I received a UK tax free lump sum when my pension commenced - not related to a prior year. Where do I enter this on my tax return? Do I enter it under 'other foreign income'?
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Hi @HJVR,
Generally, foreign pension income is taxable unless it’s specifically exempt.
If the lump sum is assessable, then yes, you’ll report it in your tax return under ‘Foreign income’. You’ll enter the amount in Australian dollars and include any foreign tax paid (if applicable). You can find the instructions for this section on our webpage.
If you’re unsure whether the lump sum is assessable, it’s a good idea to check the details of your UK pension scheme and how the payment was classified. You’ll also need to consider whether any part of the lump sum relates to foreign service or contributions made while you were a non-resident.
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