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Fhss non resident

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Hi everyone
Me and my husband live in Sydney and we are residents for tax purposes but we are on a temporary visa. We wanted to apply for PR and buy a property.
However our plans changed and we are thinking to move back to Europe.
So there is 30k on each of our super accounts (fhss).
Would we be taxed if we got that out in the year it was taken out? For example if we move out this financial year and request a return would it be taxed together with our this year's earnings? Or would it be taxed with earnings when we put it on the super (this and previous tax year)
Also if we as non residents get out of the country we request the whole release of our super then there would be no tax to be paid because it wouldn't be released through fhss but through release of our super as leaving the country forever?
Thank You in advance
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Hi @Majaa

 

Thanks for your post.

 

Based on your circumstances, even though your original intention was to access your voluntary contributions by requesting a FHSS determination and release, it sounds like you will now be accessing them when you submit a DASP application.

 

You can find out more about the departing Australia superannuation payment (DASP) on our website.

 

How these voluntary contributions will be taxed when you access them as a DASP will depend on whether you made them as non-concessional contributions or concessional contributions.

 

For more information about how you can save in super and the contributions you can make towards the FHSS scheme, have a look at our website. It explains what types of voluntary contributions are concessional and non-concessional.

 

If you made voluntary non-concessional contributions, they will form part of the tax-free component of your DASP. The tax rate for the tax-free component is nil.

 

If you made voluntary concessional contributions, they will form part of the taxable component of your DASP and will be subject to tax. For more information on how DASP is taxed, refer to our website.

 

The higher 65% DASP WHM rate will only be applied if you were a working holiday maker (WHM). For more information about DASP for working holiday makers, once again check out our website.

 

DASP doesn't form part of your assessable income for Australian tax purposes. In turn, you don't need to include your DASP or the tax that was withheld in your Australian tax return.

 

If you do end up requesting a FHSS determination and release, our website provides information about applying to release your savings and how the assessable FHSS amount will be taxed.

 

Hope this helps.

 

Thanks, ChrisR

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @Majaa

 

Thanks for your post.

 

Based on your circumstances, even though your original intention was to access your voluntary contributions by requesting a FHSS determination and release, it sounds like you will now be accessing them when you submit a DASP application.

 

You can find out more about the departing Australia superannuation payment (DASP) on our website.

 

How these voluntary contributions will be taxed when you access them as a DASP will depend on whether you made them as non-concessional contributions or concessional contributions.

 

For more information about how you can save in super and the contributions you can make towards the FHSS scheme, have a look at our website. It explains what types of voluntary contributions are concessional and non-concessional.

 

If you made voluntary non-concessional contributions, they will form part of the tax-free component of your DASP. The tax rate for the tax-free component is nil.

 

If you made voluntary concessional contributions, they will form part of the taxable component of your DASP and will be subject to tax. For more information on how DASP is taxed, refer to our website.

 

The higher 65% DASP WHM rate will only be applied if you were a working holiday maker (WHM). For more information about DASP for working holiday makers, once again check out our website.

 

DASP doesn't form part of your assessable income for Australian tax purposes. In turn, you don't need to include your DASP or the tax that was withheld in your Australian tax return.

 

If you do end up requesting a FHSS determination and release, our website provides information about applying to release your savings and how the assessable FHSS amount will be taxed.

 

Hope this helps.

 

Thanks, ChrisR