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Superannuation Access Rules for Temporary Residents When They Leave Australia

 

People who have earned superannuation entitlements in Australia while on an 'eligible' Temporary Resident Visa, will be able to apply to cash in their super after they have left the country. The rules are effectively retrospective in that they will apply to people who may have left the Australia some time ago.

Payments will be subject to a higher rate of tax than applies to 'normal' cash benefits.

For those who remember the old rules, the new qualification criteria are more difficult to meet. For example, the new rules 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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