Lee Blowers Posted September 4, 2020 Share Posted September 4, 2020 I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment !! Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !! How does this work being a permanent resident ? Im willing to Revoke my visa & can I then take it ? Im confused so please help ! Thank you Lee Blowers Quote Link to comment Share on other sites More sharing options...
Peach Posted September 4, 2020 Share Posted September 4, 2020 (edited) Being a permanent resident your are not able to withdraw your super until retirement age. Yes it probably is unfair. Edited September 4, 2020 by Peach 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted September 4, 2020 Share Posted September 4, 2020 Can't be done. Relinquishing your visa would make no difference. It's not bad news really. Your superannuation is just an investment fund, and like any investment fund, it will go on earning interest and growing for the next xx years until you reach retirement. Then it will provide a nice little pension in your old age. Your first step should be to ensure you're with a good super fund, not just whatever fund your employer chose. Some of the biggest retail funds are some of the worst performers. It's very easy to transfer the money to a better super fund - just choose your new fund and they'll help you organise it all. Hostplus is often recommended. Get that done before you go. Then once you're settled in the UK, write to them with your new UK address and instruct them to cancel all insurances (they're probably not valid if you're overseas anyway, and it will save you a bundle in fees). 1 Quote Link to comment Share on other sites More sharing options...
calNgary Posted September 4, 2020 Share Posted September 4, 2020 4 hours ago, Lee Blowers said: I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment !! Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !! How does this work being a permanent resident ? Im willing to Revoke my visa & can I then take it ? Im confused so please help ! Thank you Lee Blowers I really do not know the In's and Out's but could you withdraw some under the Covid Early Release rule ?as some people are doing this since Covid hit? I doubt you could withdraw it all but you maybe able to get some. See if this link helps - https://moneysmart.gov.au/covid-19/accessing-your-super Cal x Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 4, 2020 Share Posted September 4, 2020 Have a chat with @Andrew from Vista Financial he is our guru Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 5, 2020 Share Posted September 5, 2020 20 hours ago, Lee Blowers said: I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment !! Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !! How does this work being a permanent resident ? Im willing to Revoke my visa & can I then take it ? Im confused so please help ! Thank you Lee Blowers Hi Lee The Departing Australia Superannuation Payment (DASP) is only as mentioned available to temporary residents as mentioned above: https://www.ato.gov.au/individuals/super/in-detail/temporary-residents-and-super/super-information-for-temporary-residents-departing-australia/ Can I ask how old you are please? Thanks Andy 1 Quote Link to comment Share on other sites More sharing options...
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