How to Withdraw Your Super if You Leave Australia Permanently

Superannuation funds, commonly known as “super funds,” are a sort of long-term savings plan designed to help Australians in retirement. The Australian government requires employers to contribute the equivalent of 11% of their employees’ salaries to a super fund every month. As a result, this is an additional expense borne by the company rather than deducted from the employee’s pay.

However, if you intend to leave Australia and want to know whether you can withdraw your superannuation if you depart permanently, the answer is yes. So it’s great news that you can withdraw your super if you leave Australia permanently.

Read this blog post to find out how you can withdraw your super if you decide to leave Australia permanently.

Key Points for Claiming Your Super After Leaving Australia.

Here are some of the crucial issues to grasp before claiming your superannuation after leaving Australia.

• If you worked in Australia while on a temporary visa, you can withdraw your superannuation if your visa has expired or been revoked, and you have left the country.
• Always Remember, you cannot withdraw your superannuation until you are in Australia. However, preparing for it while in Australia is beneficial.
• You will have six months to claim your superannuation after leaving Australia.
• When an Australian citizen leaves permanently, their superannuation is subject to the same laws as if they were still living in Australia. This means that you can only access your super if you are retired or reach the preservation age.

Let’s talk about what an Australian superannuation is and what you need to know before claiming it.

What is Australian Superannuation?

Australian superannuation, or “super,” is a system that helps employees save enough money to pay their retirement income. The average superannuation refund in Australia is $1,908.

Who qualifies for Australian superannuation funds?

You are eligible for Australian superannuation if:

• You’ve worked in Australia.
• You were 18 years or older.
• You were paid, AUD450 or more per month.

Can I Withdraw My Superannuation if I Leave Australia Permanently?

Superannuation is a method of storing money to offer benefits when you retire or become disabled. Yes, you can withdraw your super if you decide to leave Australia permanently. If you are a temporary resident who earned super while working, you can withdraw it after leaving Australia. However, you will need to meet certain eligibility criteria.

Eligibility Criteria for Claiming Super After Leaving Australia?

You are eligible for superannuation after leaving Australia if:

• You have already departed Australia.
• You are not an Australian citizen, permanent resident, or New Zealand citizen.
• You entered the country on a temporary visa (excluding Subclass 405 and Subclass 410).
• You do not have any Australian visas, including tourist visas.

If you meet these requirements, you may withdraw your super as a Departing Australia Superannuation Payment (DASP). Several factors will influence the overall amount of tax you must pay. Your final payment is deducted from your taxes.

How to Claim Your Super to DASP

You cannot submit your application until you leave Australia. However, starting the process ahead of time can be useful. Because certain documents are easier to complete while in Australia. After six months of leaving Australia, you can seek to have your super released.

If you do not apply, your superannuation will be handed to the Australian Taxation Office. Then you’ll have to claim it from the ATO.

Before leaving Australia

Check Eligibility

Ensure that you meet the Australian Taxation Office’s (ATO) criteria.

Locate your Super.

If you worked for more than one job in Australia, you may have multiple superannuation accounts. Locate your superannuation with your myGov account. If you have more than $5,000 in superannuation, you must produce extra papers.

Have your details ready.

Before you open the online application, make sure you have the following information available:

• Passport Number
• Super account details
• Visa information
• Bank account details

Tip: Providing the Australian Tax File Number might speed up the processing of your application.

Prepare your documents.

You must compile your paperwork and have it certified by an authorized individual in Australia.

After you leave Australia

To claim your super after leaving Australia, take the following three steps:

Step 1: Check the Status of Your Visa.

If you have a temporary visa in Australia and wish to withdraw your superannuation, you must first check the status of your visa. Ensure that your visa has expired or been canceled. If you are unsure about the status of your visa, you can check it using Visa Entitlement Verification Online.

Step 2: Cancel your visa.

If your visa has not expired or been terminated, you can withdraw your superannuation by requesting the cancelation of your temporary visa. For additional details, read “Cancelling a Visa.”

Step 3: Apply for your DASP.

When your visa expires, you can access your superannuation through the DASP online system or by submitting a paper form.

Online DASP Application

The Australian Taxation Office’s DASP website allows you to view your super for free. This will verify that your visa has expired and that you have left Australia. Use an online method for both superannuation and ATO-held super.

Paper Form Application

If the ATO online service is not accessible, you can apply for DASP using a paper form.

For super held by a super fund, use the Application for a Departing Australia Superannuation Payment form (NAT 7204). It is advisable to send this form straight to the super fund.

For ATO-held super, you can utilize the Application for Payment of ATO-held Superannuation Money form (NAT 74880). It is recommended that you send this form to the address provided on the form.

Before completing your DASP application, confirm with your employer that they have paid the required superannuation funds.

How much will I be taxed?

Your super fund must deduct taxes from your payout before you receive it. The type of visa you possess determines how your payment is taxed. The tax rates that apply to the various components of your payment for the two types of visas are listed in the table below.

Frequently Asked Questions

How much superannuation do I get back when I leave Australia?

DASP typically returns an average of AU$1,908 to employees from their superannuation funds. However, it varies according to the type of fund, length of employment in Australia, and contributions made by your employer.

Can I return to Australia after claiming superannuation?

Yes, you can return to Australia after claiming superannuation through Departing Australia Superannuation Payment (DASP). After returning to the nation, you can open a new superannuation account with a different provider.

Can I cash out my superannuation if I relocate abroad?

If you are a permanent resident or citizen of Australia and desire to relocate abroad, your superannuation will remain in Australia. The conditions for claiming it are the same as for others. As a result, you will be unable to pay it out until you reach retirement or preservation age and complete other restrictions.

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