How to Withdraw Super When Leaving Australia

Superannuation, or “super,” is Australia’s retirement savings system. Employers contribute a portion of earnings into a superannuation fund, which is invested to grow the balance for retirement. Temporary visa holders working in Australia often accumulate superannuation. Understanding how to access these funds upon permanent departure is a key financial consideration.

Eligibility and Conditions for Departing Australia Superannuation Payment

Eligible temporary residents can access their superannuation after leaving Australia through the Departing Australia Superannuation Payment (DASP). This payment is for individuals who accumulated super while working in Australia on a valid temporary visa (e.g., working holiday, student, skilled temporary visas).

DASP eligibility requires the temporary visa to have ceased (expired or cancelled). Applicants must have permanently departed Australia and not be an Australian citizen, permanent resident, or New Zealand citizen. If six months pass after a visa ceases and departure, super accounts may become unclaimed superannuation money.

Australian citizens, permanent residents, and most New Zealand citizens are not eligible for DASP; their superannuation follows standard Australian rules. Individuals whose temporary visa has not expired or been cancelled are also ineligible. Superannuation in a complying Australian fund or held by the Australian Taxation Office (ATO) as unclaimed money is generally eligible.

Information and Documents for Your DASP Application

Gathering necessary information and documents is crucial before initiating a DASP application. Applicants must provide their full name, date of birth, passport details (number, country of issue), and Australian visa details (type, subclass, grant number, expiration/cancellation date).

The application requires the Australian Tax File Number (TFN) to identify superannuation accounts. Specific fund details are also needed: the fund’s Australian Business Number (ABN), name, and member account number. Australian bank account details (BSB and account number) must be provided for direct deposit.

Supporting documents may include certified passport copies and visa grant notices. Proof of departure is not always mandatory. The official DASP application form is accessible through the ATO online system, often via a myGov account. Complete all informational fields accurately.

Applying for Your Departing Australia Superannuation Payment

After preparing all necessary information and documents, submit the DASP application through the ATO’s online system. This portal allows applicants to input details and upload supporting documentation.

Review the application for accuracy before final confirmation to prevent delays. Upon successful submission, applicants typically receive a confirmation receipt from the ATO.

Processing times vary, but payments are generally made within 28 days. If the super fund holds the money, the ATO forwards details for processing. If six months have passed since departure, the super fund may have transferred the money to the ATO as unclaimed super, and the ATO processes the payment directly. The DASP is paid into the provided Australian bank account.

Taxation on Your Departing Australia Superannuation Payment

Departing Australia Superannuation Payments (DASP) are subject to specific tax rates, generally higher than standard Australian income tax rates. The tax applied depends on the superannuation payment’s components.

Superannuation payments consist of a “taxable component – taxed element,” a “taxable component – untaxed element,” and a “tax-free component.” The tax-free component is not taxed upon withdrawal. For most temporary residents (non-working holiday makers), the taxable component – taxed element is taxed at 35%. The taxable component – untaxed element, if present, is taxed at 45%.

Working holiday makers (visa subclass 417 or 462) face a higher DASP tax rate of 65% on their taxable component. The super fund or ATO (if funds are unclaimed) withholds the applicable tax before payment. Once paid, there are generally no further Australian tax obligations for that superannuation amount.

Alternative Superannuation Scenarios

Not all individuals leaving Australia are DASP eligible. Australian citizens and permanent residents moving overseas cannot claim DASP; their superannuation remains in the Australian system, accessible upon reaching preservation age and meeting retirement conditions.

New Zealand citizens can use the Trans-Tasman Portability scheme to transfer Australian superannuation directly into a KiwiSaver scheme in New Zealand. This transfer avoids DASP tax, as funds remain within a retirement savings framework.

If superannuation is not claimed within six months of a temporary visa expiring and departure, the super fund may transfer funds to the ATO as “unclaimed superannuation money.” Individuals can search for and claim unclaimed super through ATO online services. This process can still lead to a DASP if eligibility criteria are met.