Superannuation - have I messed up?

[JamesRT]

Hi all

I know there’s a few superannuation questions already, but I think mine is slightly different so please bare with me.

I moved to Australia on a 1 year working holiday visa in 2008, worked on farms, got my 2nd year visa. At the start of the 2nd year I met my partner who was on a work sponsored visa. At the end of that visa (2010) I went on her visa then after another year (2011) we got a residency visa. 
 

In 2016 we decided to move back to uk. At the time my partner had 3 different superannuation accounts, we were expecting our 2nd child and forgot about claiming them. When things had settled down I combined her 3 and noticed that mine had shot up in value.

We decided to leave them in Australia, although we had no plans to return, wait will I got to 62 and cash mine out (under the assumption it would be tax free) then a few years later live off hers withdrawing 10% per year and expecting to pay the standard rate for uk tax.

Over the past 4 years they’ve hardly grown, so I’ve had a look at withdrawing. I think I’ve messed up on the tax implications and how I’ll be able to withdraw them.

For example mine will be subject to 67% from Australia, but I can’t find that out if it’s still applied if I get to retirement age?

Sorry for the long winded post, hopefully someone will be able to help.

 

[Parley]

How old are you? Your preservation age is 60 not 62. After that age you can convert some or all of your earnings to a TTR Pension d receive earnings and payments tax free.

Also after 60 if you meet a qualifying criteria you can withdraw some or all of your super tax free (in Australia). You need to finish up any employment arrangement you have or declare yourself retired. 

If for example you have 2 part time jobs, ending one of them after age 60 is a qualifying criteria to withdraw your super.

[Marisawright]

I'm not quite clear how you expected to "claim" them before you left, if you both had PR?   Only those on temp visas were able to withdraw their super before preservation age.

On that score, only those on temp visas are subject to that 67% tax penalty, so if you both had PR, it won't apply.  

I assume the superannuation funds have your current addresses.  Have you instructed them to cancel all insurances?   They're probably not valid if you're overseas and will be costing you in premiums.

Edited November 2, 2023 by Marisawright