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WHM Splitting Accounts for DASP

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Newbie

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Replies 4

Hi 

I came to Australia on a WHV 417 and worked for 6 months before switching to 457. This was in 2016 before the new rule came in and therefore I didn't have separate super accounts. I have since split my accounts in the following way and want to know if this is an acceptable way to submit my DASP

 

New Super Account: Amounts paid by 457 Employer at cost and any Tax's or Fees

Old Super Account: Amounts paid by Working Holiday Employer, Gains made on the investment (including and gains that would have been made on the 457 super money.

I would have done this based on Units and transaction prices but don't have all the information. 

How do I communicate this to my Superfund / ATO and are they likely to have any issues with this?

 

 

 

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Most helpful response

Community Support

Replies 2

Hi @DamienAlkye,

 

If you received super whilst on the WHM and then switched Visa's generally the fund will charge the WHM tax rate for DASP. The website advises - The law does not allow for apportionment. If the payment includes amounts attributable to super contributions made while the person held a WHM visa, the 65% tax rate applies to the taxed and untaxed elements of the taxable component of the DASP. This is the case if the DASP is not wholly comprised of amounts attributable to those contributions. 

 

However if you opened a new account when you were issued with the new visa they may look at it differently. As @LisaATO advised, you can check with your fund.

 

Hope this helps.  

4 REPLIES 4
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Community Support

Replies 0

Hi @DamienAlkye

 

In this instance it would probably be best if you contact your super fund in relation to this matter.

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Most helpful response

Community Support

Replies 2

Hi @DamienAlkye,

 

If you received super whilst on the WHM and then switched Visa's generally the fund will charge the WHM tax rate for DASP. The website advises - The law does not allow for apportionment. If the payment includes amounts attributable to super contributions made while the person held a WHM visa, the 65% tax rate applies to the taxed and untaxed elements of the taxable component of the DASP. This is the case if the DASP is not wholly comprised of amounts attributable to those contributions. 

 

However if you opened a new account when you were issued with the new visa they may look at it differently. As @LisaATO advised, you can check with your fund.

 

Hope this helps.  

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Newbie

Replies 1

Hi @Jodie2 @LisaATO 

 

With reference to "This is the case if the DASP is not wholly comprised of amounts attributable to those contributions". This is why I am dividing my account up in this way, so there is NO possibility that any money from my WHV could be part of the contributions made while not on a working holiday visa. 

 

When referring to "The law doesn't allow for apportionment" what exactly does this mean? Are you able to point me to the exact legislation so that I can proceed accordingly?

 

Thanks

Damien 

 

 

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Community Support

Replies 0

Hi @DamienAlkye,

 

We understand your concerns, we have provided extensive information on WHM and DASP tax rates previously. You can also access the legislation through our response. If you have any further questions please post them here.

 

All the best.