comet555

Hi everyone,

Just a quick question about supperannuation. We're hoping to move over to Australia in January, assuming our visa gets approved. Our plan is to stay 2-3 years before making any final decisions on whether or not we want to stay or come back to Canada.

What would happen to our super funds if we were permanent residents for a couple of years and then decided to return to Canada. Am I correct in assuming that the funds would be stuck in Australia until we are old enough to draw a pension? Or can we transfer the money into a registered retirement plan in Canada? Obviously if we decided to come back we would prefer that our retirement funds come with us.

Any ideas?

Haley

iamthecreaturefromuranus

I think you apply for DASP. The Departing Australia Superannuation Payment

iamthecreaturefromuranus

Try here.... http://www.ato.gov.au/superprofessio...tent/23515.htm

comet555

Thanks for the replies.

I checked out the link and it repeatedly refers to 'temporary residents.' There is no mention of being able to do this if you were permament residents.

Am I just misunderstanding there use of the word temporary? Maybe they are using it for everyone who has stayed for a while and chosen to leave (whether they had a permanent visa or not).

From my understanding it is no problem for people on temporary visas to take there super funds with them, I'm guessing using the method from the link. But can you go through the same procedure if you are a permanent resident? And can you do it if you chose to leave after you have gotten citizenship?

I'm just concerned because I see the word temporary several times on the Departing Australia Superannuation Payment.

Haley

Fardell

I think you should assume that if you are coming as a permanent resident, rather than as a temporary resident, then your superannuation will remain locked away until normal retirement age (55+) - unless you can successfully argue "extreme hardship". Retrieving superannuation from Australia when permanently going overseas used to be relatively simple 15 to 20 years ago and then it got abused. The problems in extracting super is another reason why migrants may want to delay any transfer of existing pension sums until things are "rock solid" ie. you are in Oz for the duration.

pomref

Iv seen this question come up on this site in the past, If you are an permanent resident or Citizen of Australia you CAN NOT transfer your pension out of Australia.

Its strange really as you can move it here from the UK but not back again.

comet555

Thanks again everyone,

I was pretty sure that the funds would be stuck there until retirement age so thanks for clarifying a little.

I had posted this question on the other website and Alan Collett pretty much said it was stuck there as well. I just didn't want to pester him as he was giving free advice. Mostly I was hoping to find someone in a similar situation and find out what happened with them. Also it's great to have things confirmed too.

That's unfortunate that you can't bring it with you. It would be nice to have all of our funds in one place (country). But as long as we can access it once we retire I guess it doesn't matter too much. I'm assuming we could still access it even while in Canada as long as we are retired?

Thanks again,

Haley