Author: Rajibear(Initiate)Initiate 22 Oct 2021Hi. My account with AMP is being closed and I am resident in the UK. I have no option but to withdraw the money as I have reached preservation age and I believe that I cannot roll this over into a different fund as I am not resident in Australia. I have tried to seek information in the UK regarding the taxation of this money in both Australia and the UK, but have had no luck so far. What I would like to know is: What happens if I simply leave the money and let AMP pay it to the ATO. Can I get that money easily from the ATO and how would I go about it? If I withdraw the money do I need to put in an Australian tax return (only a small portion of the money is tax-free) and if so what would the tax rate be? Or will withholding tax be automatically taken out and I don't need to put in a tax return? What would the rate of withholding tax be? Do you happen to know if the tax free portion remains tax free in the UK (I know I am being silly asking you this question but I can't get an answer from the UK tax office).
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