Take Your Super With You When Leaving Oz

    Who can claim back their super?

    Take Your Super With You When Leaving Oz

    Anyone that has visited Australia for a year or more and is returning back home can claim back their super if they do not have permanent residency. This means if you were a temporary resident on a working holiday visa or a temporary working visa (e.g.: 457) you are eligible to take your super with you when leaving Oz.

    You can claim super benefits you accumulated while working in Australia if all of the following apply:

    • you visited on a temporary visa (excluding visa subclasses 405 and 410)
    • your visa has ceased to be in effect
    • you have left Australia.

    Your claim will be for a Departing Australia Superannuation Payment (DASP).

    Once you finish your job and leave the country your employer will no longer be paying your super fund. The superannuation company will hold on to your super for 6 months and after that transfer the amount to the Australian Tax Office who will hold on to it for you until you claim it.

    Why not claim back all of your super, it’s your money after all.

    Who can’t claim back their super?

    If you fall into one of the categories below you have the right to retire in Australia and cannot claim a Departing Australia Superannuation Payment (DASP)

    • Permanent residents
    • Australian citizens
    • New Zealand citizens
    • Retirement visa holders
    • Investor retirement visa holders

    How much will I get back?

    By law you pay 9.5% of your wage to superannuation, so if you earn $100,000 per year you will get $9500 back for one year when you leave. If you would like a company to get your super fund back for you, taxback.com provide an excellent service.   They also have a free calculator to see how much you will be entitled to. Check it out here taxback.com/calculator.

    How to claim a “Departing Australia Superannuation Payment”?

    There are two ways of claiming your DASP from the Australian Tax Office. These include:

    The benefits of applying online:

    • You can prepare your application before you leave
    • The ATO confirms your immigration status for you for free
    • The ATO finds all of your super accounts
    • The ATO delivers the application to your super fund

    Although you can prepare your online application you cannot submit it until you have left Australia and your visa has ceased.

     Will my super be taxed?

    Yes your super will generally be taxed at a rate of 35%.  If you contributed any more than the required amount to your super this will be tax free.

     

    How will I get my Super back?

    The ATO will send your refund to an Australian bank account.  If you need to transfer the money to a different country have a look at our article on on the cheapest way to transfer funds internationally with CurrencyFair.

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