I am currently an Australian resident for tax purposes who has been granted a Permanent Residence Visa in this month onshore.
I have a Mandatory Provident Fund (MPF) account in Hong Kong. I have read through several posts in the ATO community and knew that the MPF is regarded as a foreign trust instead of a foreign super fund.
Based on the above, I am considering not to withdraw the MPF balance but will instead allow it to continue growing in the future. I would like to confirm that I only need to include the growth of my MPF balance in my assessable income in the financial year that I have withdrawn and received it, is that correct?
Additionally, are there any resources which provide more information on the tax implications of the growth of my MPF balance?
Furthermore, in Hong Kong, there are savings insurance plans which combine life insurance protection with guaranteed savings, providing option for the policy holder to withdraw a lump sum payout after a fixed term (e.g. 10 years), does this lump sum payment need to be included in my assessable income in the financial year that I withdraw and receive it?
Could I get advice on where to find the relevant information regarding the tax implications of this lump sum payment?
Thank you very much in advance!
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