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Re: HeTax on super for former permanent resident

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Newbie

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  • Hey, I am a former permanent resident (not holding an Australian passport) of 3 decades and moved back back to my country of origin. What is the tax rate I am liable to pay if I withdraw my super. Thanks for your help!
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Devotee

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Hi Hardy56

 

If I were you I'd ask my super fund this question. ie "what tax will you withhold from my super if you pay it to me as a <pension / lump sum amount> and I'm a resident of <insert country>?". And also ask "what tax will apply in <insert country> on the amount I receive from you?", although it's possible the Australian fund won't be able to answer this second question.

 

Tax treaties exist between Australia and many countries. Here's a link to a list of these. The tax treatment of superannuation benefits depends on what's been agreed in the treaty.

 

If your fund can't answer the second question you'll need to ask the tax authority where you're living how the payment will be treated.

 

Note that you can only withdraw your super if you've reached your preservation age and have met a condition of release. Your super fund will need you to confirm this before they make a payment to you. Here's a link to information on ato.gov.au about preservation age and conditions of release.

 

Seb

 

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