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Super withdrawal for ex temporary resident and ex permanent resident

Initiate

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Replies 4

Hi,

I hope someone can help me with this.

 

I worked in Australia from year 2001 to 2003, I was on Temporary Resident (sub class 457)  in year 2001, applied for Permanent Resident when I was working there and was given Permanent Resident (sub class 136) in year 2002.  I returned to my home country in 2003 and applied for RRV in 2007,  my Permanent Resident visa was extended for another 5 years until 2012 after which I lost my Permanent Resident status. I did not live in Australia since year 2003, just short visits.

 

I am considering withdrawing my Superannuation (contributed in year 2001-2003) as I have reached my preservation age (58 years old) early this year and I have fully retired. The benefit in my Superannuation account is 100% in the Taxable (Taxed) Component (as confirmed by the Superannuation fund administrator).

 

  • Am I qualified to make full withdrawal of my Superannuation now ?

 

  • What tax rate will be applied for my full lump sum withdrawal ?   Is it DASP tax rate or is it “tax free up to AUD 215,000” ?  Obviously my benefit amount is way below AUD215,000.

 

  • Will the tax rate be lower if I withdraw now (at 58 years old) vs withdrawal at age 60 or age 65 ? 

 

  • What is the process for the withdrawal ?  

 

Appreciate a response.  Thank you.

1 ACCEPTED SOLUTION

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Most helpful response

ATO Certified Response

ATO Community Support

Replies 3

Hi @Michellelee

 

Yes, you are able to withdraw all of your super by submitting a DASP application online.

 

As you held PR last your tax rate for the DASP withdrawal will be 35%.

 

There is no tax free component on your super based on the information you have provided.

 

Your age also has no effect on the payout amount and tax withheld.

 

The information about how to apply for the release of your super via a DASP application can be found on our web site here.

There is further information about how and when DASP is paid on this page.

 

I wish you all the best for your retirement!

 

RichATO

 

4 REPLIES 4

Most helpful response

ATO Certified Response

ATO Community Support

Replies 3

Hi @Michellelee

 

Yes, you are able to withdraw all of your super by submitting a DASP application online.

 

As you held PR last your tax rate for the DASP withdrawal will be 35%.

 

There is no tax free component on your super based on the information you have provided.

 

Your age also has no effect on the payout amount and tax withheld.

 

The information about how to apply for the release of your super via a DASP application can be found on our web site here.

There is further information about how and when DASP is paid on this page.

 

I wish you all the best for your retirement!

 

RichATO

 

Initiate

Replies 2

Thank you RichATO for the prompt response.

 

Can I re-confirm the followings before making the DASP application online  :

 

1. My superannuation fund manager will be contacted via the DASP applicaitno online to release the fund, i.e, I need not liaise with the superannuation fund manager direct ?  

 

2.  Am I right to say that I will be taxed at 35% regardless of my withdrawal age ? 

ATO Community Support

Replies 1

Hi @Michellelee,

 

If you apply using the online DASP application, the form will be sent to whoever holds your super balance. If you have been out of the country for an extended period the super fund is obligated to send your super balance to us. You can still use the DASP online application and we will process this accordingly. 

 

If you have never held a working holiday maker visa then the DASP tax rate will be 35% as @RichATO advised you.

 

We have information on our website in regards to this, please use the links below. 

 

Links-

Eligibility for DASP.

How and when is DASP paid.

 

All the best.

Initiate

Replies 0

 

Thank you @Jodie_ATO  for the prompt response.  Will submit the application accordingly.