Re: Departing Australian Superannuation Payment
 

Thanks for keeping us in the loop. I too look forward to finding out where the money has gone!!

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

Re: Departing Australian Superannuation Payment
 

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

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.

Re: Departing Australian Superannuation Payment
 

Sorry to be the bearer of bad tidings - it sucks when you're expecting a certain amount and then it's much less :(

Re: Departing Australian Superannuation Payment
 

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.

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.

Re: Departing Australian Superannuation Payment
 

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.