Hello, i had a work and holiday visa for 1 year and after i had 3 student visas, then due coronavirus in june i claimed my full superannuation fund and after that i made more funds which i want to claim but the page tells me it will be taxed at 65% and it should be taxed according to the student visa rate.
Does anyone has any information about this situation?
Thanks
Hi victormat90
If a super account received contributions while the member held a working holiday maker visa, any Departing Australia Super Payments from the account will be taxed at 65%.
Taking all the money out of the account doesn't change this.
The only way to change it is to completely close the account and open a new account where there's no overlap between when the WHM visa was held and when the account was open.
Not that that helps you.
But maybe write in to the ATO and seek technical advice. The argument would be that since all of the money was paid out under the COVID early release that there would then no longer have been any amounts remaining in the account attributable to contributions made while you held a WHM visa. And the contributions that were made since also weren't attributable to the time you held the WHM visa. So there would no longer be any amounts in the account attributable to the WHM visa contributions and therefore the 65% rate shouldn't apply.
I don't know what the likelihood of success is, but I think it's worth asking the question.
I'm an ATO employee voluntarily providing my time here
Hi victormat90
If a super account received contributions while the member held a working holiday maker visa, any Departing Australia Super Payments from the account will be taxed at 65%.
Taking all the money out of the account doesn't change this.
The only way to change it is to completely close the account and open a new account where there's no overlap between when the WHM visa was held and when the account was open.
Not that that helps you.
But maybe write in to the ATO and seek technical advice. The argument would be that since all of the money was paid out under the COVID early release that there would then no longer have been any amounts remaining in the account attributable to contributions made while you held a WHM visa. And the contributions that were made since also weren't attributable to the time you held the WHM visa. So there would no longer be any amounts in the account attributable to the WHM visa contributions and therefore the 65% rate shouldn't apply.
I don't know what the likelihood of success is, but I think it's worth asking the question.
I'm an ATO employee voluntarily providing my time here
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