Hi, just wondering what % I will be taxed at when claiming my super after leaving permanently. I was on initially 500 student visa and then 485 temporary grad visa. As far as I understand it will be 35% as it is taxable taxed element and not a working holiday maker visa but please correct me as my knowledge is limited. Thank you!
Hi @Shakalaka
You're correct. The tax rate on your DASP will be 35% on the taxable component (taxed element) of your super. Since you held a subclass 500 student visa and a subclass 485 temporary graduate visa, and not a working holiday maker visa (subclass 417 or 462), the ordinary DASP tax rates will apply to your payment.
Your DASP payment may include two components. The tax-free component isn't taxed at all. The taxable component is taxed at 35% for the taxed element or 45% for the untaxed element. The tax-free component is generally made up of your personal contributions to super, while the taxable component usually includes contributions made by your employer and any earnings your super makes while in the fund.
The DASP tax rate is applied on a fund-by-fund basis. Each super fund will assess your application and determine the tax rate based on the information it holds about your contributions and visa history. If you've held multiple super accounts with different funds, each fund will apply the tax rate separately when processing your payment.
After your DASP is paid, the payer must issue you a DASP payment summary within 14 days. This summary will show the amount of DASP tax that was withheld and the amount paid to you. You don't need to include your DASP in your tax return, as a final tax is withheld when the payment is made.
Thank you so much for your response! Helps a lot. Cheers!
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