Private ruling: International income
Date of advice: 15 October 2020
Published: November 2020
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Are the funds withdrawn from your foreign retirement savings account assessable income in Australia? | A1: No. This payment was received at the time when you were in Australia on a temporary visa and therefore were a temporary Australian resident. The Commissioner is satisfied that this payment is not assessable in Australia.

Relevant facts and circumstances: You are a citizen of Country A who accepted a position with an Australian university and came to Australia on a Temporary Skilled Shortage (subclass 482) visa in late 2018. You withdraw your savings from a retirement savings account managed by Company A and a payment of $XXX was received while you were still on a temporary visa. In mid-2019 you were issued an Employer Nominated visa (subclass 186).

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5