Departing Australian Superannuation Payment
#16
Re: Departing Australian Superannuation Payment
Thanks for keeping us in the loop. I too look forward to finding out where the money has gone!!
#17
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Re: Departing Australian Superannuation Payment
We received a termination statement today. The amount was taxed at 38%!! instead of the 15% it says on the ATO website. I haven't got time to look into it any more today, but will check it out over the next few days and provide a further update
#18
Re: Departing Australian Superannuation Payment
https://www.ato.gov.au/Rates/Key-sup..._sum_tax_table
Last edited by spouse of scouse; Nov 3rd 2014 at 11:41 am.
#19
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Re: Departing Australian Superannuation Payment
You are more observant than me! So non residents/citizens get taxed more than residents/citizens, what justification for that can there be? (Fortunately when it comes to my super in a few years time, I am a citizen).
So my original mistake back in 2005 was to split my own super (all of this money was earned by me) with my wife who chose not to become a citizen when I did, as she was already a joint Irish/British citizen and one third each of three nationalities seemed a bit complicated!
Interesting that it says MAXIMUM rate of tax, as if other, lower rates might be applied, I shall look into that further.
So my original mistake back in 2005 was to split my own super (all of this money was earned by me) with my wife who chose not to become a citizen when I did, as she was already a joint Irish/British citizen and one third each of three nationalities seemed a bit complicated!
Interesting that it says MAXIMUM rate of tax, as if other, lower rates might be applied, I shall look into that further.
#20
Re: Departing Australian Superannuation Payment
You are more observant than me! So non residents/citizens get taxed more than residents/citizens, what justification for that can there be? (Fortunately when it comes to my super in a few years time, I am a citizen).
So my original mistake back in 2005 was to split my own super (all of this money was earned by me) with my wife who chose not to become a citizen when I did, as she was already a joint Irish/British citizen and one third each of three nationalities seemed a bit complicated!
Interesting that it says MAXIMUM rate of tax, as if other, lower rates might be applied, I shall look into that further.
So my original mistake back in 2005 was to split my own super (all of this money was earned by me) with my wife who chose not to become a citizen when I did, as she was already a joint Irish/British citizen and one third each of three nationalities seemed a bit complicated!
Interesting that it says MAXIMUM rate of tax, as if other, lower rates might be applied, I shall look into that further.
#21
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Location: London
Posts: 276
Re: Departing Australian Superannuation Payment
As far as I can see they will send a lump sum (minus tax). As I mentioned earlier, my interpretation of the information on the ATO website is that 15% withholding tax is payable.
I'm just about to update how my wife is getting on and then in February next year I'll let the forum know how I get on.
I'm just about to update how my wife is getting on and then in February next year I'll let the forum know how I get on.
Any tips and advice would be much appreciated.
#22
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Re: Departing Australian Superannuation Payment
Hi Famous 5, my "preservation age" is actually another year away and I am therefore having to wait another year before accessing the pension funds. I am an Australian citizen so as mentioned earlier in the thread my understanding is that I will subject to the 15% withholding tax and not the 38% my wife was charged as a non-citizen.
#23
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Re: Departing Australian Superannuation Payment
Hi Famous 5, my "preservation age" is actually another year away and I am therefore having to wait another year before accessing the pension funds. I am an Australian citizen so as mentioned earlier in the thread my understanding is that I will subject to the 15% withholding tax and not the 38% my wife was charged as a non-citizen.
My OH will shortly reach the preservation age and we were thinking it might be more sensible to invest the money here. I still have a few years to go until I get to my preservation age.
All the info on the super fund's website has my head spinning so I think the starting point will be for my OH to ring them to get a bit of advice as to how best to proceed. I'll post an update when we decide what to do.