Australian Super Question

arms_n_legs

Hi all, my brother recently came back from Aus after 5 years and looking to know if he can claim his superannuation without having to close his Australian bank account? Still has all his Australian dollars in there and hesitant to close it and transfer the funds due to the very poor exchange rate.

Hope you can help!! thanks

Noo

He'll be taxed something like 38% and then he'll have to convert what he does get. Is it worth it for him? maybe he can move it to a low risk fund and leave it there? Thats actually a question im throwing out to someonw more knowledgeable than me, could you leave your super is australia or will it just get eaten up with fees etc

Squall Leonhart

I remember my super account had quarterly fees on it, so if I had left it, it'd have dwindled down to nothing over a few years as nothing was being paid in to it. I never actually closed my australian bank account, but did get a superannuation refund cheque, so it is possible. I can't for the life of me remember how I went about it though.

catbear

arms_n_legs wrote: »

Hi all, my brother recently came back from Aus after 5 years and looking to know if he can claim his superannuation without having to close his Australian bank account? Still has all his Australian dollars in there and hesitant to close it and transfer the funds due to the very poor exchange rate.

Hope you can help!! thanks

Good question. I discussed this with my aussie bank before I left over a year ago so I could lodge my super and other residual moneys there before transferring to Euro. There wasn't a problem as long as there was enough in the acc to cover charges, they said to just ring them when I wanted to close the acc.

arms_n_legs

catbear wrote: »

Good question. I discussed this with my aussie bank before I left over a year ago so I could lodge my super and other residual moneys there before transferring to Euro. There wasn't a problem as long as there was enough in the acc to cover charges, they said to just ring them when I wanted to close the acc.

Thanks for the response everyone! yeah i think the best thing would be to actually call the bank and tell them the situation. Was afraid once you leave the country the government and bank would want you to close all accounts.

FernandoTorres

What's his Visa status? If he was permanent resident or citizen he won't be able to claim back his Super.

arms_n_legs

FernandoTorres wrote: »

What's his Visa status? If he was permanent resident or citizen he won't be able to claim back his Super.

yes we understand that, no he was on the working holiday and sponsored. so he's all good to claim the super.