Claiming Your Super Back When Leaving Australia

So you’re leaving Australia! :(

Many Irish who have done their two-year stints in Australia look to get their super back, why not your entitled to it!

If you are working in Australia temporarily, obviously you are not going to retire here.

But that doesn’t mean that you lose the superannuation money that has been saved for you.

It is your money, and you are entitled to take it with you when you leave Australia by claiming a Departing Australia Superannuation Payment (DASP). 

We have also just published this article on everything else you need to know when leaving Australia forever.

About the Departing Australia Superannuation Payments scheme

The Departing Australia Superannuation Payments scheme allows certain eligible people to request payment of superannuation benefits accrued while they were in Australia. The eligibility requirements are set out in the Superannuation Industry (Supervision) Regulations 1994.

Source:http://www.immi.gov.au/allforms/superannuation/

If you accumulated superannuation while in Australia as a holder of a Temporary Resident visa, you are eligible to claim a Departing Australia Superannuation Payment if you meet all the following requirements:

  • You have left Australia
  • You have previously been a Temporary Resident in Australia
  • The Temporary Resident Visa that you held while you were in Australia can no longer be used (that is, it has expired, or it has been cancelled by us).
  • You are not an Australian citizen, an Australian permanent resident or a New Zealand citizen.

If you are an Australian Citizen, an Australian Permanent Resident, a New Zealand Citizen or for some other reason have an option of retiring in Australia and have access to the age pension, and then you will not be eligible for payment of your superannuation benefits until you have reached retirement age.

Super Facts

  • Anyone working in Australia, who earns more than $450, has 9% of their wages paid into a superannuation fund by their employer.
  • With Taxback.com, you can apply for this refund when you leave Oz.
  • You can go back as far as 1994 to apply.
  • If you hear the term DASP, it means Departing Australia Superannuation Payment
  • Prepare to pay 35% tax to the Government(DASP), meaning if you have $5000 that is approx $1750 in Australian government tax
  • The average super refund is AU$3380!!
  • It’s free to get a refund estimation with Tax Back
  • So what are you waiting for claim your super back here :)
  • Extra tips – If you are claiming your super back and you need to transfer it from your Australian bank to your Irish/UK/Europe bank account, you will save a fortune by using any of the following money transfer companies: CurrencyFair, HiFx, OFX, Transferwise.
  • Check out our international money transfer guide as well.

Claiming Your Super back

 

What if I am on a subclass 405 or a subclass 410 visa?

If the Temporary Resident visa that you held while you were in Australia was a subclass 405 (Investor Retirement) visa or a subclass 410 (Retirement) visa, you should contact the Australian Taxation Office to find out whether you can claim any superannuation benefits accrued during your time in Australia.

How much will I get back???

Good questions! Probably the most asked question we get about super! Simply pop on over to this super calculator and  find out!

Either way, if you claiming your super back when you leave Australia you will be entitled to a large amount back.

How long does the claim process take?

Normally about 28 days from the time you send in your application. Although it can take a little longer if there is  more information needed, e.g multiple super accounts.

How to claim a Departing Australia Superannuation Payment?

There are three main ways of applying for you super. With each way you will be able to claim your super back they are all as effective just depends on how much time or effort you have to do it.

Applications for Departing Australian Superannuation payment claims can either be lodged:

  • On-line with the Australian Taxation Office
  • Paper applications submitted to your superannuation fund(not recommended).
  • Through an agency such as Tax Back (We recommend them) mainly because they have done 1000’s of them!

What if I am a permanent resident and want to claim my super back early?

For anyone with a Permanent visa and wanting to claim super back read this on the government website

Is there a time limit to claim back my super?

No, but if you have not made a DASP claim within 6 months of leaving Australia and your visa has expired or been cancelled, we may transfer your account balance to the ATO.

If this happens, you will need to make your DASP claim directly with the ATO either online or using a paper form as described earlier.

An exit statement will not be issued by us due to special relief from the Australian Securities and Investments Commission but you can contact us about the amount transferred if you need to.

What if I am a permanent resident/citizen and I am leaving Australia?

Let’s say you have been in Australia for 5+ years and it’s now time to go home or perhaps even retire in Bali.

Then, unfortunately, as you have the right to retire in Australia, so you cannot claim a DASP(departing Australia superannuation payment)

However, if you are a New Zealand citizen leaving Australia permanently, you may be able to transfer your super to New Zealand.

Who cannot claim a DASP?

  • Australian citizens
  • New Zealand citizens
  • Permanent Australian residents
  • Retirement visa holders
  • Investor retirement visa holders
  • More information can be found on the Australian government website here

Can I come back to Australia in the future?

You would need to contact the Department of Immigration for details, but in most cases, people can return to Australia on a new visa even after they have left and claimed back their super.

We have also just published this article on everything you need to know when you are leaving Australia forever here.

Good luck claiming your super back :)

Like this post? Subscribe to get weekly updates..

We respect your email privacy