JOHN GLOVER: Hello and welcome to another Pendragon Straight Talk. The question today is another rather large one, it’s can I claim my super back when I leave Australia? This mainly applies to temporary residents on visas such as 417 or 457s, and not permanent residents.
Superannuation, or super, is an Australian retirement savings system. Every employee in Australia should be getting at least 9.5% of their salary placed into a superfund of their choice. Temporary residents get exactly the same, 9.5%, but they can claim the super back as a lump sum when they leave the country.
This is under a scheme called ‘Departing Australia Superannuation Payment’. To claim this the conditions are:
– Your visa has ceased or been cancelled
– You’ll have left Australia; and
– You are not an Australian or New Zealand citizen or a permanent resident
You can only claim once your visa has been cancelled and you have left the country.
A form 1194 has to be completed and provided to the Department of Immigration. They will then confirm you have left the country with your superannuation company. The money should then be released to you, minus the tax the government will take, which can be 30, 40, 50%. I would check this with your superannuation provider or advisor or the company you are holding your super with.
So yes, temporary visa holders, such as 457 or 417s, can claim their super back. They will be taxed between 30 to 40 to 50%, but will receive the rest as cash into their nominated account overseas.
Permanent Residents however, cannot claim a lump sum but they can transfer their super to a nominate super fund in another country.
I hope that helps, and I look forward to talking to you next week. Thanks for listening.
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