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Reclaiming Super

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  • 04-03-2020 6:10am
    #1
    carrollsno1
    Registered Users Posts: 2,187 ✭✭✭


    Leaving next week, end of 2nd year visa planning on coming bavk in a few years on a permenent visa would this affect me if i claim back my super now?

    Better living everyone



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    #2
    AngryHippie
    Registered Users Posts: 2,625 ✭✭✭AngryHippie


    Yes it will.

    You'll pay an absolute ball of tax on it now (65%), then you'll have a pain trying to re-establish a Superfund on your return.

    if you plan to return Leave it there. If you are going to be away for over 12 months, throw a token deposit into it next year to keep your Insurance policies live. Then get back into it when you return.

    If you 100% definitely aren't coming back, clean it out and pay the tax.


    https://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/departing-australia-superannuation-payment/


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    #3
    carrollsno1
    Registered Users Posts: 2,187 ✭✭✭carrollsno1


    AngryHippie wrote: »
    Yes it will.

    You'll pay an absolute ball of tax on it now (65%), then you'll have a pain trying to re-establish a Superfund on your return.

    if you plan to return Leave it there. If you are going to be away for over 12 months, throw a token deposit into it next year to keep your Insurance policies live. Then get back into it when you return.

    If you 100% definitely aren't coming back, clean it out and pay the tax.


    https://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/departing-australia-superannuation-payment/

    Ah itll be 5 years before im back anyway before i get qualified and post apprenticeship experience so if im on an apprentices wage for tbe next 4 years i dont want to be sending that money over here, plus between annual charges and the like it would be well reduced by the time i get back if i just leave it sitting there. Im aware of the big tax on claiming it back but im mainly concerned about it affecting future visas

    Better living everyone



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    #4
    AngryHippie
    Registered Users Posts: 2,625 ✭✭✭AngryHippie


    carrollsno1 wrote: »
    Ah itll be 5 years before im back anyway before i get qualified and post apprenticeship experience so if im on an apprentices wage for tbe next 4 years i dont want to be sending that money over here, plus between annual charges and the like it would be well reduced by the time i get back if i just leave it sitting there. Im aware of the big tax on claiming it back but im mainly concerned about it affecting future visas

    Just leave it there so. It's linked to your tfn, so it will cause dramas down the track if you withdraw it.

    Is the annual interest more than the fees ?


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    #5
    carrollsno1
    Registered Users Posts: 2,187 ✭✭✭carrollsno1


    AngryHippie wrote: »
    Just leave it there so. It's linked to your tfn, so it will cause dramas down the track if you withdraw it.

    Is the annual interest more than the fees ?

    I worked ABN for a while here before less thsn 4 months and because no contribution was madw in those 4 montbs i was down $300-$400 in that ti.e alone

    Better living everyone



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    #6
    Peregrinus
    Registered Users Posts: 26,139 ✭✭✭✭Peregrinus


    carrollsno1 wrote: »
    I worked ABN for a while here before less thsn 4 months and because no contribution was madw in those 4 montbs i was down $300-$400 in that ti.e alone
    If that's all due to charges, you're in a very expensive super fund, so. Other supr funds are available. Leaving your money in super but moving it to a low-expense fund is an option you should investigate.


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