Superannuation return

nickybutler

Hi i worked in australia 2008 - 2009 and earned 20,000dollars im wondering how much i should expect in my superannuation return.

FreeAnd..

nickybutler wrote: »

Hi i worked in australia 2008 - 2009 and earned 20,000dollars im wondering how much i should expect in my superannuation return.

was that 20k before or after superannuation was taken out? If after then super will be 9% on top of that - less 35% of the total super amount in tax on withdrawal... so roughly: $1,800 - $630 = $1170 (Not accounting for any increases/decreases in the value of your super - you need to log in to you super account to check what its actually worth now)

Tigerandahalf

Ok I've heard different stories...but can someone tell me can you claim back the employer's 9% contribution as well. Or does the gov keep this part of it. Surely the employee is entitled to this as you are entitled to claim your employee share. It doesn't belong to the gov or the employer.???

FreeAnd..

Tigerandahalf wrote: »

Ok I've heard different stories...but can someone tell me can you claim back the employer's 9% contribution as well. Or does the gov keep this part of it. Surely the employee is entitled to this as you are entitled to claim your employee share. It doesn't belong to the gov or the employer.???

Not sure what you're getting at here? did you also top up the compulsory 9% taken out by your employer with your own contribution? Not sure why you would do this if you knew you would be leaving and subject to the 35% early withdrawal tax...

Just to be clear - Superannuation is mandatory in Oz and your employer takes 9% of your pay and puts it into a fund. This is what you can claim back (less 35%) + any contributions you made yourself (which for most on a WHV would be nothing as it doesnt really make sense to pay in yourself when not staying until retirement age)

Mellor

Tigerandahalf wrote: »

Ok I've heard different stories...but can someone tell me can you claim back the employer's 9% contribution as well. Or does the gov keep this part of it. Surely the employee is entitled to this as you are entitled to claim your employee share. It doesn't belong to the gov or the employer.???

The super is made up totally of the employers contribution.
You don't pay any (well actually you can, but if you did you'd understand how it worked)

Employer doesn't pay 9% of super, he pays 9% of your wages AS super

mandrake04

9% is the minimum that an employer has to pay by law, I get 11% because that is part of the package offered by my employer.

I was actually thinking of tipping in an extra $100 a month before I get taxed to help boost it up a bit.

Mellor

Would it be worth it?
As you'll only get taxed on it when you take it out, more than what you would of if you paid tax as part of wages

mandrake04

Mellor wrote: »

Would it be worth it?
As you'll only get taxed on it when you take it out, more than what you would of if you paid tax as part of wages

you don't get taxed on it when you take it out, unless you are under 65

Tigerandahalf

I was under the impression that the employer paid 9% from their own funds and you paid in 9% from your paycheck, giving a total of 18% super. The employer has to make a contribution of their own to your pension.

Mellor

mandrake04 wrote: »

you don't get taxed on it when you take it out, unless you are under 65

I know, but I was assuming that you would be back in Ireland before you were 65

Tigerandahalf wrote: »

I was under the impression that the employer paid 9% from their own funds and you paid in 9% from your paycheck, giving a total of 18% super. The employer has to make a contribution of their own to your pension.

Afraid not. The employer pays 9% min. The default is that you pay 0% unless you have arranged to add to it yourself.
I'd say 99% of people on WHVs are 9% employer, 0% themselves

Tigerandahalf

I have never had super pay taken from my pay checks so the employer must be paying it from their own funds. (it says employer preserved super on my payslip beside the super amount)
That's why I assumed it was a split btw employer and employee.
I heard that I didn't have to contribute until I earned over $450 per month with the employer. I work with different employers so I don't think I have ever been in the position of having to contribute.

I just have worry in the back of my mind that in some pay check down the line a load of money is going to be taken out for super!!

Tigerandahalf

When you have the term 'PAYG' on your payslip, that refers to tax ya???

mandrake04

Tigerandahalf wrote: »

When you have the term 'PAYG' on your payslip, that refers to tax ya???

PAYG= Pay As You Go (withholding). Just means the Company deducts your tax.

Group Cert= PAYG Payment summary (I got mine today)

Really the employer pays the super at a 9% minimum, basic super wont show on your Group Cert (well it didn't on my last 5) so I as an employee did not have to report it.


The employer can contribute more super but this will be reported on your Group Cert as REPORTABLE EMPLOYER SUPERANNUATION CONTRIBUTIONS. (I had the extra 2% reported)

The Employee can contribute as well from their wages.

mandrake04

Also there was talk recently of putting the basic 9% up to 12% because people were living too long...... but industry went mad saying it would cost too much, probably wont happen if Liberals get in which is looking likely.

mandrake04

Funny the the subject above re minimum 12% super was on the radio today again, the employer pays the super annuation not the employee.

Tigerandahalf

How do you claim the super back?
Do you just go onto the super fund website and download a form?
How long does it take?

patsy mulcaghy

Tigerandahalf wrote: »

How do you claim the super back?
Do you just go onto the super fund website and download a form?
How long does it take?

You gotta wait until you leave the country to claim super as far as I know.
The website may tell you more:

http://www.immi.gov.au/allforms/superannuation/

terencemc

Does anyone know about the Temporary Residents' Superannuation Legislation Amendment Act 2008 ?
My super account was closed and my money was transferred to the government...Just wondering if I can get this back?

purelike

Tigerandahalf wrote: »

How do you claim the super back?
Do you just go onto the super fund website and download a form?
How long does it take?

When I did it there was some part of my super funds website that I was able to apply via.

Best to apply when you have left the country. You may need to prove this. I was advised to get my passport stamped on the way out by my friend who applied for his super back in February '13 and is still waiting for it due to some complication with proving he has left the country.