John Dirkis
Joined: 7/4/2024
-
Tax on accumulation fund withdrawal
I last worked in the UK in 2015 and accrued an superannuation amount under £1000 now under Scottish Widows. I moved back to Australia 9 years ago and I am now over 60. What are my options to liquidate the amount? Is it subject to tax as I won't be working in the UK? Should I keep it in a UK bank account or have it transferred to an Australian bank account? What forms do I need to complete for the fund or for UK revenue purposes? My Australian funds are not listed on QROP due to differences in superannuation laws between the two countries. What is the best course of action?