claiming back superannuation

[Rhian1]

Hi all,

 

Simple one from me. I am a permenant resident, as is my husband, we both have full time jobs and are paying super annuation here.

 

We are planning to return home in a few years (we never came here to emigrate - but we won't get into that!!) and are wondering what the deal is with claiming back superannuation?

 

Thanks,

[sunni1234]

Hi there

 

I am sure there has been a recent thread on this subject. If i remember correctly you can not claim back super if PR status - have to wait until retirement. Sure someone will be along shortly with more info/knowledge on this topic.

 

sunni

[Quoll]

The ATO website http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00276719.htm&page=3&H3 explains that if you are on a permanent visa then you cannot claim your super until preservation age unfortunately. Although some people do claim to have done this - whether they struck lucky with the process, pleaded poverty or some other loophole I have no idea

[jorgon]

Hi Rhian1

There is also the possibility which is permitted by law, for you to start an "income stream" with your super in respect of employer's contributions made after 1 July 1999 even before reaching preservation age. This is under item 108 in Schedule 1 of the Supervision Industry (Supervision) Regulations 1994.

In other words you can take the money as a pension, but you would not be allowed to take it as a lump sum until retirement.

This is subject to the rules of the superannuation fund into which your employer was making the contributions.

Most such funds do not permit withdrawal under item 108 - so I would suggest that you ask the fund's operators whether this can be done.