TerryA

So, I've been here 7.5 years, jumped through every hoop possible and gone through most hardships possible, and my time is coming to an end here in Australia as my family's visa has hit roadblocks and I've grown tired of the endless stream of BS i've endured from Immigration.

As a result, I will have $20,000 in my Super that I need to get over to the UK. Due to being 29, I'm subject to firstly, a 38% tax which will leave me with around $12,000 (thanks Government scum), then another $35 taken off me for filling out the DASP form.

What are my options to avoid getting robbed of this money I've worked hard for for the last 7.5 years, whilst enduring 3 years as a broke assed International Student?

- Can I open a private UK pension and transfer the money I have to that at a less ridiculous taxable rate? Perhaps the lowly (lol) 15% that someone of age 55 or above would get taxed at, thereby ensuring I keep an extra $5,000 of the cash I bust a nut to earn?

- Can I somehow get around the 38% tax rate?

Any help is appreciated,

Sincerely,

An extremely pissed off temporary resident.

Beoz

Its not the government nor the tax payers fault you chose to be a broke ass student. Nor is it anyone else's fault you wish not to pay your fair share of tax. When the blame game is over, trying thinking long term about that super. ..... you know .... for its intended purpose. When you retire.

Pollyana

I know didly squat about finances personally, but try Alan Collet at Go Matilda. If there is a way he will know it

Swerv-o

Yup, as a person who is departing and unlikely to return, you actually have a great opportunity for growing this into a retirement nest egg. Australian law allows you to pay the capital gain on your investment, and then as soon as you leave the country it can grow tax free thereafter.

I don't know much about your situation, but I imagine the CGT amount won't be huge on $20k. If I assume you are 40, with 25 years left until preservation age, and an annual growth of 10%, then you could grow your $20k to $240k and pay no tax on any of that growth.

You will need to transfer it to a low fee fund - maybe a passively managed Index Tracker like Virgin Super, to minimise the impact of fees and charges.

Surely this is much better than shelling out 38% of your fund now?


S

TerryA

thanks for this, where would I find more information out about this? I'm 29 years old.

Beoz, I 'chose' to be a broke ass student to try and get into the country, but within two weeks of paying the first inflated instalment for the course, they removed it off to sol. Your reply was most helpful zzz.

Swerv-o

Actually, I may have spoken too soon - it looks like that option is only available to permanent residents and citizens. For temporary residents, it seems that you have 6 months to claim your super, else it gets sent to the ATO to 'look after' on your behalf.

Sorry to have mislead you. Maybe take some advice though.


S

Swerv-o

This was the guide I was using, from Centric Wealth:

Taxation Implications for Overseas Residency


S

TerryA

ta, I'll look into it.