I have lived in Australia since 1997 and become a permanent resident in 2001 (and citizen after that). I have a 401k retirement account in the US which I had deposited into up until I became a permanent resident of AU. I want to withdraw the 401k balance in full now that I am past the minimum age of 59 1/2 and will not be penalised. The farthest back my records go regarding the source of the funds in the account is 2014 when it was transferred from one 401k to another by my employer. If I close the account with 200k, the US will withhold 30% as I'm an overseas resident. From reading many articles I still cannot determine what portion of the distribution is taxed by Australia or how to report it. Is it the gain in the account since I became an Australian resident or the full amount including corpus or some other amount? What if I do not have records of my original contributions from 25 years ago?
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224 views
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Hi @janetr
It's normally the growth in the fund since you became a tax resident. The best thing to do is get specific advice from us to work this out for you via tailored technical assistance.
All replies
Hi @janetr
It's normally the growth in the fund since you became a tax resident. The best thing to do is get specific advice from us to work this out for you via tailored technical assistance.
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