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Can Super be rolled into and left with ATO for a few years?

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As a temporary resident who's been on a 457 for the last 2 1/2 years and the WHM 417 visa for 1 year prior, it looks like the DASP will tax the full accumulated amount at 65%.

 

As it's quite a lot and I'm planning to move back to Australia in 2-3 years - is it possible to let my super roll into the ATO after 6 months of being out of the country and moving it back when returning years later?

Or would there be so many fees, charges or risks that it's safer to take 35% of the total super now?

Thanks in advance!

 

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ATO Certified

Devotee

Replies 0

Hi @ASalvara,

 

If your super fund can't contact you, or if we are unable to find an account to transfer super money to, we will hold your super for you as ATO-held super. This is a holding account designed to protect your small super amounts until they can be transferred into a super fund or retirement savings account.

 

This is not a trust fund or super fund, so it your superannuation will not continue to grow. 

 

Your super fund will transfer your super to us if:

  • you are a temporary resident who has left Australia for 6 months or more
  • your visa is no longer in effect
  • have not claimed your Departing Australia superannuation payment (DASP).

If you're a temporary resident for tax purposes, you may be able to withdraw ATO-held super as part of a DASP; alternatively you may choose to roll ATO-held super into a new or existing super account. It's important to note that if there has been no account activity for 10 years, this will become an inactive account.

 

Please note that our Community can only provide general information, not financial advice. If you're curious about options available to you, you may choose to hire the services of a registered tax professional - find a registered practitioner near you by searching the Tax Practitioner Board register.

 

Thanks!

1 REPLY 1

Best answer

ATO Certified

Devotee

Replies 0

Hi @ASalvara,

 

If your super fund can't contact you, or if we are unable to find an account to transfer super money to, we will hold your super for you as ATO-held super. This is a holding account designed to protect your small super amounts until they can be transferred into a super fund or retirement savings account.

 

This is not a trust fund or super fund, so it your superannuation will not continue to grow. 

 

Your super fund will transfer your super to us if:

  • you are a temporary resident who has left Australia for 6 months or more
  • your visa is no longer in effect
  • have not claimed your Departing Australia superannuation payment (DASP).

If you're a temporary resident for tax purposes, you may be able to withdraw ATO-held super as part of a DASP; alternatively you may choose to roll ATO-held super into a new or existing super account. It's important to note that if there has been no account activity for 10 years, this will become an inactive account.

 

Please note that our Community can only provide general information, not financial advice. If you're curious about options available to you, you may choose to hire the services of a registered tax professional - find a registered practitioner near you by searching the Tax Practitioner Board register.

 

Thanks!

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