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Departing Australia Superannuation Payment

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Newbie

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Replies 4

Hi, I have a couple of questions w.r.t superannuation and Departing Australia Superannuation Payment (DASP). Would be really great, if someone can help me with answers for these.

 

#1) I was a temporary resident (457 and TSS 482 visas) for >4 years and I recently left Australia. Is there any way I can retain my Superannuation account until my preservation age (60 years or so) without ATO closing this account and moving the funds to ATO? I would really like to retain this retirement option instead of losing a lumpsum over early withdrawal penalty and tax, if the rules allow me to do so.

 

#2) If the above is not possible, i.e If temporary residents cannot retain a super account after leaving Australia, how is the transfer to ATO done? What date will this transaction occur? How will ATO decide on a date? Will I get to decide the date of transfer?

Reason: As superannuation returns change every day, especially with the recent drop in returns due to the worldwide COVID19 situation, I will be at a "huge loss" if ATO decides on a random date.

 

Note: My visa is still active and I am a few months from the visa expiry date. I left Australia 7 months back.

 

Thanks a lot for your time!

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Best answer

Community Manager

Replies 3

Hi @arunkumaars

 

Thanks for your post.

 

If we determine that it has been six months or more since you left Australia, your temporary visa has ceased to be in effect and you haven't claimed your DASP, your super fund is required to transfer your super to us as unclaimed super money.

 

For more information about the departing Australia superannuation payment (DASP) and when super funds are required to transfer your super to us, refer to our website.

 

As a former temporary resident, you can't ask your super fund to keep hold of your super until you reach preservation age. If we determine that you have a super interest in a particular fund and that you are a former temporary resident, we will issue your super fund with a written notice.

 

Your super fund is legally required to report and pay your unclaimed super to us by the next scheduled statement day (31 October and 30 April each year). In turn, you can't select the date.

 

For more information about your super fund's requirements, have a look at the former temporary residents page on our website.

 

Hope this information helps.

 

4 REPLIES 4
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Best answer

Community Manager

Replies 3

Hi @arunkumaars

 

Thanks for your post.

 

If we determine that it has been six months or more since you left Australia, your temporary visa has ceased to be in effect and you haven't claimed your DASP, your super fund is required to transfer your super to us as unclaimed super money.

 

For more information about the departing Australia superannuation payment (DASP) and when super funds are required to transfer your super to us, refer to our website.

 

As a former temporary resident, you can't ask your super fund to keep hold of your super until you reach preservation age. If we determine that you have a super interest in a particular fund and that you are a former temporary resident, we will issue your super fund with a written notice.

 

Your super fund is legally required to report and pay your unclaimed super to us by the next scheduled statement day (31 October and 30 April each year). In turn, you can't select the date.

 

For more information about your super fund's requirements, have a look at the former temporary residents page on our website.

 

Hope this information helps.

 

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Newbie

Replies 2

Thanks @KylieATO for your prompt and detailed response. Very helpful!

 

Given my situation, is it possible to give me a possible date of transfer? I departed Australia before 01-September-2019. My visa is valid until 12-June-2020. Will the transfer happen by 30-April-2020, given that I left Australia or will it happen by 31-October-2020, given that my visa is valid until June? I am unable to interpret this from the provided links, Sorry about that.

 

Would anything change in this regard due to the global COVID19 situation? Can I write to someone on this situation to seek an opinion or consideration? I am sure I will be one among many such individuals whose hard earned money is at loss due to the current situation.

 

Thanks again for your time on this!

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Community Support

Replies 1

Hi @arunkumaars

 

Thanks for your reply.

 

We identify departed temporary residents who have not claimed their super based on information provided to us by the Department of Home Affairs. We will issue a notice to your super fund if you meet the former temporary resident unclaimed super requirements.

 

You will be classified as a former temporary resident if you:

  • held a temporary visa that lapsed at least six months previously and you left Australia at least six months previously
  • are not the holder of a temporary visa, a permanent visa or a prescribed visa, and have not made a valid application for a permanent visa
  • are not an Australian or New Zealand citizen.

 

Based on the information that you have provided, the transfer will likely happen by 31 April 2021. This assumes that your visa lapses on 12 June 2020. Six months after 12 June 2020 is 12 December 2020. The next unclaimed super reporting and payment date is 31 April 2021.

 

It is important to note that as you have already departed Australia, you may want to double check with the Department of Affairs whether your visa is still in effect.

 

There are no proposals to change this process based on the current situation surrounding COVID-19 and reducing super account balances. The current rules and dates are based on legislation that has been in place for over 10 years. We don't have any discretion around this process.

 

Hope this helps.

 

Thanks, ChrisR

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Newbie

Replies 0

Thank you so much for your detailed response @ChrisATO. I checked my Visa status using the 'Visa Entitlement Verification Online' system (VEVO) and I see that the visa is still 'in effect'. I will also double check this with the Department of Home Affairs. 

 

Thanks again. Stay safe and take care!