Hi Team ATO - firstly, I have read the few posts similar, however the answers don't really provide the guidance necessary for us to work out the solution/answer!
My husband, resident for AU tax purposes here in Oz since 1 September 2019, recently had a UK endowment policy mature. This policy worked as a bit of both a life insurance policy (paying a defined benefit in the event of death) as well as a tax free (in the UK) 'savings account', whereby the monthly premiums (consistent amount from the start of the policy to the end) were invested by the provider.
So for argument's sake, let's say that over the 25 years, he paid (out of post tax income) GBP 90/month. So 300 months at GBP 90 = GBP27000. The payout received is GBP35000, representing an GBP8000 'profit'. Do we need to declare the ENTIRE amount of the GBP8000 as income in his tax return or should we be able to get a 'account value' statement for the plan as at 1 September 2019 and take the 'profits' only from that point to the point of maturity?
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