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KazKaz(Newbie)Newbie
19 Feb 2024

I emigrated here from the UK in 2000. From the get go I was on a working visa and then I became a Permanent Resident & Citizen. I have a small UK pension which I can now access due to the fact I just turned 55. The funds due to me will be roughly $40,000. What is more cost effective/incurs the least tax? Should I transfer the funds to my Australian bank account OR is it better to transfer the funds into my Aussie super? It is such a small amount so I really want to avoid paying a large tax.

3,009 views
1 replies
3,009 views
1 replies

Most helpful response

Most helpful replyATO Certified Response

CaroATO(Community Support)Community Support
ATO Certified Response22 Feb 2024

Hi @KazKaz,


We'll ask you to pay tax on the foreign super interest you accrued since you became a resident of Australia. If you do withdraw the money from your UK super and deposit it into an Australian bank account, you'll pay tax on the interest it earns when you lodge your tax return.


You could also speak with a registered professional who'll know more about your personal circumstances. They'll work with you to choose what's best.

All replies

Most helpful replyATO Certified Response

CaroATO(Community Support)Community Support
ATO Certified Response22 Feb 2024

Hi @KazKaz,


We'll ask you to pay tax on the foreign super interest you accrued since you became a resident of Australia. If you do withdraw the money from your UK super and deposit it into an Australian bank account, you'll pay tax on the interest it earns when you lodge your tax return.


You could also speak with a registered professional who'll know more about your personal circumstances. They'll work with you to choose what's best.

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Transferring UK pension funds to Australia - whats best? | ATO Community