I have been here on a 482 visa for 6 years and am planning to return to my home country. According to the terms of my visa I will be allowed to remain in Australia for 180 days after my employment ceases. I understand how DASP works however I will turn 60 in May next year -at which time I understand I should be able to withdraw my super without tax obligation, if I am not employed. Is this the case? Am I also correct in understanding that my personal contributions to my Super will not be liable to tax, but the Employer contributions will be subject to the 35%?
All replies
Hi @MacFour,
If you stay in Australia for those 180 days and finished working, you might still be able to take out your super as a lump sum instead of using the Departing Australia Superannuation Payment (DASP).
The important part is meeting a condition of release. If you do, your super could be tax-free here, depending on your fund. But if you're wait until after leaving Australia, you'll likely have to go through DASP, where employer contributions get taxed at 35%.
Also important to note you may have to pay tax on that lump super payment in your home country, so best to check with your home countries tax system.
I'd also say it'd be best requesting tailored technical assistance as you'll want to get this right before you go.
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