Once you leave Australia, you’re eligible to claim back your superannuation refund.
Superannuation funds, sometimes referred to as ‘super funds’, are a type of long-term savings plan designed to help Australian people in retirement.
It’s a legal obligation for the employer of anyone earning more than $450 dollars a month to pay the equivalent of 9.5% of their salary into a super fund every month. This does not come out of your wages but is an additional cost paid by your employer. The good news is that once you leave Australia, you’re entitled to claim this money back.
If you don’t plan on retiring in Australia and have every intention of leaving, you can still claim some of it back after you’ve left the country. Superannuation refunds can be a hefty sum, with Taxback.com super refunds averaging at AU$1908.
COVID-19 and Early Superannuation release – are temporary residents eligible?
The COVID-19 early release of super program allows eligible applicants to access some of their super early, to help them deal with the adverse economic effects of COVID-19.
Eligible individuals are able to access up to $10,000 of their superannuation in the 2019-20 financial year and a further $10,000 in 2020-21 financial year.
Unfortunately temporary resident visa holders are not eligible to apply for COVID-19 early release of super after 30 June 2020 or if they have left Australia.
- COVID-19 early release of super eligibility requires temporary residents to be on a current valid visa
- DASP is only available once their visa has expired and they have left Australia.
How do I claim it back?
Once you’ve left Australia and your visa has expired, you can apply to the Australian Tax Office (ATO) for your super. Taxback.com can help you get your super back and even help get your visa cancelled for you if it hasn’t expired!
It’s important to note that if you are a working holidaymaker on either a 417 or 462 visa, and your Departing Australia Superannuation Payment is processed on or after 1 July 2017, your superannuation refund will be taxed at a rate of 65%, meaning you would only get 35% of your total super benefit back. If you are on any other visa, your super refund will still be taxed at 35% and you would be entitled to 65% of your benefit.
Yes, paying tax on your refund is a pain but you’ll still get a substantial amount and average super refund is AUD 1908!
I left Australia years ago and never claimed my super. Is it too late to get it back?
No! You can still claim it!
Generally if you haven’t claimed it for 6 months after you depart Australia, your super fund will request for it to be transferred to the ATO who will hold it for you until you claim it. So as long as you’ve left the country and your visa has ceased to be in effect, you can apply for it back.
How much will I get back?
It depends on the type of fund, how long you worked in Australia, and what contributions your employer made. The average super Taxback.com get back for their clients is AU$1908! You can get a free estimate here.
How much do I need to pay and how long does it take?
Time-wise process may take 2-3 months or less depending on the superannuation fund you are with! Taxback.com charge 20% + handling fee of the amount processed by the relevant tax office. Refunds below AUD$1000 will be subject to a minimum fee of AUD 124 + handling fee. Good news is that you can have your refund deposited into any bank account of your choice and you don’t have to worry about cashing cheques!