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Australian Lawyers and Consultants

Changes In Tax Laws On Super Fund Transfers To Australia

November 2003

On 30 September 2003, Assistant Treasurer Senator Coonan announced changes “to encourage the transfer of superannuation monies accumulated overseas to Australia”.

Where the superannuation member/beneficiary directly transfers to Australia the offshore accumulated superannuation funds within 6 months of residency, such benefits can continue to be treated as tax free in Australia. The new changes will still tax monies coming in to Australia more than 6 months from the date of the member assuming Australian residency but, but instead of the tax liability being imposed on the member personally, the tax liability will be borne by the Australian superannuation fund trustee receiving the monies.

For further information, contact Joe Lederman at BALDWINS, Australian Lawyers & Consultants.

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