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Re: Super options for temporary residents

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Hi there,

 

I have been living and working in Australia for almost 3 years. For my first year I was sponsored by my company and on the 457 visa, I then left that role and so went on to a 417 working holiday visa.

 

I have been making contributions to my super throughout the past 3 years. Is there anyway I can transfer my super inot my pension pot in the UK without paying 65% tax on the whole amount?

 

Do I only have to pay 35% on the super contributions I made during the time I was on a 457 visa?

 

Thanks so much in advance for help,

 

Sophia

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@Sophia3068 wrote:

Hi there,

 

I have been living and working in Australia for almost 3 years. For my first year I was sponsored by my company and on the 457 visa, I then left that role and so went on to a 417 working holiday visa.

 

I have been making contributions to my super throughout the past 3 years. Is there anyway I can transfer my super inot my pension pot in the UK without paying 65% tax on the whole amount?

 

Do I only have to pay 35% on the super contributions I made during the time I was on a 457 visa?

 

Thanks so much in advance for help,

 

Sophia


I am also new here and was on the search for the same question. I also need help with this. 
Thanks in advance.
Regards.

Shane,

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Hi @Sophia3068,

 

Welcome to the Community.

 

We're re-posting our original answer to your question, as the original reply contained links to ato.gov.au content which have been updated.

 

Generally speaking, you're unable to transfer your superannuation from an Australian super fund to an overseas super fund.  The exception to this rule is individuals emigrating between Australia and New Zealand – these individuals may be able to transfer the superannuation between the two countries through the Trans-Tasman retirement savings portability scheme.

 

To apply for a departing Australia superannuation payment (DASP), you’ll need to meet all the eligibility criteria.

 

When you apply for a DASP, your super fund will determine what tax rate they need to withhold from the payment, based on whether your super balance includes any amounts that are attributable to super contributions made for you while you held a working holiday maker (WHM) visa.

 

If your super balance includes any amounts that are attributable to super contributions made while you held a WHM visa, then your DASP will be taxed at the DASP WHM tax rate of 65% - the legislation doesn't allow for apportionment of the tax.


You can find more information in our Guide to claiming your departing Australia superannuation payment (DASP) online - frequently asked q....

 

Thanks!

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