Superannuation is a savings system for Australian employees to accumulate funds that will serve as their income stream throughout retirement. If you are above 18 and earning beyond $450 per month before tax, your employer is obligated to pay 9.5% of your ordinary time earning’s value into a super fund for you. If you have no plans of retiring within Australia, nor do you have any plans of leaving, you are still capable of claiming a number of it once you are no longer residing within the country. While holding a 457 visa and also granted with a permanent resident visa, you are qualified for a super refund through Departing Australia Superannuation Payment or DASP. Still, only once the permanent visa has expired. Usually, the permanent visa may not be canceled while the holder waits until it is expired – the mere fact that you’ve left Australia permanently isn’t sufficient. The other choice is to cancel your permanent residence. We’ve encountered several cases wherein the Australian Department of Immigration cancels permanent visas, although certain visa conditions apply.
How do I reclaim the superannuation I paid throughout those years?
It will depend on whether personal or corporate superannuation is involved since it determines whether or not third parties such as ourselves can process a super reclaim for you. When it comes to the available information, should your Australian employers pay your Superannuation into an important super fund, you may be qualified for Superannuation through DASP while your visas expire. If you can’t claim a refund six months since departing Australia, your superannuation fund will ask for it to be submitted to the Australian Taxation Office or ATO, who will keep the money until someone claims it. So if you’ve departed the country and your visa has expired, you can claim it back. To make a claim, you must submit your employer’s details, Tax File Number, and proof of wages, and paid superannuation, i.e., slips. Your employer should have paid 9.5% of your wages into a chosen superannuation fund. As the superannuation amount is withdrawn, the fund will deduct certain fees (exit fees, administrative, etc.), and the ATO will deduct 35% from superannuation refund’s gross. If you’re presently a tax resident of Ireland, you’d be taxable within Ireland with your worldwide income, irrespective of its source. So such an income is theoretically taxable within both countries. You can argue that this is applicable in such a way that income arose during the non-residency period. Should this succeed, it means that it wouldn’t be taxable within Ireland. If not, then tax may also be due here, although under such circumstances relief for Australian tax paid should be available with the Double Taxation Treaty within Ireland, and this may eliminate or reduce the Irish tax dues. Working holidaymakers with either a 417 or 462 visa shall have their super refunds taxed at a 65% rate. If you’re using another visa, your superannuation will be subjected to a 38% tax.
Opting for DASP or Departing Australia Superannuation Payment from retirement savings or superannuation fund account
If you’re formerly a temporary resident who accrued superannuation while staying in Australia, you may claim your superannuation as long as you meet these requirements:
- You came into Australia with a temporary visa in the Migration Act 1965 – except for 410 and 405)
- Your VISA has expired
- You’ve left Australia
- You’re not a New Zealand or Australian citizen, nor are you residing permanently in Australia
Such payment can be provided to you as a departing Australia Superannuation Payment or DASP. Should you meet the above criteria, you or an authorized representative may utilize such form to opt for your Departing Australia Superannuation Payment from a retirement savings or super fund provider. Should you opt for a Departing Australia Superannuation Payment from multiple super funds, you should have a different application for every superannuation fund. Generally speaking, if you fail to claim the DASP from the super fund within 6 months after your departure from the country and your visa has expired, your super fund may transfer that money to the Australian Tax Office. The ATO will keep your money until it is claimed. If they’re still keeping your superannuation or have submitted it in another place, you should also determine with them:
- Where they’ve transferred your super
- Whether or not your super fund have access restriction rules for DASP
- Whether or not they need additional supporting documents to support your claim, basides what has been already specified to you by the form
- Whether or not they have certain requirements in terms of documents and certifications
Requesting for cancellation of temporary visa
If you’ve left Australia and planned on applying for DASP and your temporary resident visa isn’t expired, you can request to cancel your visa. The early cancellations of visa aren’t available for you types of visa and must be processed through the Home Affairs’ ImmiAccount service. Home Affairs will not charge you for canceling your temporary resident visa, although there may be legal penalties linked with its cancelation. Check out the Home Affairs website for more information on visa cancellations.
The processing of your application form
Your superannuation fund should be able to process your Departing Australia Superannuation application in 28 days of the submission of your application along with the other documentary evidence required to support such a claim.
The processing of your claim’s application may take more than 28 days if you don’t provide all the essential information, and your fund wasn’t able to process your claim. If you did not receive an email or notification for your fund after that time-frame, you should get in touch with the fund’s customer service.14 days after the issuance of DASP, your fund should provide you with a Departing Australia Superannuation Payment Summary. The final Departing Australia Superannuation Payment withholding tax applies to your superannuation balance through the fund right before the issuance of payment. Due to this, you shouldn’t incorporate information of the tax payment withheld from your income tax return payment. If you have more inquiries regarding this topic and still asking the question “how do I claim back my superannuation from Australia“, feel free to explore the pages of Australian Super Finder. We cover different topics ranging from – lost and unclaimed super, consolidating super, and how to claim super after you left Australia. Learn More:
$20 Billion Worth of Lost Super waiting to be claimed – ATO Reports [Find Lost Superannuation Online]