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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?


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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5 hours ago, Marisawright said:

How would you manage that?

By letting PR expire and getting a sponsored job

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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your visa is no longer in effect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 by Marisawright

Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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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".

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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.

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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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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.

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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.


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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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.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

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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. 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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