mungbean Posted July 11, 2016 Share Posted July 11, 2016 (edited) In case it's of use to anyone... I left Australia in March and have just received a refund of some of my Super. You are eligible to claim a refund if you're on a temporary visa and then leave the country. It's known as "departing Australia superannuation payment" (DASP) Timeline: Left Aus at end of March Submitted claim for DASP 6 June* online at https://applicant.tr.super.ato.gov.au/applicants/default.aspx?pid=1 Received e-mail request 10 June for a notarised copy of ID to be sent via post Got copy of passport 'notarised' in a UK post office and posted to Aus on 23 June Received partial refund** into my still-operational Aus bank account on 11 July. * I was told by my employer in Aus that I should wait a couple of months for my final contributions to the Super fund to go through after leaving the job. My last working day was 1 April, which meant a tiny contribution went through in the April pay run. The Super stuff happens a month in arrears anyway -- or at least it looks that way scanning my online statement on the Super's website. ** You don't get it all back. Even though it's already had some tax deducted when it was paid into the Super, they still took off 38% (!) before the refund. The Super fund itself also deducted a $75 "exit fee". Edited July 11, 2016 by mungbean Quote Link to comment Share on other sites More sharing options...
ClaireyD Posted July 11, 2016 Share Posted July 11, 2016 What???? I thought it was tax free!!! Ive got around $50,000 and will probably go home next year. I need to look into this and if that's the case I'll be reducing my payments!!! Quote Link to comment Share on other sites More sharing options...
dmjg Posted July 11, 2016 Share Posted July 11, 2016 What???? I thought it was tax free!!! Why should it be tax free if you are going to be taking it out of the country and out of a scheme before you have reached the age of retirement? It should be taxed at the same rate as if it was part of your take home salary. And for Mungbean, it looks like it was..... 1 Quote Link to comment Share on other sites More sharing options...
NickyNook Posted July 11, 2016 Share Posted July 11, 2016 What???? I thought it was tax free!!! It is tax-free - as long as you leave it here and don't take any out until you reach retirement age. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 11, 2016 Share Posted July 11, 2016 What???? I thought it was tax free!!!Ive got around $50,000 and will probably go home next year. I need to look into this and if that's the case I'll be reducing my payments!!! Why would you want to take it though? It is a pension plan after all. The money is for your retirement. So many young people labour under the misapprehension that they will not get old or that the state will provide all their needs once they hit 68 or whatever. If you already have $50,000 there then that is great news. Add to it if you can. Leave it in a well-managed Super fund with low charges and it should continue to grow into a very handy nest egg when you are older. Your 60 year old self will be thankful I am sure. Quote Link to comment Share on other sites More sharing options...
mungbean Posted July 12, 2016 Author Share Posted July 12, 2016 It should be taxed at the same rate as if it was part of your take home salary. And for Mungbean, it looks like it was..... As far as I can tell the "withholding tax" is a flat rate, rather than income-related. Still, I suppose it's a somewhat better deal than for someone living temporarily in the UK and paying National Insurance, who would never get any of that back, ever. Quote Link to comment Share on other sites More sharing options...
mungbean Posted July 12, 2016 Author Share Posted July 12, 2016 Why would you want to take it though? Because you're leaving Australia after being on a temporary visa. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 12, 2016 Share Posted July 12, 2016 Because you're leaving Australia after being on a temporary visa. Sorry to take your thread off track but my response was aimed at ClaireyD who had a healthy pension pot but seemed to be treating the payments as a possible tax free short term savings plan. Even if you are going to live elsewhere a pension pot is a good thing in my book but then I am 55 now and grateful that I did invest some money in a pension (though wish it had been more and wish that I had started when I was younger). Quote Link to comment Share on other sites More sharing options...
Relatable Miss Posted July 22, 2016 Share Posted July 22, 2016 Hey Mungbean, thanks for the handy info. I'm headed back myself and just trying to calculate how much I can expect. If my super currently holds $14,500, minus the 38% tax can I expect to receive approximately $8990 back? Or is there any further hidden tax etc? Thank you Quote Link to comment Share on other sites More sharing options...
mungbean Posted July 22, 2016 Author Share Posted July 22, 2016 Hey Mungbean, thanks for the handy info. I'm headed back myself and just trying to calculate how much I can expect. If my super currently holds $14,500, minus the 38% tax can I expect to receive approximately $8990 back? Or is there any further hidden tax etc? Thank you Well, your maths is right. As I wrote in the original post, my provider also charged a $75 exit fee. Your mileage may vary. Quote Link to comment Share on other sites More sharing options...
Thom Posted July 23, 2016 Share Posted July 23, 2016 There is only a 17% tax on part of your super, if you take it as a lump sum while living in Australia. https://www.australiansuper.com/tools-and-resources/questions-and-answers/superannuation-faqs/fees-and-tax/do-i-have-to-pay-tax-on-lump-sum-withdrawals.aspx Quote Link to comment Share on other sites More sharing options...
Sunia vaelaa Posted October 4, 2019 Share Posted October 4, 2019 Hi Quote Link to comment Share on other sites More sharing options...
Parley Posted October 12, 2019 Share Posted October 12, 2019 On 04/10/2019 at 12:59, Sunia vaelaa said: Hi Hi. Quote Link to comment Share on other sites More sharing options...
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