Hi everyone - I have some idea but I am not sure - this is some info
Piper has monies invested in a retirement annuity in South Africa which was valued at R5000000 (ZAR) when she immigrated to Australia on 26 September 2015. She stopped contributing to the investment when she moved to Australia. She plans to realise the investment in due course and transfer the monies to her bank account in Australia. The current market value of the investment on the last day of the CIY is R 6 500 000 (ZAR).
Advise Piper of the Australian income tax implications associated with her intention to transfer the money, which is presently invested in the South African retirement annuity, to her Australian bank account,
In my opinion she only have to paid tax from different between 6500000 and 5000000, please lets me know that I am right or not
thank you for any idea
have a nice day
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