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Reopen a superannuation account after a DASP

Newbie

Views 2167

Replies 3

Hello,
I spent a year in Australia on a Working Holiday Visa that has now expired, and I don’t know if I should request a DASP or not. I plan to come back to Australia to work in 5/10years applying for another WHV, so I wanted to ask if I would be able to reopen a commonwealth essential super fund if I request a DASP now. If not, can I leave my super fund there for years without the risk of losing the money due to inactivity?
Thank you
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hi @GioGottardo,

 

Welcome to the Community.

 

You can apply for a departing Australia superannuation payment (DASP) if you meet all the eligibility criteria.


Claiming a DASP doesn’t stop you from opening another super account in the future.

 

If you return to Australia at a later date, you can open a super account when you return – you’ll just need to check with your preferred super fund in case they have any conditions on opening an account.

 

Your super fund will transfer your super to us as unclaimed super if:

  • You were a temporary resident and it’s been 6 months or more since you left Australia
  • Your visa has ceased to be in effect (so, expired or cancelled), and
  • You haven’t claimed a DASP.

If your super is transferred to us as, you can still claim your unclaimed super as a DASP

 

Thanks, NicM.

3 REPLIES 3

Most helpful response

ATO Community Support

Replies 1

Hi @GioGottardo,

 

Welcome to the Community.

 

You can apply for a departing Australia superannuation payment (DASP) if you meet all the eligibility criteria.


Claiming a DASP doesn’t stop you from opening another super account in the future.

 

If you return to Australia at a later date, you can open a super account when you return – you’ll just need to check with your preferred super fund in case they have any conditions on opening an account.

 

Your super fund will transfer your super to us as unclaimed super if:

  • You were a temporary resident and it’s been 6 months or more since you left Australia
  • Your visa has ceased to be in effect (so, expired or cancelled), and
  • You haven’t claimed a DASP.

If your super is transferred to us as, you can still claim your unclaimed super as a DASP

 

Thanks, NicM.

Newbie

Replies 0

Hi @NicATO 

 

After have left Australia for good and also have checked that I am elegible to apply to DASP, is there any deadline to procceed this application or I can leave my funds under ATO holding indefenitely with no risk to loose it due to inactivity?

ATO Community Support

Replies 0

Hi @aosantos,

 

There may be a finite time if your account has remained inactive. In previous years we would hold it for up to 10yrs then it would be transferred across to a Super holding account inactive (consolidated revenue). It may be at this point you need to demonstrate your identity in order to claim it back.

 

The visa you're on whilst the super contributions were made, determines the applicable DASP tax rate. Waiting a few years to access your super balance will not change this. DASP tax rate remains relevant to your visa when the contributions were made.  

 

This would only change in the future if current legislation were amended or new laws were enacted in relation to DASP tax rates and/or rules/regulations. 

 

Links-

DASP

DASP tax rates.

Claiming ATO held super.

 

All the best.