If you enter Australia on a temporary visa you are entitled to receive your superannuation benefit once you leave Australia permanently and your visa has expired (except for certain visa sub-classes). This type of payment is known as a Departing Australia Superannuation Payment (DASP). The tax rates payable in respect of a DASP are:
The Government has recently legislated changes to the treatment of temporary residents’ superannuation. Under the Superannuation (Unclaimed Money and Lost Members) Act 1999, superannuation benefits must be treated as unclaimed money and paid by the Trustee to the ATO in the following circumstance:
Unclaimed monies can be claimed directly from the ATO. This can occur at any time after departing Australia, subject to the payment of applicable tax. If superannuation benefits are transferred to the ATO as unclaimed monies, they will not attract interest and any insurance cover will cease. The ATO has an unclaimed monies register that can be checked. For more information you can contact the ATO on 13 10 20 or go to www.ato.gov.au.
If you are a former temporary resident whose superannuation benefits are transferred to the ATO as unclaimed money, you may not be notified of this or receive an exit statement after the transfers occurs. The Trustee will rely on relief provided by the Australian Securities & Investments Commission (ASIC) Class Order [CO 09/437] which says, in effect, that the trustee of a superannuation fund is not obliged to meet certain disclosure requirements in relation to non-residents that have ceased to hold an interest in the fund as a result of the payment of unclaimed superannuation to the Commissioner of Taxation. If you require any further information, contact the Fund Administrator on 1800 336 911.
Please note that the Government has also made other changes to the treatment of temporary residents’ superannuation. For example the circumstances in which a temporary resident can access their preserved benefits has been restricted (for example, temporary residents can no longer access preserved super on retirement, reaching age 65, financial hardship or via a transition to retirement income stream) effective 18 December 2008.
The rules outlined above will not enable access by Australian citizens who permanently depart Australia, neither will New Zealand citizens be able to access their super under the new rules.
For full details, go to the ATO superannuation website - www.ato.gov.au/super , and look for links to Fact Sheets about Temporary Residents Departing Australia. You can now even apply online via the ATO website. Alternatively, feel free to contact us for more details.
IMPORTANT NOTE:
The information provided should not form the sole basis for any action that you take. It is important to first discuss your specific circumstances with your financial Adviser.
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