Superannuation - After Permanent Residency
Feb 25th 2010, 2:18 am
#31
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Re: Superannuation - After Permanent Residency
And yet it you renounce citizenship/residency you no longer fall under Australia's tax jurisdiction and so legally they wouldn't be able to prevent you from accessing super (minus 30% tax). If they refused it could always be challenged in court. There are lots of loopholes in the legislation. I'm sure a good lawyer would find a way.
You make some very (and misleading/incorrect) statements without providing any references.
Feb 25th 2010, 3:09 am
#32
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Re: Superannuation - After Permanent Residency
Now its my turn to go hmmmm. I might even be going the way of dean here, so you are saying that oz super will let you transfer eligible pensions into it but not reciprocate?? So, if you leave Australia and become a citizen of say UK, join a UK pension scheme, you can't apply to have your Super transferred to it?
I know you can't just take it as cash minus tax when you leave, but the issue of transfer is different and does raise some interesting questions.
I know you can't just take it as cash minus tax when you leave, but the issue of transfer is different and does raise some interesting questions.
At the budget last year they were discussing allowing transfers between Oz and NZ funds but nothing has been decided yet.
Feb 25th 2010, 7:45 am
#33
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Re: Superannuation - After Permanent Residency
You can transfer in but you can't transfer out. Very one sided but that's the legislation. If you're a permanent resident/citizen once your super/pension is in Australia there it stays.
At the budget last year they were discussing allowing transfers between Oz and NZ funds but nothing has been decided yet.
At the budget last year they were discussing allowing transfers between Oz and NZ funds but nothing has been decided yet.
Jul 16th 2010, 11:34 am
#34
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Re: Superannuation - After Permanent Residency
Spoke to a company which do tax refunds,super refunds last night. Explained my situation as being a PR visa holder who has had to move back to UK. They informed me that if I cancel my visa and they had the forms to do this, then I would be elligible to claim my super minus tax, super admin costs and of course their fee = approx 50%.
Jul 16th 2010, 11:59 am
#35
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Re: Superannuation - After Permanent Residency
Spoke to a company which do tax refunds,super refunds last night. Explained my situation as being a PR visa holder who has had to move back to UK. They informed me that if I cancel my visa and they had the forms to do this, then I would be elligible to claim my super minus tax, super admin costs and of course their fee = approx 50%.
Jul 16th 2010, 2:51 pm
#36
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Re: Superannuation - After Permanent Residency
http://britishexpats.com/forum/showthread.php?t=576300
and
http://britishexpats.com/forum/showthread.php?t=614402
are worth a read. I had always been told it couldn't be done, but there are posters in the MBTTUK forum who have done it
and
http://britishexpats.com/forum/showthread.php?t=614402
are worth a read. I had always been told it couldn't be done, but there are posters in the MBTTUK forum who have done it
Jul 16th 2010, 10:30 pm
#37
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Re: Superannuation - After Permanent Residency
http://britishexpats.com/forum/showthread.php?t=576300
and
http://britishexpats.com/forum/showthread.php?t=614402
are worth a read. I had always been told it couldn't be done, but there are posters in the MBTTUK forum who have done it
and
http://britishexpats.com/forum/showthread.php?t=614402
are worth a read. I had always been told it couldn't be done, but there are posters in the MBTTUK forum who have done it
Jul 16th 2010, 11:03 pm
#38
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Posts: 34,649
Re: Superannuation - After Permanent Residency
Are you suggesting they are wrong? If they are in breach of the law then if it's so important, take your case to the AAT or the courts.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
Jul 17th 2010, 5:02 am
#39
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Re: Superannuation - After Permanent Residency
Are you suggesting they are wrong? If they are in breach of the law then if it's so important, take your case to the AAT or the courts.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
Jul 17th 2010, 5:10 am
#40
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Re: Superannuation - After Permanent Residency
Are you suggesting they are wrong? If they are in breach of the law then if it's so important, take your case to the AAT or the courts.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
I strongly suspect that if people on PR/citizenship withdrew their superannuation (other than amounts earned while on an eligible temporary visa) it was in breach of the law. Perhaps unknowingly, but a breach nonetheless.
Jul 17th 2010, 2:44 pm
#41
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Re: Superannuation - After Permanent Residency
The ATO have to administer the law as it stands, so perhaps you are pointing blame in the wrong direction. Perhaps Parliament expects that people with PR visas will want to spend their lives in Australia, including retirement?
Jul 17th 2010, 9:48 pm
#42
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Re: Superannuation - After Permanent Residency
I would imagine so. I am not disagreeing with you here. However I think it should be made crystal clear whether permanent residents shredding their visas are able to access their own money and at the moment that doesnt seem to be the case. If it is possible it should be acknowledged with instructions for how to do it.
Jul 19th 2010, 1:49 am
#43
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Re: Superannuation - After Permanent Residency
I would imagine so. I am not disagreeing with you here. However I think it should be made crystal clear whether permanent residents shredding their visas are able to access their own money and at the moment that doesnt seem to be the case. If it is possible it should be acknowledged with instructions for how to do it.
http://www.ato.gov.au/individuals/co...p=001&st=&cy=1
"This payment is not available for Australian and New Zealand citizens, permanent residents of Australia or holders of retirement visas generally cannot claim their super in this way, because they have the option of retiring in Australia. However Australian and New Zealand citizens, and permanent Australian residents, are able to claim super money they earned while previously in Australia on a temporary visa if this money is now held by the ATO."
Jul 19th 2010, 5:43 am
#44
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Re: Superannuation - After Permanent Residency
What exactly is not "crystal clear" about the following:
http://www.ato.gov.au/individuals/co...p=001&st=&cy=1
"This payment is not available for Australian and New Zealand citizens, permanent residents of Australia or holders of retirement visas generally cannot claim their super in this way, because they have the option of retiring in Australia. However Australian and New Zealand citizens, and permanent Australian residents, are able to claim super money they earned while previously in Australia on a temporary visa if this money is now held by the ATO."
http://www.ato.gov.au/individuals/co...p=001&st=&cy=1
"This payment is not available for Australian and New Zealand citizens, permanent residents of Australia or holders of retirement visas generally cannot claim their super in this way, because they have the option of retiring in Australia. However Australian and New Zealand citizens, and permanent Australian residents, are able to claim super money they earned while previously in Australia on a temporary visa if this money is now held by the ATO."
However the question is about permanent visas not temporary ones, I thought.