Hi there,
I have seen some similar questions about Australian citizens brining their US 401(k) back to Australia and the tax implications.
I am going through this at the moment and was wondering whether there is any update to the tax guidance for bringing back my 401(k) from the United States.
Thanks in advance.
Nick
Howdy @Man chap,
401k transfers from the US get hit with a few US taxes as ordinary income, this has a 10% withdraw penalty if taken before the age of 59.5 years of age.
On transfer to an Australian superfund the monies would then be considered non concessional contributions.
When it comes to taxation this is a little hard to predict as 401k like super here is comprised of a ratio of different monies. Pre tax and income and monies requiring tax treatment.
Due to caps on non concessional and age at withdraw penalties is often something that is drawn down overtime. - Maybe seek advice to maximise what you get!!
Howdy @Man chap,
401k transfers from the US get hit with a few US taxes as ordinary income, this has a 10% withdraw penalty if taken before the age of 59.5 years of age.
On transfer to an Australian superfund the monies would then be considered non concessional contributions.
When it comes to taxation this is a little hard to predict as 401k like super here is comprised of a ratio of different monies. Pre tax and income and monies requiring tax treatment.
Due to caps on non concessional and age at withdraw penalties is often something that is drawn down overtime. - Maybe seek advice to maximise what you get!!
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