If you have worked and earned super while visiting Australia on a temporary visa, you can apply to have this super paid to you as a departing Australia superannuation payment (DASP) after you leave. There are eligibility requirements you will need to meet to claim your DASP.
Australian citizens and permanent residents heading overseas remain subject to the same rules as those living in Australia, even if they leave Australia permanently. This means they can't access their super until they reach preservation age and meet the retirement criteria for accessing super.
If you're an Australian permanent resident or citizen heading overseas, your super remains subject to the same rules, even if you are leaving Australia permanently. This means your super must remain in your super fund/s until you reach preservation age and are eligible to access it.
You need to complete the Application for departing Australia superannuation payment form (NAT 7204) and send one to each of your super funds to apply for your DASP. Paper applications to super funds may incur a cost depending on the value of your super money.
UPDATE: If your Departing Australia Superannuation Payment is processed on or after 1 July 2017, your superannuation refund will be taxed at a rate of 65%. If your superannuation refund is processed before 1 July 1 2017, then your superannuation refund will be taxed at a rate of 38%.
If you're an Australian citizen or permanent resident and are planning on moving overseas, temporarily or permanently, you're not able to access your super fund.
Again, you can choose to keep your super in Australia, but your super may be transferred to the ATO as unclaimed money six months after you depart Australia, or your visa is expired or cancelled (whichever comes later). If this happens, you can also claim your money through the ATO.
Unless you do something about it, your super will probably stay in its current account/s. You can choose to leave it where it is, but you might want to consider your other options also.
Travel facility on your permanent visa
After 5 years, your travel facility expires. You will need to apply for and be granted either: a Resident Return visa - if you wish to re-enter Australia as a permanent resident.
You can only transfer your super to your bank account if you are eligible to access your super. To be eligible to access your super, you generally need to have at least met your superannuation preservation age.
However, superannuation cannot be transferred to a UK pension making retiring to the UK more complex. Here's why. 1. There is a fundamental difference in pension taxation when taking income: UK pensions are taxed whereas taking income from Australian superannuation is tax free for Australian tax residents.
Although you may wish to close all of your Australian bank accounts, we encourage most of our expat clients to keep one Australian bank account open whilst they live and work overseas as non-residents.
You can withdraw your super: when you turn 65 (even if you haven't retired) when you reach preservation age and retire, or. under the transition to retirement rules, while continuing to work.
Once you depart Australia and you get your taxes and your superannuation to your bank account, you will send this money to your home bank account. After, when there's no money left, you'll need to close your Australian bank account.
Claiming GST and WET refunds
You may be able to claim a refund of the goods and services tax (GST) and wine equalisation tax (WET) included in the price of goods you bought in Australia. You do this at the airport or seaport when you actually leave. To find out more, see The tourist refund scheme .
Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.
The second myth is that a person who has been absent from Australia for a significant period of time and who has allowed their right of re-entry to lapse has lost their permanent residency forever. This is not the case. In fact, it is entirely possible to “recover” the lost permanent residency rights.
This is accomplished by filing Form I-407, "Abandonment of Lawful Permanent Resident Status," with DHS at a port of entry or at any U.S. consulate. There is no filing fee.
If your current TPV or SHEV expires and you have not applied for a subsequent visa, you: will be in Australia unlawfully. will not be able to work or study. will not have access to Medicare or Centrelink benefits.
Important things to consider before you withdraw
If you keep your money invested in super it can continue to enjoy earning investment returns, which means you could retire with more. You could pay more tax on investment earnings outside super. Withdrawing super could affect your Government Age Pension entitlement.
Lump sum withdrawals
You don't pay any tax when you withdraw from a taxed super fund. You may pay tax if you withdraw from an untaxed super fund, such as a public sector fund.
There is no simple method for a direct transfer from an Australian superannuation fund to a US 401(k) plan. In nearly all scenarios, the taxpayer will have to take constructive receipt of the funds in order to initiate the transfer.
Transfers to New Zealand. If you're planning to move permanently or indefinitely to New Zealand, you may be able to transfer your retirement savings. If the savings are held by: a participating Australian super fund – they can be transferred to a New Zealand KiwiSaver scheme.
You need to notify us, within 7 days of leaving Australia, if you intend to move or already reside overseas for 183 days or more in any 12-month period.
Medicare doesn't cover you while you're overseas. Make sure you have a plan for health care before you travel. Countries that have a Reciprocal Health Care Agreement with us may cover some of the cost. If you need to update your details, you can use your Medicare online account through myGov.