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Reclaiming Superannuation - Giving up Permanent Residency

Reclaiming Superannuation - Giving up Permanent Residency

Old Mar 22nd 2017, 5:43 am
  #1  
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Default Reclaiming Superannuation - Giving up Permanent Residency

Hi all

My wife and I are both permanent residents however we will be leaving Australia permanently soon. We do not plan to return due to our circumstances.

As such, we would like to surrender our PR if possible and in turn claim our super.

I know there have been previous threads on this and that the general rule is once u have PR there is no route to claiming super early and we must wait until preservation age, however other people say it is possible.

Can anyone please clarify or advise on personal experience of giving up residency and accessing super early?

Thank you
Bill
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Old Mar 22nd 2017, 6:26 am
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Default Re: Reclaiming Superannuation - Giving up Permanent Residency

Originally Posted by Bill1425
Hi all

My wife and I are both permanent residents however we will be leaving Australia permanently soon. We do not plan to return due to our circumstances.

As such, we would like to surrender our PR if possible and in turn claim our super.

I know there have been previous threads on this and that the general rule is once u have PR there is no route to claiming super early and we must wait until preservation age, however other people say it is possible.

Can anyone please clarify or advise on personal experience of giving up residency and accessing super early?

Thank you
Bill
Lots of people have asked about this over the years but no-one has ever reported back with an answer as to whether it can be done or not!

If you do manage to get a resolution one way or the other please post on here for the benefit of others
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Old Mar 22nd 2017, 6:36 am
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Default Re: Reclaiming Superannuation - Giving up Permanent Residency

Thanks Pollyana, I will do for sure.

Bill
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Old Mar 22nd 2017, 8:04 am
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Default Re: Reclaiming Superannuation - Giving up Permanent Residency

Hi Bill, Something I briefly looked at a few years ago and was told as a PR you can only claim Super at retirement. If you were on a temporary visa and provided proof it was no longer valid then yes. Even though the travel facility on my PR visa was no longer valid I was still classed as PR in Australia so couldn't have a refund.
Didn't know others have said it was possible so I would also be interested in what you found out.
Gary
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Old Mar 22nd 2017, 8:29 am
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Default Re: Reclaiming Superannuation - Giving up Permanent Residency

Originally Posted by Bill1425
Hi all

My wife and I are both permanent residents however we will be leaving Australia permanently soon. We do not plan to return due to our circumstances.

As such, we would like to surrender our PR if possible and in turn claim our super.

I know there have been previous threads on this and that the general rule is once u have PR there is no route to claiming super early and we must wait until preservation age, however other people say it is possible.

Can anyone please clarify or advise on personal experience of giving up residency and accessing super early?

Thank you
Bill
Hi Bill - you need to meet a specified 'condition of release' in order to access your superannuation prior to your preservation age. With regards to leaving Australia, this is only a condition of release for those who were on temporary visas, the legislation makes it clear that it doesn't apply to permanent residents who have left Australia.

All the info is available from the Australia Taxation Department here:
https://www.ato.gov.au/individuals/s...ess_your_super

It was the case some years ago that permanent residents could access their Australian superannuation early if they provided proof that they had departed and did not intend to return, but that's no longer the case.
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Old Mar 22nd 2017, 11:18 am
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Default Re: Reclaiming Superannuation - Giving up Permanent Residency

Thanks for responses 😄

I will provide an update should we have any luck. Going to speak directly with the ATO to see if there is any possibility.

Thanks again
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