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Endowment Insurance benefits

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I am in the process of becoming an Australian resident for tax purposes because I will stay here permanently with my relatives. I will like to find out the tax treatment of my retirement/endowment insurance policies in my previous country because I intend for them to fund my retirement in Australia.

 

They are traditional life insurance contracts. On top of a death benefit, I get access to a pool of cash benefits determined by the insurance company's declared bonuses. When I do make such withdrawals, do I need to declare them as my income? 

 

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Community Support

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Hi @Au,

 

Thanks for getting in touch!

 

We'd need to know more detailed information about your situation to be able to provide a tailored response. We'd recommend contacting our Early engagement team by submitting a request from or requesting a call back and an officer will contact you to discuss further.

 

Thanks, JodieH.

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @Au,

 

Thanks for getting in touch!

 

We'd need to know more detailed information about your situation to be able to provide a tailored response. We'd recommend contacting our Early engagement team by submitting a request from or requesting a call back and an officer will contact you to discuss further.

 

Thanks, JodieH.