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advice on what to do with superannuation fund


jkm10

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Hi, I recently left Australia after spending just under 1 year working there on 457 visa, now had my visa cancelled but was wondering what to do with my super. I am aware that I can claim it back, but would be charged 35% tax on this. I am hoping to return to Australia with PR visa in next few years. So am I allowed to leave the super in the fund even though I have left and had visa cancelled, or do I have to claim the super back?

Thanks jess

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Make sure that you have cancelled any insurance components otherwise you may find the pot emptied to pay the premiums - I had a GESB pension and that's how it worked, the insurance continued but the pension was used to pay the premiums.

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Hi, I recently left Australia after spending just under 1 year working there on 457 visa, now had my visa cancelled but was wondering what to do with my super. I am aware that I can claim it back, but would be charged 35% tax on this. I am hoping to return to Australia with PR visa in next few years. So am I allowed to leave the super in the fund even though I have left and had visa cancelled, or do I have to claim the super back?

Thanks jess

 

I'd leave it, but do make sure you cancel all the insurances pronto. That's as simple as filling in a form (check their website to see if you can download one online). Do it asap to stop it now, you don't have to wait till you go.

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Also say that in a few years time I decide I don't want to go back to oz (unlikely but you never know) can I still claim back the pension or is there only a certain amount of time you have in which you can make the claim?

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Cool thanks. What are the insurance things you mention? My pension is one that was set up by my employers.

 

Most pensions have a life insurance, critical illness insurance etc. component - you can opt out of these so you may not even have them. If you phone your provider they will be able to tell you & if you don't need them remove them straight away as they take a chunk out of your pension fund.

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Cool thanks. What are the insurance things you mention? My pension is one that was set up by my employers.

 

Usually death and disability insurance - they are often a compulsory part of being in the fund while you're working. Even though it was set up by your employers, the fund belongs to you and is your responsibility, so check your paperwork and find out how to contact them direct.

 

There is no limit to how long you take to make a claim - basically it's like a bank account in your name, it will just sit there until you can claim it. Make sure you keep your address up to date and they'll send you a report each year to let you know how it's going.

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