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Claiming back Superannuation

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  • 15-06-2015 1:50am
    #1
    Undertow
    Registered Users Posts: 316 ✭✭


    Hi,

    I have worked in Australia for 2.5 years- 0.5months on a working holiday Visa (2010-2011) and 2 of those years as a permanent resident (2011-2013). I have since left the country and am now considering cancelling my Australian permanent residency visa.

    Am I entitled to withdraw all of my Australian Super after I cancel the Australian PR Visa?


Comments

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    #2
    mighty magpie
    Registered Users Posts: 981 ✭✭✭mighty magpie


    yes, but taxed at 38% last I read.


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    #3
    Undertow
    Registered Users Posts: 316 ✭✭Undertow


    Ah cheers for that mighty magpie! I heard from somewhere else that I could only claim back the super that I earned as a temporary resident now, while I can only claim back the super I earned as a PR when I retire! Thought that was a bit bizarre alright. Thanks for clearing that up mate! :)


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    #4
    mighty magpie
    Registered Users Posts: 981 ✭✭✭mighty magpie


    http://www.humanservices.gov.au/customer/services/centrelink/early-release-of-superannuation

    sorry I may be mistaken, check the link!


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    #5
    d.pop
    Registered Users Posts: 271 ✭✭d.pop


    Undertow wrote: »
    Hi,

    I have worked in Australia for 2.5 years- 0.5months on a working holiday Visa (2010-2011) and 2 of those years as a permanent resident (2011-2013). I have since left the country and am now considering cancelling my Australian permanent residency visa.

    Am I entitled to withdraw all of my Australian Super after I cancel the Australian PR Visa?

    Would you consider leaving it here? Monthly fees if you cancel all the non-essentials should only be a few dollars a month.
    The fund should perform better than that and when it matures you get a nice lump sum, and.... you don't lose nearly half on tax.
    Handy money when you hit retirement age wherever you are to have that money coming to you.
    Cancelling PR could be something you regret later if you only gain a few grand.
    Just a thought.


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    #6
    Undertow
    Registered Users Posts: 316 ✭✭Undertow


    Yeah I did consider leaving it there, but I'd really like to have a career break towards the year and that money would definitely help!!

    Just for anyone else who was as confused as me- I gave the Australian Taxation Office a call. Anybody who cancels their Permanent Resident visa, who was a temporary resident and later a permanent resident, is entitled to a full superannuation refund. Well, a full refund but taxed at 38%.


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  • Options
    #7
    witnessrenegade
    Registered Users Posts: 884 ✭✭✭witnessrenegade


    One quick question, leaving to go home soon enough myself at the end of my WHV, will be claiming my Super as il need it for when im home. But if maybe in a few years I get offered work here again can I start a new Super Account or I once I claim it I can't start another one? Ive been given varied answers to this from people I know, sorry for hijacking the thread! :)


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    #8
    aido79
    Moderators, Regional Abroad Moderators Posts: 5,374 Mod ✭✭✭✭aido79


    witnessrenegade wrote: »
    One quick question, leaving to go home soon enough myself at the end of my WHV, will be claiming my Super as il need it for when im home. But if maybe in a few years I get offered work here again can I start a new Super Account or I once I claim it I can't start another one? Ive been given varied answers to this from people I know, sorry for hijacking the thread! :)

    Most people will have more than one super account as some people just tick the box for the employer's choice of super fund or they like to spread the risk as different superannuation companies invest the money in different areas and assets so it won't be an issue to start a new one.


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    #9
    digiman
    Registered Users Posts: 4,198 ✭✭✭digiman


    In a similar situation to yourself. I've left Sydney for good I would think but still have 4 years left on my PR. Considering buying a house next year and between my super and wifes super it would be pretty considerable even with 38% of it gone.

    Do you get it all as a lump sum when you retire with no tax to pay? Is that at aged 65?


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    #10
    Undertow
    Registered Users Posts: 316 ✭✭Undertow


    As far as I know Digiman. I got this email yesterday from Australian Super and said "Legislation requires AustralianSuper to tax your benefit at the rate of 47% of the untaxed element and 38% of the remainder of your benefit (excluding any tax-free components of your benefit)".

    Now I assume since I was working with a medium sized company that my Super was taxed and therefore I would take the 38% hit?


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    #11
    lufties
    Registered Users Posts: 3,507 ✭✭✭lufties


    Undertow wrote: »
    Hi,

    I have worked in Australia for 2.5 years- 0.5months on a working holiday Visa (2010-2011) and 2 of those years as a permanent resident (2011-2013). I have since left the country and am now considering cancelling my Australian permanent residency visa.

    Am I entitled to withdraw all of my Australian Super after I cancel the Australian PR Visa?

    Hi there, Yeah I just got word that I've gotta wait 6 months after my PR runs out to put in a claim. The aussie dollar aint very strong at the moment and that 38% is a pain.:(


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