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Old Sep 4th 2017, 6:17 am   #1
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Default Transfer of Q super

Hi,


I am on a 457 and returning to the UK next year. I have looked into taking my Q super as a lump sum after I leave but from what I can see the Australian tax office will take about 60%. Is it possible to transfer this to my UK pension? If so, can it be done without taking a massive tax hit?


Cheers in advance.


Steven
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Old Sep 4th 2017, 11:41 pm   #2
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Default Re: Transfer of Q super

Unfortunately no.

However I don't know where you got the 60% from. For a 457 visa holder it's 35% withholding tax...it's 65% for those in a working holiday visa...which is yet another example of this governments mean spirited nature...
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Old Sep 5th 2017, 9:51 am   #3
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Default Re: Transfer of Q super

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Originally Posted by TakenThePlunge View Post
Unfortunately no.

However I don't know where you got the 60% from. For a 457 visa holder it's 35% withholding tax...it's 65% for those in a working holiday visa...which is yet another example of this governments mean spirited nature...

Hi, and thanks for the reply. I saw the 65% tax online but had not realised that it was for a WHV. If it is 35% for 457 holders I will take the cash after tax and just pay it into my UK pension (assuming that the UK finance police allow it!)
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Old Sep 5th 2017, 10:11 am   #4
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Default Re: Transfer of Q super

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Originally Posted by TakenThePlunge View Post
Unfortunately no.

it's 65% for those in a working holiday visa...which is yet another example of this governments mean spirited nature...
Not really. Australian employers are required by law to pay superannuation as well as wages, so that Australian citizens and permanent residents can access their super money in retirement. It's not intended to be cash bonus for temporary visitors. I'd look at it another way, people who've been on a 417 have received at least minimum wage for any work they've done, and when they go home they get a lump sum on top of those wages (35% of money their employer has paid towards their retirement) - I'd call that a bonus.
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Old Sep 10th 2017, 10:05 pm   #5
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Default Re: Transfer of Q super

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Originally Posted by spouse of scouse View Post
Not really. Australian employers are required by law to pay superannuation as well as wages, so that Australian citizens and permanent residents can access their super money in retirement. It's not intended to be cash bonus for temporary visitors. I'd look at it another way, people who've been on a 417 have received at least minimum wage for any work they've done, and when they go home they get a lump sum on top of those wages (35% of money their employer has paid towards their retirement) - I'd call that a bonus.
Well I wouldn't. This government are a pack of mean vicious little petty ..... Not only have they increased the exit tax by 30% on these young backpackers...but they also make them pay tax on every penny. No tax free portion here. This is on a group of people that we encourage here with a special class of visa to undertake work...since this lot got in it has been one attack after another on the youth.
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