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Superannuation - Departing Tax Questions and Visa

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Hello  Smiley Happy

 

Please can you advise on my situation.

  • I moved to Australia on a Working-Holiday-Maker in 2018.
  • In 2019, I was put on a bridging visa (awaiting approval on a temporary visa - subclass 461 with my NZ partner). 
  • In 2020, I was approved for a subclass 461, NZ partner visa 

 

I have held one Super Acccount and worked full-time throughout this period. How will this fund be taxed when I depart Australia. 

 

I plan to stay a couple more years and work. Will I always have the 65% (WHM tax) applied to ALL of my contributions even though I am on a new visa? What are my options - am I able to open a new super account with a new visa to separate my contributions?

 

Thanks 

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Devotee

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Hi YazzyEE

 

The 65% rate will apply to any payments from your super account.

 

If you open a new account and have future contributions paid into it, payments from the new account will be taxed at 35%. (Assuming you don't again hold a WHM visa while you're contributing to the new account).

 

If you do open a new account, do NOT transfer the money from the old account into the new account, or you'll again pay 65% tax on payments from the new account. Leave them separate, receive two separate DASP payments.

 

I'm an ATO employee voluntarily providing my time here

1 REPLY 1

Most helpful response

Devotee

Replies 0

Hi YazzyEE

 

The 65% rate will apply to any payments from your super account.

 

If you open a new account and have future contributions paid into it, payments from the new account will be taxed at 35%. (Assuming you don't again hold a WHM visa while you're contributing to the new account).

 

If you do open a new account, do NOT transfer the money from the old account into the new account, or you'll again pay 65% tax on payments from the new account. Leave them separate, receive two separate DASP payments.

 

I'm an ATO employee voluntarily providing my time here