Can I Withdraw My Super if I Leave Australia Permanently?

Superannuation funds, also known as “super funds,” are a type of long-term savings plan intended to assist Australians in their retirement. The Australian Government makes it mandatory for the employer to contribute the equivalent of 11% of the employee’s salary into a super fund each month. So, this is an additional expense paid by the employer and does not come out of the employee’s wages. 

However, if you plan to leave Australia and are searching for the answer to the question “can I withdraw my super if I leave Australia permanently?, the answer is yes. So, this is good news that you can withdraw your super if you leave Australia permanently.

Read this blog post to learn how you can withdraw your super if you want to leave Australia permanently.

Key Points Regarding Claiming Your Super After Leaving Australia

Here are some of the important points that you must understand before claiming your super after leaving Australia:

• If you are a temporary visa holder in Australia and worked, you are eligible to withdraw your super if your visa has expired or canceled and you have left Australia. 
• Always Remember that you cannot submit your application for withdrawing your super until you are in Australia. However, doing preparations for it while you are in Australia is a plus point. 
• You will be provided with a time period of six months to claim your super after leaving Australia. 
• In the event that an Australian citizen is departing permanently, their super is subject to the same regulations as if they were residing in Australia. This implies that you can access your super only when you are retired or reach the preservation age. 

Let’s understand what an Australian superannuation is and what aspects you need to understand before claiming it.

What is Australian Superannuation?

Australian superannuation, or “super,” is a system designed to help employees to save enough money to cover their retirement income. The average superannuation refund in Australia is AU$1,908.

Who is eligible for Australian superannuation funds?

You are eligible for having Australian superannuation if:

• You have worked in Australia.
• You were 18 years old or older.
• You were paid AUD450 or more in a month.

Can I Withdraw My Super if I Leave Australia Permanently?

Superannuation is a way of saving money to provide you benefits once you retire, or become invalid. Yes, you can withdraw your super if you want to leave Australia permanently. Your super will be in your super fund until you are allowed to access it. If you are a temporary resident who has earned super while working, you can claim to withdraw it after you leave Australia. But you will be required to meet certain eligibility requirements.

Eligibility Criteria to Claim Super After Leaving Australia?

You are eligible to claim superannuation after you leave Australia if:

• You have already departed from Australia.
• You are not an Australian citizen, permanent resident or New Zealand citizen.
• You entered the country on a temporary visa (except Subclass 405 or Subclass 410).
• You don’t have any Australian visas in effect, this includes all tourist visas.

You can take out your super as a Departing Australia Superannuation Payment (DASP) if you satisfy these requirements. Various factors will determine the total amount of tax you have to pay. Your final payment is deducted from your tax.

How to Claim Your Super to DASP?

You cannot submit your application until you have left Australia. However, it is beneficial to begin the process in advance. Because it is easier to complete certain documents while you are in Australia. After six months of your departure from Australia, you can apply to have your super released. 

However, if you don’t apply for it, your super will be transferred to the Australian Taxation Office. Then, you will have to claim it from the ATO. 

Before You Leave Australia

Check Eligibility

Make sure you meet the Australian Taxation Office (ATO) requirements.

Locate your Super

If you had worked with more than one employer in Australia, you might have multiple super accounts. Locate your super via myGov account. You will have to provide additional documents if your superannuation exceeds $5,000. 

Have your Details Ready

Make sure you have the following information on hand before launching the online application:

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

Tip: Providing the Australian Tax File Number can enhance the processing of your application.

Prepare Your Documents

It is important that you prepare your documents and certify them by an authorized person in Australia.

After You Leave Australia

In order to claim your super after leaving Australia, follow these three main steps:

Step 1: Check Status of your Visa

If you are a temporary visa holder in Australia and want to withdraw your super, It is important to check the status of your temporary visa. Make sure your visa has expired or canceled. If you are not sure about the status of your visa, check it via Visa Entitlement Verification Online (VEVO). 

Step 2: Cancel your visa

If your visa has not expired or canceled, request for the cancellation of your temporary visa to withdraw your super. For more information, read: Canceling a visa

Step 3: Apply for your DASP

Once your visa has expired, you can access your super via the DASP online system or by submitting a paper form. 

• Online DASP Application

Use the DASP online portal provided by the Australian Taxation Office to view your super for free. This will verify that your visa has expired and that you have departed Australia. Use an online system for both super funds and ATO-held super. 

• Paper Form Application

In case ATO online service is not available, you can apply for DASP via a paper form. 

For super held by a super fund: You can use Application for a departing Australia superannuation payment form (NAT 7204). It is advised to send this form directly to the super fund.

For ATO-held super: You can use Application for payment of ATO-held superannuation money form (NAT 74880). It is recommended to send this form to the address listed on the form.

Before submitting your DASP application, verify with your employer that they have paid all necessary superannuation funds.

How much will I be taxed? 

Taxes must be subtracted by your super fund before you receive your super. How your payment is taxed depends upon the type of visa you hold. The tax rates that apply to the various parts of your payment for the two types of visas are shown in the table below.

FAQs

How much superannuation do I get back when leaving Australia?

Usually, the average superannuation fund is  AU$1,908 returned by DASP to the employees. However, it can be varied depending upon  the kind of fund, duration of employment in Australia, and the contributions made by your employer. 

Can I return to Australia after claiming superannuation?

Yes, you can return to Australia after claiming superannuation via Departing Australia Superannuation Payment (DASP). After coming back to the country you can set up a new superannuation account with a different provider.  

Can I cash out my super if I move overseas?

If you are a permanent resident or citizen of Australia and want to move abroad, your super will remain in Australia. The eligibility criteria to claim it is the same as for others. Therefore, you can’t cash it out until your retirement or preservation age reaches and meet other requirements.