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Superannuation after you leave australia

Superannuation after you leave australia

Old Mar 17th 2014, 9:09 pm
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Default 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.
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Old Mar 18th 2014, 9:53 am
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Default 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!!!
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Old Mar 18th 2014, 2:18 pm
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Default Re: Superannuation after you leave australia

Originally Posted by Fardell
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.
Fair enough but just pointing out certain options are open to PRs and citizens as most assume that NO payments are accessible!
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Old Mar 19th 2014, 4:55 am
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Default Re: Superannuation after you leave australia

Originally Posted by Alan Collett
A tip: watch the personal tax position if you are resident outside Australia when you start drawing income from Australian superannuation.

Best regards.
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?
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Old Mar 19th 2014, 5:26 am
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Default Re: Superannuation after you leave australia

Originally Posted by Chortlepuss
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?
That's what I'd do - save it for a rainy day

I'd rather have my retirement savings in Australia than in the UK as well - the system is far superior here
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Old Mar 20th 2014, 2:35 am
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Default Re: Superannuation after you leave australia

Originally Posted by Chortlepuss
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?
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.
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Old Apr 23rd 2014, 9:24 am
  #22  
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Default Re: Superannuation after you leave australia

Originally Posted by JAJ
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.


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Old Apr 23rd 2014, 9:32 pm
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Default Re: Superannuation after you leave australia

Originally Posted by jimbob123
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!!!
Did you originally come in on a temporary resident visa?
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.
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Old Apr 24th 2014, 7:16 am
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Default 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.
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Old Apr 24th 2014, 8:52 am
  #25  
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Default Re: Superannuation after you leave australia

Originally Posted by Chortlepuss
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?
This is one of the things on my (long) list to talk to a tax accountant about, one that's across both UK and Australia's tax systems. I'd like to leave my super in my Oz super account and draw an allocated pension from it, although I know that I'd lose Oz tax breaks.

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.
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