Super

Corindabhoy

Ill be returning to Ireland in 2014

I have permanent residency in Oz

Can I reclaim my super and if so how do I do it?

lg123

You going home for the rugby, miss it too much?

You going home permanently?

Have a read of this: http://www.boards.ie/vbulletin/showthread.php?t=2056857204

Corindabhoy

im missing my beloved Shamrock Rovers

hopefully permanently

Feelgood

If your contributions were made when you had PR you have to wait till normal retirement age to collect the funds.

If you made contributions while under a temporary visa like 457, WHV etc you can claim it back anytime. Providing you have left Australia for good.

I think if you transition from a temporary visa to PR, all contributions are locked in until retirement.

lg123

Feelgood wrote: »

If your contributions were made when you had PR you have to wait till normal retirement age to collect the funds.

If you made contributions while under a temporary visa like 457, WHV etc you can claim it back anytime. Providing you have left Australia for good.

I think if you transition from a temporary visa to PR, all contributions are locked in until retirement.

Wow, wasn't aware of that, thought you could claim it when you left permenantly. Any links handy?

Feelgood

If you're a temporary resident working in Australia, your employer has to make super guarantee contributions for you if you're eligible. You may be paid your super money once you have left Australia. This is called a departing Australia super payment (DASP).
You can apply for a DASP if all of the following apply:

you visited on a temporary visa (excluding visa subclasses 405 and 410)
your visa ceased to be in effect
you have left Australia.

This payment is not available to Australian or New Zealand citizens, or permanent residents. If you claim your super payment, you may still be able to return to Australia on another visa.

ATO Website

Corindabhoy

Feelgood wrote: »

If your contributions were made when you had PR you have to wait till normal retirement age to collect the funds.

If you made contributions while under a temporary visa like 457, WHV etc you can claim it back anytime. Providing you have left Australia for good.

I think if you transition from a temporary visa to PR, all contributions are locked in until retirement.

what a rip off- thats more annoying than watching a rogbee game

can I put in a request to get it back nonetheless

Peregrinus

Yup, you cannot claim a Departing Australia Superannuation Payment if you are a permanent resident (or an Australian or NZ citizen) - Superannuation Industry (Supervision) Regulations reg. 6.20A.

The super is still yours, and you can get it whenever you satisfy one of the other "conditions of release" - retirement, death, terminal medical diagnosis, permanent incapacity, attaining age 65, etc.

Corindabhoy

Peregrinus wrote: »

Yup, you cannot claim a Departing Australia Superannuation Payment if you are a permanent resident (or an Australian or NZ citizen) - Superannuation Industry (Supervision) Regulations reg. 6.20A.

scutter

Mellor

Peregrinus wrote: »

Yup, you cannot claim a Departing Australia Superannuation Payment if you are a permanent resident (or an Australian or NZ citizen) - Superannuation Industry (Supervision) Regulations reg. 6.20A.

The super is still yours, and you can get it whenever you satisfy one of the other "conditions of release" - retirement, death, terminal medical diagnosis, permanent incapacity, attaining age 65, etc.

What about when his PR visa expires after 5 years. If he's out of the country then he's no longer a permanent resident, so maybe he could claim it then.

ArseBurger

Peregrinus wrote: »

Yup, you cannot claim a Departing Australia Superannuation Payment if you are a permanent resident (or an Australian or NZ citizen) - Superannuation Industry (Supervision) Regulations reg. 6.20A.

The super is still yours, and you can get it whenever you satisfy one of the other "conditions of release" - retirement, death, terminal medical diagnosis, permanent incapacity, attaining age 65, etc.

Yeah, same as a pension in Ireland (and most countries).

Always amuses me when people get shirty about not being able to claim it back tax free if they leave.

Corindabhoy

ArseBurger wrote: »

Yeah, same as a pension in Ireland (and most countries).

Always amuses me when people get shirty about not being able to claim it back tax free if they leave.

i find it wierd that you find **** like that amusing

Peregrinus

Mellor wrote: »

What about when his PR visa expires after 5 years. If he's out of the country then he's no longer a permanent resident, so maybe he could claim it then.

Being a permanent resident and having a permanent resident visa are not the same thing. It is possible to lose permament residence, but you don't lose it automatically when your permanent resident visa expires. You can apply for, and obtain, a resident return visa, because you are still a permanent resident.

Nevertheless, you have a point. Corindabhoy could lose his permanent resident status at some point in the future and, at that point, if he has satisfied the other conditions set out in reg. 6.20A (that he was at some point in Australia on a temporary residence visa, that that visa is no longer in effect, and that he has permanently left Australia) he could qualify for a Departing Australia Superannuation Payment.

As for when he will lose his permenant resident status, or whether there is anything he can do to accelerate the loss, I'm not sure. Might be worth talking to a migration agent.

Mellor

Peregrinus wrote: »

Being a permanent resident and having a permanent resident visa are not the same thing. It is possible to lose permament residence, but you don't lose it automatically when your permanent resident visa expires. You can apply for, and obtain, a resident return visa, because you are still a permanent resident.

I was aware that you don't always automatically lose it after 5 years. If you are in the country at that time for example, but that doesn't apply to the OP. Which was my point.

But I've just read something online that said that he can't claim his PR super as he still has the option to return as a PR (RRV I assume). But be can claim back the super from temp visas.

Peregrinus

Mellor wrote: »

I was aware that you don't always automatically lose it after 5 years. If you are in the country at that time for example, but that doesn't apply to the OP. Which was my point.

But I've just read something online that said that he can't claim his PR super as he still has the option to return as a PR (RRV I assume). But be can claim back the super from temp visas.

I don't think that's right. Your ability to claim a DASP depends on your migration status when you claim, not when you paid the contributions that give rise to your superannuation entitlement. The amount of the DASP is always the amount of your withdrawal benefit in the fund.

So, as far as I can see, either you can get a DASP or you can't but, if you can, it's not confined to just the contributions you paid while a temporary resident.

*****

On further checking, I see that "permanent resident" has a special meaning when used in connection with DASPs. Its defined in SIS Reg. 6.01(2) as "the holder of a permanent visa . . . that has not ceased to be in effect".

So I think your original point is valid. If Corindabhoy waits until his permament resident visa expires and then, before applying for a resident return visa, he applies for a DASP, he will not be a "permanent resident" at the time he applies, and (if he satisfies the other conditions) he should get his DASP, which should be his full withdrawal benefit, and not merely the part relating to contributions paid before he obtained his permanent visa.

Mellor

Good stuff. That's what I thought should be the the case. I just rechecked the other page I read, it mentions a PR who has left austrakua, but doesn't specifically mention the visa expiring. Guess they forgot that option.

OP, it looks like you might get it back, just not immediately.

Corindabhoy

thanks all

statina

Great information there, cheers

s.c

I think you can contact immigration and request that your PR visa be revoked/canceled. Then you would be able to claim your super.

ciaran kinvara2012

is there any good website where you can find information on claiming back super easily, its just i see so many conflicting stories here on boards, and i do respect all your points but no wonder people are left clueless, and not the ato website, thanks.

Itoa

Peregrinus wrote: »

I don't think that's right. Your ability to claim a DASP depends on your migration status when you claim, not when you paid the contributions that give rise to your superannuation entitlement. The amount of the DASP is always the amount of your withdrawal benefit in the fund.

So, as far as I can see, either you can get a DASP or you can't but, if you can, it's not confined to just the contributions you paid while a temporary resident.

*****

On further checking, I see that "permanent resident" has a special meaning when used in connection with DASPs. Its defined in SIS Reg. 6.01(2) as "the holder of a permanent visa . . . that has not ceased to be in effect".

So I think your original point is valid. If Corindabhoy waits until his permament resident visa expires and then, before applying for a resident return visa, he applies for a DASP, he will not be a "permanent resident" at the time he applies, and (if he satisfies the other conditions) he should get his DASP, which should be his full withdrawal benefit, and not merely the part relating to contributions paid before he obtained his permanent visa.

Is the DASP subject to 40% tax when applied for?
That is what I have been told, not sure if it is correct.

richiee

Just remember people that if you do decide to claim back you super, you will loose over half of it in tax. I enquired recently as to if I left australia and came home and I was told that if for example I had 10k in my super I can claim it back as I'm on a 457 visa but I would only receive about 4750 after tax.

Mellor

richiee wrote: »

Just remember people that if you do decide to claim back you super, you will loose over half of it in tax. I enquired recently as to if I left australia and came home and I was told that if for example I had 10k in my super I can claim it back as I'm on a 457 visa but I would only receive about 4750 after tax.

The tax is pretty high, but it's not over half (the above rate would be 52.5%)

The rates are

ATO Website wrote:

0% for the tax-free component
35% for a taxed element of a taxable component
45% for an untaxed element of a taxable component.

So it's probably a decent estimate to say its 40%

richiee

Mellor wrote: »

The tax is pretty high, but it's not over half (the above rate would be 52.5%)


So it's probably a decent estimate to say its 40%[/



Call the super company you're with and they will tell you. It's over 50%

karl bracken

What about putting into an Irish pension fund, what are the options there?

Peregrinus

karl bracken wrote: »

What about putting into an Irish pension fund, what are the options there?

You won't avoid Australian tax that way. You'll get the payment out of the Australian fund net of Australian tax, and then (assuming you are now Irish-resident for tax purposes) if you want you can pay it into an Irish fund and get the usual Irish tax advantages.

jessicaxxx

I received my super back today:D I was in oz for 2 years on a whv. My super was with australiansuper. I called them to see how i would claim it back they sent me and email with some forms to fill out. I also had to send them copy of my passport, a letter with my address and a copy of my exit stamp on my passport and proof my visa was up.
Once i had all this sent off it took about 6 weeks for them to put the money into my oz account. They took excatly 35% off me. overall it was a pretty easy to do and i would not bother with a third party to do it for you. now to decide what to spend it on!