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Renouncing citizenship Super withdrawal and HELP

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Newbie

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Hello,

I'm a dual Italian Australian citizen born in Italy. I'm returning to Italy permanently later this year and would like to know whether there would be any implications for my Super and HELP/Fee student loans if I renounced my Australian citizenship. In particular, I'm interested in whether I would be allowed to withdraw my Super.

Many thanks!
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ATO Certified

Community Support

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Hi @FMGIM86

 

Welcome to our Community.

 

When you leave Australia later this year, due to your Higher Education Loan Program (HELP) account you will have some additional reporting obligations.

 

You can find out more about these obligations by checking out the overseas obligations when repaying loans page on our website.

 

Your annual worldwide income reporting requirements will continue for as long as you have a HELP debt. These reporting rules also apply if you have a VET Student Loan (VSL) and/or Trade Support Loan (TSL) account.

 

You can also use the study and training loan repayment calculator to help you estimate the compulsory repayment and/or overseas levy for your HELP account.

 

Regarding your super, you will need to meet a condition of release to access your preserved super. You can read more about when you can access your super on our website.

 

You will notice that leaving Australia and renouncing your citizenship is not a condition of release. Unless you meet the requirements of one or more of the listed conditions, you will need to leave your super in Australia.

 

If you are able to access your super, be aware that depending on your age and circumstances you may need to pay some tax. You can find out how tax applies to your super on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR

3 REPLIES 3
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Best answer

ATO Certified

Community Support

Replies 2

Hi @FMGIM86

 

Welcome to our Community.

 

When you leave Australia later this year, due to your Higher Education Loan Program (HELP) account you will have some additional reporting obligations.

 

You can find out more about these obligations by checking out the overseas obligations when repaying loans page on our website.

 

Your annual worldwide income reporting requirements will continue for as long as you have a HELP debt. These reporting rules also apply if you have a VET Student Loan (VSL) and/or Trade Support Loan (TSL) account.

 

You can also use the study and training loan repayment calculator to help you estimate the compulsory repayment and/or overseas levy for your HELP account.

 

Regarding your super, you will need to meet a condition of release to access your preserved super. You can read more about when you can access your super on our website.

 

You will notice that leaving Australia and renouncing your citizenship is not a condition of release. Unless you meet the requirements of one or more of the listed conditions, you will need to leave your super in Australia.

 

If you are able to access your super, be aware that depending on your age and circumstances you may need to pay some tax. You can find out how tax applies to your super on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR

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I'm new

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Hi there,

 

There was a part of his question here that wasn't answered directly that is specifically relevant for me.

 

I've lived in Germany for 9 years and fulfil the requirements to apply for German citizenship. The problem is that they require you to give up the Australian citizenship as they gererally don't permit dual-citizenship for non-EU citizens. However, if you can prove that renouncing your previous citizenship would be of significant financial disadvantage, they may permit it.

 

I don't wish to give up my Australian citizenship so would like to find out if my Fee-HELP debt might be a cause of significant financial disadvantage if the Australian government required me to pay it back upon renouncing my citizsenship. If I could prove this to the German government, they might grant me dual citizsenship.

 

In summary—what are the implications for a fee HELP debt when renouncing citizenship?

 

Thanks very much

 

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Community Support

Replies 0

Hi @Mike789

 

Unfortunately Mike citizen or no citizen the repayment arrangement stays the same. See Study and Training support loans.  You are always welcome at ATO Community.

 

Thanks for your post

MarkATO