Hi,
I hope someone can help me with this.
I worked in Australia from year 2001 to 2003, I was on Temporary Resident (sub class 457) in year 2001, applied for Permanent Resident when I was working there and was given Permanent Resident (sub class 136) in year 2002. I returned to my home country in 2003 and applied for RRV in 2007, my Permanent Resident visa was extended for another 5 years until 2012 after which I lost my Permanent Resident status. I did not live in Australia since year 2003, just short visits.
I am considering withdrawing my Superannuation (contributed in year 2001-2003) as I have reached my preservation age (58 years old) early this year and I have fully retired. The benefit in my Superannuation account is 100% in the Taxable (Taxed) Component (as confirmed by the Superannuation fund administrator).
- Am I qualified to make full withdrawal of my Superannuation now ?
- What tax rate will be applied for my full lump sum withdrawal ? Is it DASP tax rate or is it “tax free up to AUD 215,000� ? Obviously my benefit amount is way below AUD215,000.
- Will the tax rate be lower if I withdraw now (at 58 years old) vs withdrawal at age 60 or age 65 ?
- What is the process for the withdrawal ?
Appreciate a response. Thank you.
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