The ATO allows certain transfers from your foreign super fund into a complying Australian super fund. Depending on the foreign super fund you may have to pay income tax on the amount transferred and it may count towards the contributions cap.

To be eligible to transfer from a foreign fund you must be under 65 or over 65 and still working (working more than 40 hours in 30 consecutive days). The amount must not exceed the non-concessional contribution cap for that year.

If transferring amounts from a UK fund you must check that your fund is a qualifying recognized overseas pension scheme (QROPS) on the HMRC website. If it is not on the approved list you may have to pay up to 40% UK tax on the transfer.  If you are under 75 the UK government have imposed a lifetime allowance of £1million. Any amounts above this allowance will be subject to UK tax.

Check out our blog on UK Pensions here.