Superannuation

[bernie inn]

Hi all, I understand that companies have to pay 9% superannuation into a fund of your choice. My question is what if you dan't find a fund, can the money just be given either in your salary of 12 months or as a lump sum? Or is it compulsory that you find a scheme or lose the money? the reason I ask is initially I will only be spending 2 years in Oz before deciding whether to stay for citizenship or not. So i'm not that bothered about Super and would rather have the money?

 

Thanks

[Guest proud2beaussie]

Hi Bernie,

Have a look at the ATO page here:

Choosing a super fund

Cheers

Nigel

[Quoll]

You wont have the choice. Although as a temporary resident you will be able to reclaim your super, less tax, when you leave the country.

 

You will probably find that your employer uses a particular fund (especially if you are in an occupation based fund which also has the advantage of lower fees) so that may be easier. You do also have the option of DIY funds but the hassle of that is probably not going to be worth your while.

[akiralx]

You wont have the choice. Although as a temporary resident you will be able to reclaim your super, less tax, when you leave the country.

 

As Quoll said if you leave permanently you will be able to sign a declaration to reclaim your super (google 'DASP') - minus a tax charge.