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Remember to take your Super home!

Remember to take your Super home!

Old Feb 19th 2004, 10:54 pm
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Default Remember to take your Super home!

Ive just enquired about how much super ive earned since ive been here and about taking it home..... this is great news that i can get a cheque for it - but guess what!

i will get taxed on it!!!!!!!!!!!!!!!!!!
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Old Feb 19th 2004, 10:57 pm
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Default Re: Remember to take your Super home!

Originally posted by jat
Ive just enquired about how much super ive earned since ive been here and about taking it home..... this is great news that i can get a cheque for it - but guess what!

i will get taxed on it!!!!!!!!!!!!!!!!!!

Ok, those money experts out there - should we leave our super's here and claim on our retirement or take the money now and run like hell?

Deal or No Deal?
 
Old Feb 19th 2004, 11:14 pm
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im taking mine... not probably worth too much by time you convert and also - they may change the rules - so get it while you can..
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Old Feb 20th 2004, 12:51 am
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Originally posted by jat
im taking mine... not probably worth too much by time you convert and also - they may change the rules - so get it while you can..
Oh good, I didn't know you could take superann out of Aus!

I think my husband's is with the Colonial - do you just contact them?
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Old Feb 20th 2004, 12:58 am
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yep - i would contact them - although your employers should be able to tell you what your fund amounts to.... im not sure of details.. but i dont think you can actually get it until you leave the country... also apparantly i have a few different super accounts as i have had different employers!

but luckily my last employer ive had for most of my time here and ther are efficient so thats the bulk of it...

its a fair amount of money so its definetly worth looking into - i hadnt thought about it until i saw a thread on the other forum....
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Old Feb 20th 2004, 12:47 pm
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Unless you have reached the age of 55 I understand that you cannot take your super as a cash payment when you leave Australia. I have tried in vain over the last few days trying to find a way how to do this. I can't unless I came in as a Temporary Resident and that visa has expired or has been cancelled. There are some other situations where you get it early, i.e medical expenses, extreme financial hardship. But the conditions attached to these are very strict. If anybody has any help on this please tell me! I have less than $10,000 and could do with it now!
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Old Feb 20th 2004, 4:36 pm
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I was told I can't get mine early - I have permanenet residency - unless like you say, there are circumstances that would require me to have the cash.
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Old Feb 20th 2004, 5:40 pm
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Default Re: Remember to take your Super home!

Originally posted by Merlot
Ok, those money experts out there - should we leave our super's here and claim on our retirement or take the money now and run like hell?

Deal or No Deal?
To answer that question you'd need to firstly know which super fund your money is in, then you would need to be able to predict the performance of that fund over the years until you retire, you'd need to be able to estimate the dollar/pound position, you'd need to be able to guess the tax situation on the super payments in retirement, you'd need to know the future performance of the next best alternative home for that money should you cash it in etc etc.

In short, its an impossible question to answer and ignore all and any opinions on the matter! You'd get a more reliable answer to the question "will it rain on march 10th 2032?".

We cashed ours in and brought the money with us as because of the impossibility of the assessment and I personally would rather have my money closer to hand.
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Old Feb 20th 2004, 11:58 pm
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Default Re: Remember to take your Super home!

Originally posted by Herman
To answer that question you'd need to firstly know which super fund your money is in, then you would need to be able to predict the performance of that fund over the years until you retire, you'd need to be able to estimate the dollar/pound position, you'd need to be able to guess the tax situation on the super payments in retirement, you'd need to know the future performance of the next best alternative home for that money should you cash it in etc etc.

In short, its an impossible question to answer and ignore all and any opinions on the matter! You'd get a more reliable answer to the question "will it rain on march 10th 2032?".

We cashed ours in and brought the money with us as because of the impossibility of the assessment and I personally would rather have my money closer to hand.
Ta for the advice.

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Old Feb 21st 2004, 11:04 am
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Default Re: Remember to take your Super home!

Originally posted by Herman

We cashed ours in and brought the money with us as because of the impossibility of the assessment and I personally would rather have my money closer to hand.

Just interested in how you were able to cash your super in. Were you a Temporary Resident?
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Old Feb 22nd 2004, 1:30 am
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yep im on a temporary business visa - once i leave the country and my visa is cancelled they will forward me the cash....
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Old Feb 23rd 2004, 7:57 am
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Default Re: Remember to take your Super home!

Originally posted by clivey
Just interested in how you were able to cash your super in. Were you a Temporary Resident?
Yes, we were on a temporary skilled visa.
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