Are you planning to leave Australia on a permanent basis?
Want your super to move with you?
If you’ve just answered yes to the above questions, the following information might be of interest to you.
WHAT IS SUPERANNUATION?
Your superannuation is your money. It is a way of saving for your retirement. When you are working in Australia, you are entitled to receive superannuation contributions from your employer on top of your salary. Your employer pays those contributions during your employment.
You are entitled to receive super contributions from your Australian employer if:
- You are at least 18 years old AND
- Receive a salary of $450 or more before tax per month.
9.5% since 2014.
CAN YOU APPLY TO HAVE YOUR SUPER PAID TO YOU?
If you are a temporary resident who has earned superannuation while working and living in Australia, you can apply to have your super paid to you as a Departing Australia Superannuation Payment (DASP) after you leave.
ELIGIBILITY FOR DASP:
You can claim a DASP if the followings apply:
- You accumulated superannuation while working in Australia on a temporary resident visa issued under the Migration Act 1958 (excluding Subclasses 405 and 410)
- Your visa has ceased to be in effect (for example, it has expired or been cancelled)
- You have left Australia
- You are not an Australian or New Zealand citizen, or a permanent resident of Australia.
WHAT IF YOU HAVE LEFT AUSTRALIA AND YOUR TEMPORARY VISA IS STILL VALID:
In this case you can ask the Department of Home Affairs to cancel your temporary visa, provided your temporary visa is valid for at least another 6 months. The Department doesn’t process request for voluntary cancellation if your temporary visa is valid for less than six months, starting from the date on which you submit the request for cancellation.
WHAT YOU NEED TO DO:
- Firstly, find out who is holding your superannuation. It will either be your super fund or the ATO. Normally your super fund will hold your superannuation but in case your super account was inactive for 6 months (this means no contributions were being paid into your super account) or if you departed Australia more than 6 months ago then your fund is required to transfer the money to the ATO as unclaimed super. The ATO will then hold your super until you claim it from them.
- Secondly, make sure your visa is ceased/expired. If your visa is not expired you may be able to request voluntary cancellation when you are overseas.
- Thirdly, arrange for the Certificate of Immigration Status if the value of your super is AUD 5000 or more.
HOW THE CERTIFICATION OF IMMIGRATION STATUS AND REQUEST TO CANCEL A TEMPORARY VISA CAN BE MADE:
This can be achieved by completing a Form 1194, which is available from the Department of Home Affairs website. There is no charge for visa cancellation but there is a fee for the Certificate of Immigration Status.
DOCUMENTS/INFORMATION REQUIRED TO APPLY FOR DASP:
You will need the following info to apply for the DASP:
- Your passport number.
- Your Tax File Number.
- All the details for each super fund including the ABN of each super fund
- Your bank account details.
- Certification of Immigration Status if the value of your super is $5000 or more.
- Certified copy of your passport bio data page.
- Certified copy of your temporary visa (may be required).
HOW TO MAKE THE DASP APPLICATION:
You can make the application in one of two ways:
1: Online application
Online applications are free of charge and can be submitted through the DASP online application system for both super funds and ATO-held money.
2: Paper application
You need to complete the Application for departing Australia superannuation payment form and send one to each of your super funds to claim your DASP. Paper applications to super funds may incur a cost depending on the value of your personal super fund.
AUTHORISING SOMEONE TO CLAIM DASP ON YOUR BEHALF:
You can authorise someone else to claim DASP for you. The person you authorise will be able to act on your behalf and update your information, so consider carefully who you allow to represent you.
WHO YOU CAN NOMINATE:
You can nominate one of the followings:
- A tax agent with full registration or conditional tax agent registration with the Tax Practitioner Board for the purpose of claiming DASP
- A representative if you use a DASP paper form.
28 days from the date of receipt of your completed application.
HOW DASP IS PAID:
There are three payment options:
- Electronic funds transfer (EFT) to an Australian bank account
- International money transfer (IMT) – for fund applications only.
Note: For ATO-held super, you can only choose EFT to an Australian bank account or cheque.
TAX ON DASP:
A final DASP tax will be withheld from your super payment when it is made. For tax rates, please refer to the Australian Taxation Office website or click on the link below: