Hello Community, expat Aussie here, who has lived permanently overseas for the last 10+ years. I am a Non-Resident for Tax purposes, and having no Australian income or tax reportable events in that time, have submitted a Non Lodgement Advice for the Tax Years I have been a Non Resident.
My Question.... Do I need to Lodge a Return for 2023/24
In 2023/24, having turned 60 years of age & retired, I withdrew my Superannuation in Australia as a lump sum. The amount was less than $120k, and my understanding is this is well & truly under the tax free threshold of $235k. (NB - no interest was earned on the withdrawn funds in Australia)
My Super Fund sent me a closing statement but when I asked if I would receive some sort of tax statement (possibly the "PAYG payment summary – superannuation lump sum" ??) they advised "There's no PAYG summary provided as the lump sum withdrawal met a condition of release". I was also advised by the Fund on a previous inquiry "You do not have any Untaxed element in the taxable component".
Aside form this Super Withdrawal, there was no other reason for me to lodge a return for 2023/24. I received unofficial advice from an Accountant acquaintance in Sydney that I do not need to lodge a Tax return in my case, and a non lodgement will suffice, but I'd like to canvass some other opinions.
Much thanks!
228 views
2 replies