up super of 50000 dollars.Im not sure what to do with this super. would there be any advantage leaving it in the super account and getting the money later[55 years old] or transfer this money to my Australian bank account to gain interest for a later date? what would be the tax implications? thanks [ I could be wrong, but it is my understanding that you can't really do a lot with your super except either leave it where it is or put it in a different Australian super fund. You can't access it until preservation age and you can't transfer it to the UK. If I'm wrong I'm sure Andy from Vista will correct me. Quote Link to comment Share on other sites More sharing options...
newjez Posted September 1, 2013 Share Posted September 1, 2013 When I looked into it,you can pull it out, but you pay so much tax it is not worth it. I assume you have access to it online, and can alter your investment strategy? I'd leave it there and try and build it up. I could be wrong, but it is my understanding that you can't really do a lot with your super except either leave it where it is or put it in a different Australian super fund. You can't access it until preservation age and you can't transfer it to the UK. If I'm wrong I'm sure Andy from Vista will correct me. Quote Link to comment Share on other sites More sharing options...
NickyNook Posted September 1, 2013 Share Posted September 1, 2013 You can only take your super away if you've been here on a temp visa. Naturally, it gets taxed before you get it. PR visa holders have to leave their super in Australia until they reach retirement, when they can retrieve it tax-free (in most circumstances). Quote Link to comment Share on other sites More sharing options...
Peach Posted September 1, 2013 Share Posted September 1, 2013 yup, I agree with NN the money is not transferable to a UK pension pot. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 2, 2013 Share Posted September 2, 2013 Hi Assuming that you were either PR or Citizen the above comments about having to leave it in Australia are correct. To access Super you need to have met a condition of release, generally retirement, a full condition of release is attaining age 65 or retiring after reaching preservation age currently age 55 but gradually moving to age 60. If you do reach preservation age and have not fully retired there may be ways of accessing up to 10% of the balance. Regards Andy Quote Link to comment Share on other sites More sharing options...
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