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Guest rwmcq1983

Superfund: what a load of rubbish!

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Guest rwmcq1983

Hey all,

 

First post.

 

My visa runs out in early December and I'm not going back to the UK as I'm going round the world again (huzzah!) but I don't quite fully understand the process to withdraw my Super...

 

I've spoken to THREE different companies today including my Superfund, and have been given all sorts of different and confusing info!

 

Firstly I've been told I can't get my Super paid into my NAB account. As I'm not going back to the UK I'm going to continue to use my NAB (and a cash passport to top up with NAB account) for travelling but I've been told I have to cash the cheque in person in the UK! However, I've also been told I CAN get the Super paid into my NAB but the documents I need to withdraw my Super have to be sent to an overseas mailing address. I'll be in the Philippines, impossible!

 

Plus I've been told the Aussie government takes 30% of Super when you leave the country because that's the tax you pay if withdrawing before the age of retirement! What a load of rubbish, I'm not going be here till my retirement.

 

With that the case why do they feel the need to take Super off paid wages of WHV holders anyway? It's a scam!

 

Anyway, can anyone explain in plain English the process I should go through. Remember I'm NOT going back to the UK for another year...

 

Thanks guys! :smile:

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It's not a scam - it's perfectly reasonable and proper that you should pay tax on withdrawing your super. Why do you think it should be tax-free?

 

You can't get paid the super until you leave the country so I can completely understand why they won't pay it into an Australian bank account. It's the last place that most people would want it paid into anyway (as they've left the country). It's not the Super fund's fault that you want to continue to use an Australian account whilst overseas.

 

Look on the bright side - you'll have a nice lump sum (when you eventually get it) that the Australian government has forced you to save. If you'd been paid it as part of your weekly pay - you'd probably have spent it by now.. ;-)

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Super isn't a scam it's a bonus!

 

You will have been paid an hourly wage and your employer will have contributed an ADDITIONAL 9% into a super fund for you. If super didn't exist you still wouldn't have got this 9% added to your salary, so it's money for nothing - why are you complaining?

 

Yes, you get taxed heavily on withdrawing it before the retirement age and the only reason you are even allowed to do this is because you aren't a resident of Australia and won't be retiring here. Even if you have to give 30% to the tax office it's still free money as far as you are concerend.

 

Just sort it out once you are back in England.

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