If you have superannuation in Australia, even if you’ve only worked in Australia as a temporary resident, you’re likely to have a Superannuation account. If you’re going back to your own country or if you’re a permanent resident, or an Australian citizen leaving australia permanently, or moving overseas indefinitely, you need to know what happens to your Superannuation. The Australian Taxation Office (ATO) advises that the laws surrounding what you can and cannot do with your Superannuation will depend on your status as a resident or citizen. Your particular situation could be different from others so you should seek the advice of a Superannuation specialist such as PK Simpson.
PK Simpson, Superannuation/TPD specialists –
Our friendly team will make sure you’re looked after, and that every fund you’ve ever been a member of is looked into – You might have more than one claim.
I’m An Australian Citizen Leaving Australia Permanently
If you’re an Australian citizen or permanent resident who is moving overseas permanently or for an indefinite period, your Super will be subject to the same rules as if you were living here. This means your Superannuation has to stay untouched in your fund account until you reach preservation age and you’re eligible to withdraw it. Therefore, according to the ATO, you cannot gain access to the funds just because you are moving overseas to live. In other words, the regulations governing your Superannuation are the same whether you live in Australia or have moved overseas. Should you retire when you reach preservation age, or if you’re eligible under other reasons that allow a release of your funds, you may be able to gain access to them. You may be able to access your funda under the following conditions, but always talk to your Superannuation specialist for advice if you need a part or all of your funds because:
- Your home is going to be repossessed
- You are suffering severe financial hardship
- You are temporarily incapacitated
- You are permanently incapacitated
- You need palliative care
- Your home or car need to be modified
- You need to pay funeral expenses
At PK Simpson, 67 per cent of our new clients come to us via word of mouth –
33 per cent come to us because they’ve seen our ads.
Our clients range from miners in far north Western Australia to abalone divers in Tasmania, truck drivers in Sydney and waitresses in Brisbane.
Can I Access My Super Early to Leave and Go Overseas?
No, you can’t. However, even if you’re overseas, your Superannuation nest egg will still be there growing all the while for when you retire or need to access it under the provision stated above. Should you be relocating overseas to work for an Australian employer, your boss may still be required to make Superannuation contributions on your behalf. There is one exception you need to understand which that could possibly let you access your Australian super fund. That is, if you are an Australian citizen claiming payments in New Zealand or intend to move to New Zealand, you can opt for the Trans-Tasman Portability Scheme which allows you to transfer your Superannuation into a KiwiSaver account. The same rules about accessing the fund when you retire etc. will still apply. There could be extra fees and rules surrounding this, however, and are only allowed to transfer from an Australian Prudential Regulation Authority regulated fund and no others, including self-managed funds.
Can I Contribute While I’m Overseas?
Possibly, but restrictions apply on contributions to self-managed Superannuation funds. Those with other types of Australian Superannuation funds may still make personal contributions while they’re overseas to make sure their account grows and fees and insurance deductions are covered.
If you are a resident of another country and you’re working temporarily in Australia, you could be eligible to have your Superannuation money paid to you when you go back home. This is done through a ‘Departing Australia Superannuation Payment’. For more information, or to apply, go to the ATO website(2).
No matter what your status, if you’re planning on departing from Australia to go overseas for an extended period it’s a good idea to do shop around for a fund that can offer you a choice of investments without charging excessive fees. Even if you are not contributing to your fund while you’re away, the best Superannuation funds invest in safe and rewarding options to help your balance grow.
PK Simpson prides itself on being a firm that takes on any case relating to compensation, big or small. Call our law firm today on 1300 757 467, send an email to email@example.com or enquire online now so we can help you.