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Consolidating super funds australia
If transferred after that six-month period has elapsed, any ‘applicable fund earnings’ that have arisen since the person became an Australian tax resident will be taxable.
It is important to be aware it is the concept of Australian tax residency that is critical in this timing decision - not citizenship.This is equally applicable where clients have some super in Australia, but also have super located in foreign funds as a result of working overseas at various times.Provided the foreign fund will release those monies, and any foreign tax considerations have been considered, appropriate consolidation makes sense.For calculation of the amount of AFE that is taxable in Australia, amounts are required to be translated into AUD.The impact of exchange rates used in translating AFE to Australian currency cannot be underestimated.The Australian tax rules around superannuation savings transferring from overseas to Australia can be complex.However, the level of transfers from overseas appears to be increasing.Where tax on AFE is paid personally by the client, the whole foreign super lump sum transferred to the Australian fund is a regarded as a non-concessional contribution (NCC).However, where the individual chooses to have AFE taxed in the superfund, only the ‘amount vested’ (ie, the balance transferred less the AFE) is counted as a NCC.These includes ease of administration, foreign exchange rates, legislative risks, estate planning and how the benefit will be treated in Australia for tax and retirement purposes.As previously stated, the transfer of a foreign super lump sum is tax free if received in Australia within six months of becoming an Australian tax resident.