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| Transfer 401k to Aust Super fund?; Can it be done without penalty? | |
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| Topic Started: Feb 15 2010, 09:01:40 AM (1,669 Views) | |
| AlbertJ | Feb 15 2010, 09:01:40 AM Post #1 |
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Piker
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Hi there I am an Australian citizen who has just returned home after 7 years in New York. We had a great time there, miss it a lot, but starting to settle back into Aus again now and trying to tidy up some financial affairs. I have some money in a 401k plan there, that ideally I would like to transfer into an Australian superannuation fund. I am trying to do this without getting hit with an early redemtion charge out of the US, and then paying tax on the balance when it comes into Australia. Is there anyway I can transfer these funds on a taxfree basis into the direct Australian equiv, ie a Superannuation fund? Alternatively can anyone recommend a financial advisor that has experience with this? You can email me if you like at almacleod1@gmail.com. Many thanks, Al. |
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| sheowahya | Feb 15 2010, 07:52:24 PM Post #2 |
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True Blue Mate
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The short answer is yes, it can be done. The long answer is way too long to go into detail here. I wrote about this before, but can't find the thread  There are LOTS of very complicated calculations and assessments that need to be made before making this decision, and you have to have all the proper forms with the I's dotted and the T's crossed. I can recommend these folks... ExFin transfer retirement funds Best of luck!! Marilyn |
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| AlbertJ | Feb 17 2010, 02:03:34 PM Post #3 |
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Piker
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Thanks very much, I just gave the guy a call. He reckons it's rel straightforward. Will let you know how it turns out, Thanks again, Al. |
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7:29 AM Feb 8