9% Superannuation Question .......

[Guest The Bells]

If after living in Adelaide for 4 years, we decided Australia was not for us or we couldnt get PR and returned to the UK, what happens to the superannuation we would have paid in? Is it straigtforward to claim back ? Can you have it in a lumpsum? Or is it paid to us when we reach retirement? Would really appreciate some advice,

 

Thanks Emma

[TomJonesDad]

I'm no expert so you may want to wait for someone who can confirm, but from the information I've been given you cannot move it out of Oz. You will have to wait for retirement until you can get at it.

[Andrew from Vista Financial]

If after living in Adelaide for 4 years, we decided Australia was not for us or we couldnt get PR and returned to the UK, what happens to the superannuation we would have paid in? Is it straigtforward to claim back ? Can you have it in a lumpsum? Or is it paid to us when we reach retirement? Would really appreciate some advice,

 

Thanks Emma

 

 

Hi Emma

 

To access Superannuation other than retirement a condition of release must be met as follows ,http://www.ato.gov.au/individuals/content.aspx?doc=/content/00185321.htm

 

However since 2002 a condition of release was introduced for holders of a temporary resident visa that has been cancelled or expired, see here http://www.ato.gov.au/superfunds/content.aspx?doc=/content/32121.htm

 

This means that it is generally possible for former temporary residents to wihdraw their Super balances as lump sums subject to a withholding tax, see here for rates http://www.ato.gov.au/superfunds/content.aspx?menuid=0&doc=/content/32121.htm&page=3#P54_5327

 

 

Hope this helps,

 

regards

 

Andy