While you are overseas, your super fund should stay the course in Australia, continuing to grow in maturity and (hopefully) earn you a return on your investment. Essentially, your super fund will continue to act as if you were in the country, even if you left Australia permanently.
If you're an Australian citizen leaving permanently, the same rules apply to your super, as if you were living in Australia. This means your super must stay in your super fund(s) until you are eligible to access it. Find out when you can withdraw your super.
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.
Australian citizens/permanent residents
Even if you renounce your Australian citizenship in order to take a new passport, this still doesn't mean you can access your superannuation fund.
This payment is called a departing Australia superannuation payment (DASP). From 1 July 2017, a new tax rate of 65% applies to DASP for working holiday makers if the payment includes superannuation contributions made while a person held either: subclass 417 (Working Holiday) visa. subclass 462 (Work and Holiday) visa.
While you are overseas, your super fund should stay the course in Australia, continuing to grow in maturity and (hopefully) earn you a return on your investment. Essentially, your super fund will continue to act as if you were in the country, even if you left Australia permanently.
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.
From 4 April 2002, it has been permissible for Australian citizens to acquire citizenship of another country without losing their Australian citizenship. While Australia now recognises dual citizenship, there are still many countries that do not allow their citizens to hold an additional foreign citizenship.
You may cease to be an Australian citizen by: Renouncing under s 33. Engaging in certain terrorist or other related conduct under s 33AA (renunciation by conduct) The Minister revoking under s 34 (for offences or fraud) and s 34A (special residence requirements)
You must notify the Australian Taxation Office (ATO) if you plan to move overseas for six months (183 days) or more in a twelve-month period. You must do this within 7 days from the date of leaving Australia. Update your contact details via myGov. If you already live overseas, you must notify the ATO.
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. To notify us, complete an overseas travel notification and update your contact details, including your mobile, international residential, postal and email addresses.
Australian resident going overseas
You'll need to still lodge an Australian tax return if you remain an Australian resident. If you're unsure of your tax situation, see Your tax residency. If you work while living overseas, you must declare: all your foreign employment income.
Close Your Bank Accounts
We don't suggest you close all your bank accounts at the time of leaving Australia, but we suggest you close them all after receiving your tax refund and superannuation. It is much easier to get money directly into your bank account than to have a cheque sent to your overseas address.
If your super provider allows it, you may be able to withdraw some or all of your super in a single payment. This payment is called a lump sum. You may be able to withdraw your super in several lump sums. However, if you ask your provider to make regular payments from your super it may be an income stream.
If you've ever changed your name, address or job, it's possible that you may have lost track of some of your super. Your superannuation fund will consider you a 'lost member' and hold your money until they find you.
Exit fee: The law now prohibits a super fund from charging an exit fee when you close your account with it. Advice fee: Industry SuperFunds cover the cost of simple one off advice relating to your insurance cover, investment options and contributions into your account ( referred to as intra fund advice).
From 1 July 2023, any child born in Australia on or after 1 July 2022 to an SCV holder may automatically acquire Australian citizenship at birth. From 1 July 2023, children who meet these circumstances can apply for evidence of citizenship.
General eligibility criteria for citizenship
Generally, those over the age of 18 who apply for Australian citizenship must: have passed a citizenship test (unless over the age of 60) be a permanent resident at the time of application, and also, at time of decision. satisfy the residence requirement.
If you renounce your Australian citizenship while in Australia, you will automatically become the holder of an ex-citizen visa. This visa allows you to remain in Australia but does not allow you to re-enter if you leave.
The Best of Both Worlds
Dual citizenship allows you to receive the benefits and privileges offered by both countries that you are a citizen of. For example it often means that you become eligible for social services in both countries, you can vote and potentially, you could even run for political office.
All Australians including dual nationals should leave and enter Australia on their Australian passport. If you have a passport from another country, you can use that for travel once you have left Australia.
Many countries generally don't allow dual citizenship – Austria, Germany, Japan, India, the Netherlands, and Norway. If you're a national of any of these countries and want Australian Citizenship, you'll most likely need to renounce your current Citizenship.
Payments while overseas
If your payments can continue while you're outside Australia and you intend to be away for: less than 12 months, we'll continue to pay you every 2 weeks into your Australian bank account. more than 12 months, we'll pay you every 4 weeks into your Australian or overseas bank account.
If you can't tell us online, you can tell us by calling us on the phone number that relates to your affected payment. Australia's immigration department will tell us when you leave Australia. They will also tell us when you return.
There are rules about when you can get your Special Benefit when you travel outside Australia. You should always tell us if you're leaving Australia. If you leave Australia to live in another country, your payment will stop when you depart.