I am a Canadian citizen, I spent 6 years in Australia, one of which was as a WHM. I realised that my entire super would be taxed at a rate of 65% so I reached out to my super fund and the ATO (over the phone) to enquire about work arounds that would allow me to keep more of my money.
I was given a solution and I am writing today to confirm that the advice I was given by both the ATO phone rep and my super fund are, in fact, correct and viable.
My super fund suggested that as a work around to paying the 65% DASP, I could instead maintain the fund until I am 60 years old. They said as long as I maintain an Australian bank account and make an annual contribution, the fund will remain active and grow.
I then called the ATO to confirm that this is a legal route for a non-citizen/non-resident to take. I was there told there is no issue with this approach.
I read something today which mentioned that tax rates (the WHM 65%) still apply to any withdrawals made on the account, even upon reaching the age of maturity for tax free withdrawals (60/65 I cant remember).
I am writing today seeking a definitive answer to my questions: Can I legally maintain my super fund as a non-citizen/non-resident, and if so, what tax rates would apply to access it upon reaching 60/65 years old?
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