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dunesurfer

Can Anyone work out roughly what I will get back on my Super. (Ex-457)

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Hi,

 

Any Accountants or tax experts that would be so kind as to let me know roughly what I will get out on the following amount?

 

$31 000

 

(I left Australia. 457. I qualify so skip discussing this part. Thanks)

 

Just interested to know, what I will get out on the following rule.

 

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).

 

Thank you

 

 

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Hi dunesurfer, i'm not an accountant or tax expert so hopefully someone can come along to who is, however, my brother left Australia last year and he came away with about 70% of the amount he had in super.

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Departing Australia superannuation payment (DASP)

 

 

[TABLE=width: 100%]

[TR]

[TH=bgcolor: #F5F5F5]DASP[/TH]

[TH=bgcolor: #F5F5F5]Component of DASP[/TH]

[TH=bgcolor: #F5F5F5]Element of DASP[/TH]

[TH=bgcolor: #F5F5F5]DASP tax rate[/TH]

[TH=bgcolor: #F5F5F5]Can DASP be included in tax return?[/TH]

[/TR]

[TR]

[TD]Note: Roll-over of DASP is only an option where the ATO are holding the money as temporary resident unclaimed super money and the person has subsequently returned to Australia as a permanent resident.[/TD]

[TD]Tax free[/TD]

[TD]N/A[/TD]

[TD]Nil[/TD]

[TD]No[/TD]

[/TR]

[TR]

[TD][/TD]

[TD]Taxable[/TD]

[TD]Taxed element[/TD]

[TD]38% DASP tax

Note: this includes the Temporary Budget Repair Levy of 2%.

Applies to taxed elements whether taken as DASP lump sum or roll-over.[/TD]

[TD]No[/TD]

[/TR]

[TR]

[TD][/TD]

[TD][/TD]

[TD]Untaxed element[/TD]

[TD]47% DASP tax

Note: this includes the Temporary Budget Repair Levy of 2%.

Applies to untaxed elements taken as DASP lump sums. Also to roll-over amounts up to the untaxed roll-over plan cap amount.

Any part of a roll-over that exceeds the untaxed roll-over plan cap amount is subject to tax under theSuperannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007(currently 49%) rather than at DASP tax rates.[/TD]

[TD]No[/TD]

[/TR]

[/TABLE]

Source: https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=12#Departing_Australia_superannuation_payment__DASP_

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