How do I claim my superannuation when I leave in Australia?
If you’re leaving Australia and want to claim your superannuation, don’t worry, it’s easy! Even if you’re on a temporary visa and have been working in Australia, your employer has most likely been paying into your super. When it’s time to leave, you can apply to take your super with you.
Understand your superannuation eligibility
To withdraw your superannuation after leaving Australia on a temporary visa, you must fulfil specific requirements. These conditions include:
- Your entry into Australia was authorised by a temporary visa that was issued under the Migration Act 1958. This applies to all subclasses except for 405 and 410.
- Your visa has either expired or has been cancelled.
- You have already departed from Australia.
- You do not hold Australian or New Zealand citizenship nor do you have permanent residency in Australia.
If you are eligible, you can receive your super by making a Departing Australia Superannuation Payment (DASP). The amount of tax you pay will vary based on certain factors, and it will be deducted from your final payment.
Please be advised that you can only apply for your Departing Australia Superannuation Payment (DASP) after you have departed from Australia and your visa has expired. Nevertheless, we suggest you begin your DASP application while you are still in Australia and have gathered all the necessary information.
It may seem overwhelming at first, but with the right guidance and support, navigating this process can be a breeze. Be sure to seek assistance from a reliable source and stay informed throughout the process, so you can receive the financial benefits you’re entitled to.
How to claim your superannuation early
To submit your application, you need to leave Australia first. However, you can start working on it before your departure.
If you’re currently in Australia, it’s best to finish filling out any necessary paperwork before you leave. After you leave, you’ll have a 6-month window to apply for your superannuation release. If you don’t apply within those 6 months, your money will be sent to the Australian Taxation Office as unclaimed super. From there, you’ll need to make a claim with the ATO to get your money back.
Before you leave
- Ensure that you fulfil the requirements set by the ATO. Check your eligibility.
- Find your super. If you have worked for multiple employers in Australia, you could have multiple super accounts. To locate your super, access your myGov account. In case your super balance is over $5,000, you may have to provide additional documentation.
- Prepare your documentation. Before you depart, create several copies of your identification documents and have them verified by an authorised individual in Australia. These copies should be brought with you so that they can be submitted as part of your application.
- Ensure that you have evidence of your departure. Before you depart, ensure that Australian Customs stamps your passport with a departure date as evidence of your departure.
After you leave Australia
- Complete and submit your form
You can apply:
- through the ATO’s Departing Australia Superannuation Payment online application system
If you leave Australia, you can receive your superannuation payment afterwards provided that you:
- have left Australia.
- are neither an Australian, a New Zealand citizen nor a permanent resident of Australia.
- entered Australia with a temporary visa, but this excludes Subclass 405 and Subclass 410.
- do not hold any valid Australian visas, including tourist visas.
There are three ways to receive your money:
- by cheque in Australian dollars
- through an international money transfer
- by having it transferred to an Australian bank account.
However, you should take into account that fees and foreign exchange rates may apply.
Please note that you must submit your claim for reimbursement within six months after departing Australia.
If you are an Australian citizen leaving permanently, your superannuation fund(s) must follow the same rules as if you were still living in Australia. This implies that your superannuation must remain in your fund(s) until you become eligible to withdraw it.
- When to expect payment
You should expect to receive payment within 28 days after submitting your application. If your application is incomplete, we may need to contact you for additional information.
Gather the required documents
If you are a temporary resident leaving Australia and eligible for the Departing Australia Superannuation Payment (DASP), you can apply to claim your superannuation through the following methods:
- The DASP online application system for both super fund and ATO-held super
- Paper form
- For super money held by a super fund, use the Application for a departing Australia superannuation payment form (NAT 7204). Send this form directly to the super fund.
- For ATO-held superannuation, complete the Application for payment of ATO-held superannuation money form (NAT 74880) and send it to the address provided on the form.
To make the process of claiming your superannuation smoother and quicker, it’s crucial to use the correct form. Keep in mind that the process can take some time, so it’s advisable to start early on to avoid any last-minute stress.
By being well-prepared, you can claim your superannuation with ease and peace of mind.
For more information on online and paper form applications, see Super information for temporary residents departing Australia.
How much tax do you pay on superannuation withdrawal when leaving Australia
The amount of tax that you will be charged if you withdraw your superannuation early is influenced by various factors. The table below gives an overview of the usual tax rules that apply to non-residents who receive super benefits from a taxed Australian super fund.
| Withdrawal Type | Australian Tax Return | Australian Tax Treatment |
|---|---|---|
| Lump sum as a Departing Australian Superannuation Payment (DASP) | No | Taxable component (element untaxed) – 45% Taxable component (element taxed) – 35% Tax free component – Nil |
| Since 1 July, 2017 the tax rate for Working Holiday Makers (WHM) is 65% for both taxed and untaxed elements. WHM’s are those on the following visa types: Subclass 417 (working holiday) Subclass 462 (work and holiday) Related bridging visas |
Source: aware.com.au
If you’re leaving Australia, it can be tough. Not only will you be dealing with the emotional stress of leaving loved ones behind, but you’ll also need to sort out your finances. To make sure claiming your superannuation is stress-free, get advice from a financial advisor or the Australian Taxation Office. Remember to submit claims for superannuation as soon as possible after deciding to leave Australia to get any funds owed to you. Remember, it is important to claim your superannuation when leaving Australia as it is your own money that you have earned.
