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DASP / AUS Citizen / Leaving Australia indefinitely

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I'm new

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Hi, I've just become an AUS citizen, I am leaving back for Europe indefinitely. 

I would like to withdraw my super, can I apply for DASP? If so, what if I decide to come back in 10 years? I don't plan to come back at the moment. But without an income in Australia I am losing my super to the fees.

Or would a SMSF be the way?

Thanks

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Most helpful response

Devotee

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Hi @MarekN 

 

DASP is only available for temporary residents who came into Australia under a temporary visa and is departing Australia permanently. To qualify, you cannot also be a permanent resident or an Australian Citizen.

 

As you have just recently attained Citizenship, you are subject to the same "preservation rules" as all other citizen of Australia. This means the "conditions of release" under which you will be able to access super if satsified, do not include DASP. The conditions of release available to you are as follows:

 

The most common conditions of release for paying benefits are that the member:

In special circumstances, at least part of a member’s super benefits can be released before the member has reached preservation age. These are:

 

Rolling over your super into an SMSF will not be a solution, as they are regulated by the same law as that applies to retail superannuation fund.

 

If you are concerned about fees erroding into your Superannuation balances, you should seek professional financial advice in Australia.

 

 

Hope this helps

R

 

 

2 REPLIES 2

Most helpful response

Devotee

Replies 0

Hi @MarekN 

 

DASP is only available for temporary residents who came into Australia under a temporary visa and is departing Australia permanently. To qualify, you cannot also be a permanent resident or an Australian Citizen.

 

As you have just recently attained Citizenship, you are subject to the same "preservation rules" as all other citizen of Australia. This means the "conditions of release" under which you will be able to access super if satsified, do not include DASP. The conditions of release available to you are as follows:

 

The most common conditions of release for paying benefits are that the member:

In special circumstances, at least part of a member’s super benefits can be released before the member has reached preservation age. These are:

 

Rolling over your super into an SMSF will not be a solution, as they are regulated by the same law as that applies to retail superannuation fund.

 

If you are concerned about fees erroding into your Superannuation balances, you should seek professional financial advice in Australia.

 

 

Hope this helps

R

 

 

Anonymous

Replies 0

@MarekN 

 

Maybe give some consideration to rolling over your funds to an Retirment Savings Account (RSA), low returns but usually no fees.

 

ASIC approved RSA providers can be found on their website here.