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Departing Australian Superannuation Payment

Departing Australian Superannuation Payment

Old Nov 2nd 2014, 8:35 pm
  #16  
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Default Re: Departing Australian Superannuation Payment

Thanks for keeping us in the loop. I too look forward to finding out where the money has gone!!
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Old Nov 3rd 2014, 11:31 am
  #17  
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Default 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
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Old Nov 3rd 2014, 11:39 am
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Default Re: Departing Australian Superannuation Payment

Originally Posted by killerhales
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
I think the 15% only applies to Australian citizens/permanent residents, have a look towards the bottom of the page in this link, at the table which shows the tax rates for a Departing Australia 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.
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Old Nov 3rd 2014, 12:47 pm
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Default 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.
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Old Nov 3rd 2014, 1:24 pm
  #20  
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Default Re: Departing Australian Superannuation Payment

Originally Posted by killerhales
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.
Sorry to be the bearer of bad tidings - it sucks when you're expecting a certain amount and then it's much less
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Old Mar 6th 2015, 12:03 pm
  #21  
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Default Re: Departing Australian Superannuation Payment

Originally Posted by killerhales
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.
My OH is thinking of taking his super out of Oz in a couple of months time and I remembered this post indicating that you would be going through the process in February, so I was wondering how you got on.

Any tips and advice would be much appreciated.
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Old Mar 6th 2015, 2:56 pm
  #22  
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Default 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.
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Old Mar 6th 2015, 5:31 pm
  #23  
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Default Re: Departing Australian Superannuation Payment

Originally Posted by killerhales
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.
Thanks Killerhales.

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.
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