My wife and I are considering retiring to Spain for a few years. I will have reached preservation age and transferred my super to a retirement fund. We will not be working and intend to draw down a monthly amount from my retirement fund for living expenses. Will we be taxed on that amount and the 'wealth' we have back in Australia?
Hi @2015JTD,
What a great option to have living overseas and not working.
When you state transferred your super to a retirement fund. I'm assuming you're receiving regular payments from an income stream (pension) in Australia.
There are a number of factors that need to be considered if tax will apply such as age, payment is income stream or lump sum etc... I don't have enough information to be able to determine this for you.
You can read more about how tax applies to your super which discusses these factors in detail.
You may need still complete a tax return in Australia and declare your Australian income stream. It will come down to your residency status which you can determine by reviewing our tax residency webpage.
Hi @2015JTD,
What a great option to have living overseas and not working.
When you state transferred your super to a retirement fund. I'm assuming you're receiving regular payments from an income stream (pension) in Australia.
There are a number of factors that need to be considered if tax will apply such as age, payment is income stream or lump sum etc... I don't have enough information to be able to determine this for you.
You can read more about how tax applies to your super which discusses these factors in detail.
You may need still complete a tax return in Australia and declare your Australian income stream. It will come down to your residency status which you can determine by reviewing our tax residency webpage.
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