Super Toolbox
Temporary residents and Superannuation
From 1 April 2009 a person who is or has been a temporary resident (and who is not a permanent resident or an Australian or New Zealand citizen) will only be able to withdraw their benefits under the following conditions of release:
• Death
• Terminal medical condition
• Temporary incapacity;
• Permanent incapacity;
• Leaving Australia where a temporary visa has expired or been cancelled.
If you are working in Australia on a temporary resident’s visa you may be able to claim your superannuation when you leave Australia. This type of payment is known as a ‘departing Australia superannuation payment’ (‘DASP’). The tax rates payable on a DASP are as follows:
• tax-free component – nil
• taxable component – 35% but possibly higher if the Fund does not have your tax file number.
Changes to legislation mean that if you have left Australia for more than six months and your temporary resident’s visa has expired or been cancelled, your superannuation benefits may now be transferred from the Fund to the Australian Taxation Office. In reliance on ASIC’s class order relief, we will not notify you about the transfer of your benefits to the Australian Taxation Office or provide you with an exit statement.
You will, however, still be able to claim your superannuation at any time by applying for a DASP from the Fund (if your superannuation has not already been transferred to the Australian Taxation Office) or the Australian Taxation Office. If you contact us, we will provide you with information about the payment of your superannuation benefits to the Australian Taxation Office so that you may apply to the Australian Taxation Office to claim your benefits.
For more information about claiming a DASP and the tax payable on such payments call the Australian Taxation Office on 13 10 20.