excitedbutterrified Posted February 24, 2020 Share Posted February 24, 2020 Myself and my wife lived in Melbourne for 2 1/2 years on a 457 visa, and left in 2018 When we left, we didn't reclaim our Superannuation, and it has sat in its respective funds- and growing much faster than any UK savings we might get. I'm not sure how much my wife's account has accumulated, but I think together we have in the region of 80/90k$ in there so it isn't insignificant - but not massive either. Although there is a possibility we will move back to Oz, as we have a visa expression of interest in, and keep looking at jobs, its looking increasingly likely that we wont return to live in Australia (which makes me quite sad!). What I would like to know is, if we leave our super in place until we are 60/65, can we then draw it down without paying the 45% tax we would pay if we claimed it back now - as non Australian residents? We have an objective to become silver nomads and do a significant amount of outback travel (which we enjoyed when we lived there) and having $90k in the bank as holiday spends would allow us to spend a load of time exploring. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 26, 2020 Share Posted February 26, 2020 On 24/02/2020 at 23:09, excitedbutterrified said: Myself and my wife lived in Melbourne for 2 1/2 years on a 457 visa, and left in 2018 When we left, we didn't reclaim our Superannuation, and it has sat in its respective funds- and growing much faster than any UK savings we might get. I'm not sure how much my wife's account has accumulated, but I think together we have in the region of 80/90k$ in there so it isn't insignificant - but not massive either. Although there is a possibility we will move back to Oz, as we have a visa expression of interest in, and keep looking at jobs, its looking increasingly likely that we wont return to live in Australia (which makes me quite sad!). What I would like to know is, if we leave our super in place until we are 60/65, can we then draw it down without paying the 45% tax we would pay if we claimed it back now - as non Australian residents? We have an objective to become silver nomads and do a significant amount of outback travel (which we enjoyed when we lived there) and having $90k in the bank as holiday spends would allow us to spend a load of time exploring. Hi there As I understand it, the rules relating to a condition of release are essentially trumped by your visa type and therefore I believe that if you do not become permanent residents then ordinary release rules still do not apply and instead you will have to access the money via the DSAP process: https://www.ato.gov.au/forms/applying-for-a-departing-australia-super-payment/ Hope this helps. Regards Andy Quote Link to comment Share on other sites More sharing options...
Ken Posted February 27, 2020 Share Posted February 27, 2020 On 24/02/2020 at 23:39, excitedbutterrified said: Myself and my wife lived in Melbourne for 2 1/2 years on a 457 visa, and left in 2018 When we left, we didn't reclaim our Superannuation, and it has sat in its respective funds- and growing much faster than any UK savings we might get. I'm not sure how much my wife's account has accumulated, but I think together we have in the region of 80/90k$ in there so it isn't insignificant - but not massive either. Although there is a possibility we will move back to Oz, as we have a visa expression of interest in, and keep looking at jobs, its looking increasingly likely that we wont return to live in Australia (which makes me quite sad!). What I would like to know is, if we leave our super in place until we are 60/65, can we then draw it down without paying the 45% tax we would pay if we claimed it back now - as non Australian residents? We have an objective to become silver nomads and do a significant amount of outback travel (which we enjoyed when we lived there) and having $90k in the bank as holiday spends would allow us to spend a load of time exploring. No, unfortunately in order to draw your super you must meet a condition of release and while being over preservation age or 65 is the usual condition of release for citizens and permanent residents, it is not a condition of release for temporary residents. The only conditions of release that are available for temporary residents are:- being diagnosed with a terminal medical condition suffering temporary or permanent incapacity death (paid to beneficiary or estate) permanently departing Australia (the heavily taxed DASP option) 1 Quote Link to comment Share on other sites More sharing options...
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