Marisawright Posted December 29, 2019 Share Posted December 29, 2019 43 minutes ago, t2529 said: If someone were to change from PR to temporary resident would it be possible to take super out of Australia early? How would you manage that? Quote Link to comment Share on other sites More sharing options...
t2529 Posted December 29, 2019 Share Posted December 29, 2019 5 hours ago, Marisawright said: How would you manage that? By letting PR expire and getting a sponsored job Quote Link to comment Share on other sites More sharing options...
Marisawright Posted December 29, 2019 Share Posted December 29, 2019 (edited) 50 minutes ago, t2529 said: By letting PR expire and getting a sponsored job No, sorry. This is what we're talking about - the ATO and Immigration have different definitions. The ATO clearly states on their website: If you are a former temporary resident who accumulated superannuation (super) while working in Australia you can claim your super from your super fund if all of the following are met: you entered Australia on a temporary visa listed under the Migration Act 1958(excluding subclasses 405 and 410) your visa is no longer in effect you have departed Australia What that means is, you must have accumulated the super while you were working as a temporary resident. That doesn't apply to you so you can't get that portion of your super back. if you come to Australia on a temp visa and pay super, then you'd be able to claim that portion back (but you would lose almost half of it in tax). Your best bet is to check that your super fund is a good one (if necessary, move your super balance to an industry fund like Hostplus or Australian Super); Tell them your UK address and instruct them to cancel all insurances (they won't be valid while you're overseas anyway); Leave the money in super to accumulate until you retire. It will be a handy little extra nest-egg by then. You'll need to check the tax implications when you retire as no doubt they'll have changed. You may be best to convert it to a small monthly pension because the British taxman will take a big chunk of the money if you take a lump sum. But let's face it, you are going to need money in your old age so enforced saving is not a bad thing. Edited December 29, 2019 by Marisawright Quote Link to comment Share on other sites More sharing options...
Collie Posted December 29, 2019 Share Posted December 29, 2019 1 hour ago, t2529 said: By letting PR expire and getting a sponsored job I'm open to correction but don't think that's possible, see my post above about PR "expiring". Quote Link to comment Share on other sites More sharing options...
Ken Posted January 1, 2020 Share Posted January 1, 2020 On 29/12/2019 at 16:32, t2529 said: If someone were to change from PR to temporary resident would it be possible to take super out of Australia early? I don't think there is any means of doing that. Even if a former PR holder were to be granted a temporary resident visa then while the ATO would almost certainly allow the withdrawal of super earned during the temporary residency period under DASP I still don't think they would allow the release of the earlier super earned on PR. 1 Quote Link to comment Share on other sites More sharing options...
t2529 Posted January 21, 2020 Share Posted January 21, 2020 On 01/01/2020 at 17:13, Ken said: I don't think there is any means of doing that. Even if a former PR holder were to be granted a temporary resident visa then while the ATO would almost certainly allow the withdrawal of super earned during the temporary residency period under DASP I still don't think they would allow the release of the earlier super earned on PR. Guys FYI, https://community.ato.gov.au/t5/Departing-Australia-Super/Claiming-DASP-as-former-permanent-resident/td-p/19004 the ATO appears to be saying that if you let your PR expire then you can access it early. That’s my reading of the posts. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted January 22, 2020 Share Posted January 22, 2020 2 hours ago, t2529 said: Guys FYI, https://community.ato.gov.au/t5/Departing-Australia-Super/Claiming-DASP-as-former-permanent-resident/td-p/19004 the ATO appears to be saying that if you let your PR expire then you can access it early. That’s my reading of the posts. Interesting, thanks for sharing. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted January 22, 2020 Share Posted January 22, 2020 2 hours ago, t2529 said: Guys FYI, https://community.ato.gov.au/t5/Departing-Australia-Super/Claiming-DASP-as-former-permanent-resident/td-p/19004 the ATO appears to be saying that if you let your PR expire then you can access it early. That’s my reading of the posts. Interesting .. but not binding on the ATO. Exercise caution; if in doubt approach the ATO for a Tax Ruling either in person or through your registered tax agent. Best regards. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 22, 2020 Share Posted January 22, 2020 4 hours ago, t2529 said: Guys FYI, https://community.ato.gov.au/t5/Departing-Australia-Super/Claiming-DASP-as-former-permanent-resident/td-p/19004 the ATO appears to be saying that if you let your PR expire then you can access it early. That’s my reading of the posts. No, it says she's eligible for DASP because she originally held a temporary visa. It says, "If you had only ever held a permanent visa and not a temporary visa, you wouldn't be able to submit a DASP claim". I bet she will only be able to claim back the super she paid while she was on the temp visa, too. Quote Link to comment Share on other sites More sharing options...
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