Superannuation after you leave australia
#16
Forum Regular
Joined: Nov 2005
Posts: 158
Re: Superannuation after you leave australia
Remember that withdrawals based on financial hardship are typically limited to amounts such as $10,000. Also, I have seen no fee super schemes such as ING's reject non-resident members; you are required to transfer to another scheme.
#17
Just Joined
Joined: Nov 2011
Posts: 14
Re: Superannuation after you leave australia
I had a PR issued 5 years ago but had to leave the UK after 18 months to return to the UK. My visa has now expired so I applied on the ATO site for the DASP (departing Australia Super Payment) My request was approved and today I received a nice cheque in Aus dollars. It can be done!!!
#18
Aussie Finn Mixture!
Joined: May 2005
Location: Leschenault WA (after few locations around WA and Around Europe!)
Posts: 1,151
Re: Superannuation after you leave australia
Fair enough but just pointing out certain options are open to PRs and citizens as most assume that NO payments are accessible!
#19
BE Enthusiast
Joined: Oct 2008
Location: Brisvegas
Posts: 460
Re: Superannuation after you leave australia
So commonsense would dictate that drawing it out as a lump sum once you've reached preservation age and re-invest in UK may be a sensible way to go if you are going back to UK permanently?
#20
Re: Superannuation after you leave australia
I'd rather have my retirement savings in Australia than in the UK as well - the system is far superior here
#21
Re: Superannuation after you leave australia
If done while still non-resident in the United Kingdom, and not liable to U.K. income tax on Australian income, this could possibly be a reasonable tax planning strategy. There may always be individual circumstances where such general principles would not apply, hence a consultation with a tax accountant would be recommended before making any specific plans.
Last edited by JAJ; Mar 20th 2014 at 3:49 am.
#22
Re: Superannuation after you leave australia
If done while still non-resident in the United Kingdom, and not liable to U.K. income tax on Australian income, this could possibly be a reasonable tax planning strategy. There may always be individual circumstances where such general principles would not apply, hence a consultation with a tax accountant would be recommended before making any specific plans.
I've been doing a bit more digging on this - Looks like there are some traps where super is concerned if you are resident overseas. It appears that if you depart tax residence status in Australia, then you need to make an election about paying CGT on your super - if you pay CGT on it when you leave, then any future gains can be tax free, however if you don't then there may be an ongoing CGT tax liability.
This document by Centric Wealth may offer more explanation, but I would echo JAJ's suggestion that you get some tailored advice.
S
#23
Re: Superannuation after you leave australia
I had a PR issued 5 years ago but had to leave the UK after 18 months to return to the UK. My visa has now expired so I applied on the ATO site for the DASP (departing Australia Super Payment) My request was approved and today I received a nice cheque in Aus dollars. It can be done!!!
To claim the Departing Australia Superannuation Payment (DASP) you must have visited on an eligible temporary resident visa (which has expired or been cancelled), and permanently departed Australia.
#24
Re: Superannuation after you leave australia
One of my friends, rest her soul, had access to her super at age around 55 due to dire illness. Of course I don't wish this upon you, just advising if anyone reading is in this situation.
She did have to fight hard for it however.
She did have to fight hard for it however.
#25
Re: Superannuation after you leave australia
I would be happy to withdraw the funds and invest in the UK, but the highest interest rate I could find for fixed term investments was 1.6% - that seems abysmally low and quite frankly, I couldn't live on that interest.