chilliboy Posted March 6, 2016 Share Posted March 6, 2016 Hi, I have just started work in healthcare and will only be working until the end of June this year.I understand that I am obliged to contribute to super but I will only be paying in for 4 months.Does anyone know if I can claim back all my contributions because I am paying in for less than 6 months? And can anyone recommend a fund for this short term period.Any feedback will be greatly appreciated.thanks. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 6, 2016 Share Posted March 6, 2016 What visa are you on? Quote Link to comment Share on other sites More sharing options...
chilliboy Posted March 6, 2016 Author Share Posted March 6, 2016 Goodbye grey sky, I'm on a permanent residency. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 6, 2016 Share Posted March 6, 2016 You do not contribute! your employer does. Will you be leaving Australia permanently after this period of employment? Quote Link to comment Share on other sites More sharing options...
chilliboy Posted March 6, 2016 Author Share Posted March 6, 2016 Yes I will be going back to the UK permanently,thx Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 6, 2016 Share Posted March 6, 2016 Hi chilliboy Conditions of release to access super can be found here: https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Conditions-of-release/ Typically as a permanent resident you will not meet any of these unless you retire, simply moving back to the UK does not satisfy them. Regards Andy Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 6, 2016 Share Posted March 6, 2016 Hi chilliboy Conditions of release to access super can be found here: https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Conditions-of-release/ Typically as a permanent resident you will not meet any of these unless you retire, simply moving back to the UK does not satisfy them. Regards Andy Andy, once reaching preservation age would any lump sum super withdrawal and/or pension be wholly or part taxed if you were no longer a resident in Australia? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 6, 2016 Share Posted March 6, 2016 Hello Keith and Linda This would depend on a number of things, age, super components (taxable/tax free), amount of withdrawal etc in addition to this just reaching preservation age does not automatically mean a full condition of release has been met it would also depend on your working status (if under age 65). Email me with specifics if you like and I will see if I can give you the answer Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 7, 2016 Share Posted March 7, 2016 Hello Keith and Linda This would depend on a number of things, age, super components (taxable/tax free), amount of withdrawal etc in addition to this just reaching preservation age does not automatically mean a full condition of release has been met it would also depend on your working status (if under age 65). Email me with specifics if you like and I will see if I can give you the answer It was more of a general question Andrew in being non resident and basically taking (when eligible to do so) the money straight out of Australia. As a resident super withdrawals would be tax free but as a non-resident is it still tax free? The info I have read from ATO says that as a non resident (foreigner) you have to declare your residency status to the fund administrators for tax purposes, but it does not seem to make clear what tax if any is payable on the super lump sum or pension. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 9, 2016 Share Posted March 9, 2016 Hi Keith and Linda Sorry for the delay my parents have been here for a visit, the first time since we moved here 8 years ago so we have been spending quality time with them, they left last night. I have answered a question on this before and this was also confirmed by our superannuation technical guru as follows: Superannuation benefits (tax-free component and taxable component – taxed element) received by a person (resident or non-resident) who is aged 60 or older, are treated as non-assessable non-exempt income from an Australian tax perspective. Of course, if the person has a taxable component – untaxed element, it is still subject to Australian tax. Even though a person aged 60 or over may pay no tax on their Australian sourced superannuation benefits (tax-free and/or taxable component - element taxed), they may still be liable for tax in their country of residency. Where a benefit is withdrawn by a former resident and they are between their preservation aged and 60, the taxable component of their lump sum benefit is taxable in Australia. However, they are entitled to the low rate threshold of $195,000 (below which the benefit is tax free) and, where tax is payable a tax offset is available to reduce the effective rate of tax to a maximum of 15%. I hope this answers your question, please note the above does not refer to people who were temporary residents. KR Andy Quote Link to comment Share on other sites More sharing options...
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