Announcements
We understand 2020 has been difficult and we're here to try and make it easier during tax time. Search posts, read articles or ask a question.

ATO Community

Withdrawal of ATO-Held Super of Temporary Resident

This post is archived and may not be up-to-date.

Highlighted

Newbie

Views 417

Replies 1

Dear Community,

I was an Australian permanent resident from 1995 to 2006. All my super contributions were done during this period. My super is currently being held by the ATO and, as per their information, is DASP eligible.

 

From researching the ATO and ATO Community sites, I understand that regardless whether I withdraw my super or roll it to a super fund, I will need to pay the 35% tax rate. Is this correct?

 

I have two questions:

  • Can I roll my ATO-held super to a super fund although I’m no longer a Australian resident?
  • At what tax rate would future returns of the super account be taxed?

 

Many thanks & regards

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @Montfort21

 

Welcome to our Community!

 

If you had super paid on your behalf and you meet the eligibility criteria to have it paid to you as a DASP, any super paid while you were on a non-working holiday visa will be subject to 35% tax. 

 

If you request to have your super transferred to another Australian super fund, there will be no tax on the transfer only when the super is paid out to you. However, you'll need to discuss whether an Australian super fund will accept your super as you're currently not an Australian resident and may not have an active super account. It's ultimately up to the super fund whether you can set up an account with them and if they'll accept your super. 

 

There are many different ways an individual can withdraw their super when they are eligible and it depends on a number of factors, such as:

  • their residency status
  • the types of components that make up your super,

Without knowing more information we can't say what the further tax rate would be. You can find general information about temporary resident and super on our website. 

 

Thanks, JodieH. 

 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @Montfort21

 

Welcome to our Community!

 

If you had super paid on your behalf and you meet the eligibility criteria to have it paid to you as a DASP, any super paid while you were on a non-working holiday visa will be subject to 35% tax. 

 

If you request to have your super transferred to another Australian super fund, there will be no tax on the transfer only when the super is paid out to you. However, you'll need to discuss whether an Australian super fund will accept your super as you're currently not an Australian resident and may not have an active super account. It's ultimately up to the super fund whether you can set up an account with them and if they'll accept your super. 

 

There are many different ways an individual can withdraw their super when they are eligible and it depends on a number of factors, such as:

  • their residency status
  • the types of components that make up your super,

Without knowing more information we can't say what the further tax rate would be. You can find general information about temporary resident and super on our website. 

 

Thanks, JodieH.