Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
Firgrove(Newbie)Newbie
19 Oct 2024

A few years ago I inherited a ROTH IRA account in the US. I've since taken a distribution for a large portion of the account and transferred that money to Australia and I'd like to understand the Australian tax implications.


When I inherited the account it contained aprox $180,000 USD, grew to $250,000 USD and I have now withdrawn $80,000 USD. Would this count as $80,000 USD in income or as capital gains? I would assume this would be a gain of $150,000 * (80,000/250,000)?

757 views
3 replies
757 views
3 replies

Most helpful response

All replies

Most helpful reply

Deb_ATO(Community Support)Community Support
21 Oct 2024

Hi @Firgrove


How you'll declare this and the tax you'll pay will depend on when you receive the funds.


Check out all the further info on withdrawing a lump sum from a foreign super fund. You can use this info to find out where you stand.

Featured articles

When you need to register for GST

15 Apr 2026 · 4 min read time

Answers to your PAYG instalment questions

16 July 2025 · 5 min read time

Top liked users

  1. Taxduck

    (Taxicorn)

    327 likes

  2. PayrollDeanne

    (Taxicorn)

    318 likes

  3. Bruce4Tax

    (Taxicorn)

    192 likes

  4. YellowPotato

    (Taxicorn)

    145 likes

  5. Peter_Clyne

    (Superuser)

    101 likes

Top contributors

  1. PayrollDeanne

    (Taxicorn)

    1323contributions

  2. Taxduck

    (Taxicorn)

    1311contributions

  3. YellowPotato

    (Taxicorn)

    577contributions

  4. Bruce4Tax

    (Taxicorn)

    526contributions

  5. YEP

    (Devotee)

    280contributions

Loading
Reporting distribution from inherited Roth IRA | ATO Community