Any Ex British Military or financial guru's who can advise on this one?
We are due to land in Adelaide Mid Oct 2010, I am due out of the Royal Air Force on 11th Dec 2010 and expect to receive my Terminal Grant and Resettlement Commutation 10-30 working days later.
If we come across as planned, would my lump sum be taxed by the ATO?
I did phone them direct but am awaiting an expert reply, the immediate answer was yes, followed by lots of Umms and "I'm not sure!".
If this is the case we would wait until we have received the lump sum before arriving. I am aware that I will be taxed on my monthly pension by the ATO But its the lump sum thats the main worry.
We would prefer to arrive in advance as we can acclimatise and job hunt to be in gainful employment come 13th Dec.
Thanks in advance