Expat Forum For People Moving Overseas And Living Abroad banner

1 - 6 of 6 Posts

·
Registered
Joined
·
42 Posts
Discussion Starter · #1 ·
Hi,

I am on a 457 and am planning for a move back to usa. I have a super and am trying to figure out the best strategy to minimize taxes in australia. I have read that withdrawing from super and taking home will be taxed at 35%.

Does anyone know if that is a fixed rate for super? Or, is it just taxed at your normal income rate? I am trying to figure out if I leave australia on August 1 2014, will the super just be taxed based on my total income for July 1 2014-June 30 2015?

Thanks
 

·
Registered
Joined
·
3 Posts
Hi,

I am on a 457 and am planning for a move back to usa. I have a super and am trying to figure out the best strategy to minimize taxes in australia. I have read that withdrawing from super and taking home will be taxed at 35%.

Does anyone know if that is a fixed rate for super? Or, is it just taxed at your normal income rate? I am trying to figure out if I leave australia on August 1 2014, will the super just be taxed based on my total income for July 1 2014-June 30 2015?

Thanks
Dear Cletus, I am meeting with a International Tax Consultant tomorrow, I'll ask him about this and let you know. Wewa
 

·
Registered
Joined
·
124 Posts
Hi,
It will just be added on top of your salary component, as your total income for the year. I think the way it works is that while taking it out, you will be taxed at 30-35% tax(as per the slab), and then you would have to claim it back when you file your IT return after June at the end of the FY.
 

·
Registered
Joined
·
3 Posts
taxes on Super

I'm waiting for word back on whether you can transfer your Super into a US retirment acct tax free. Just talking to someone that says you can do this, but I don't quite believe it. I'm hoping its true though. Wewa
 

·
Registered
Joined
·
3 Posts
Heard back from my tax man here in Aus. Nope, no transfering Super Funds from here back to a US Retirement Account, Tax Free. Their's no getting arround the tax. What I am going to check into next is: after I stop work here: in Aus., if I can keep it in the Super until the next tax period so my income will be $0, and all the tax paid upon withdrawl will be just the penalty. None on the income tax. If anyone has the answer to this one I'm all ears. thanks Wewa
 
1 - 6 of 6 Posts
Top