Jennifer Berryman
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Lump sum only payment from Australian Super Fund preserved since 1990
I have dual nationality UK/Australia and been resident in the UK for tax purposes since 1991. I haven't worked in Australia since 1990 but have a preserved superannuation fund there which will pay out the total amount as a lump sum "deferred retirement benefit" - i.e. there will be no regular pension income - when I am 60. Would this be categorised as a tax-exempt lump sum? Or would this need to be reported in a tax return as foreign income? I've been confused by the many threads regarding lump sum payments from Australian pensions but thought my circumstances might be specific enough to ask my own question. Thanks in advance.