I am migrating to Australia from Switzerland next month as a PR. Before leaving Switzerland, I am able to cash in my pension early as a lump sum where I will pay withholding tax in Switzerland. I will then start working in Australia shortly after. My question is, will the lump sum from my pension be classed as income and I will need to declare it as such in my first tax declaration, or will it only be taxed in Switzerland and then be classed as a non-growth asset and so I not need to declare it for tax purposes in Australia (or worst case scenario pay tax on it in both countries)? Thanks
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169 views
3 replies