Transfers from foreign retirement schemes that are not foreign super funds

A client who has lived and worked outside Australia may have an overseas retirement scheme they wish to transfer to an Australian super fund or bank account. If the overseas retirement scheme qualifies as a foreign super fund, a lump sum transfer from the scheme can receive tax concessions under the Australian tax law. However many overseas pension schemes, such as the mainstream retirement plans in the US and Canada, are treated by the ATO as foreign trusts, as they fail to meet the definition of a foreign super fund. Craig Day and Linda Bruce discuss the taxation implications. Hosted on Acast. See acast.com/privacy for more information.