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Re: Withdrawing super from SMSF after permanently moving overseas

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Hi,

I have moved overseas permanently to the EU, and now have a dual citizenship - one of which is Australian. I have an SMSF to which my super was being paid before I quit my job in Australia and moved. I am currently in my 30s.

 

My question is whether I can withdraw my super and wind up the SMSF since I will not be returning to Australia, or do I have to reach a condition of release (preservation age etc.) before I can do so? 

 

If I can withdraw it, what is the process, and if not, what do I have to keep in mind while my super remains invested?

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Most helpful response

ATO Community Support

Replies 0

Hi @Jen6

 

If you're looking to wind up the SMSF you'll need to meet a condition of release to access your super. If you're unable to meet a condition of release the funds will need to be transferred to a complying superfund until you're able to access them. 

 

We have a page on our website that runs through winding up a SMSF and should help you out further. 

 

An important thing to be aware of is that if you intend to leave the SMSF open you'll need to make sure it is still considered a complying fund. A major part of this is the residency status which you can read about on our website under "Check if your fund is an Australian super fund". 

 

If you intend to transfer the balance to another complying fund you may want to discuss fees the fund may charge on your balance. 

 

Hope this helps, let us know if you have any questions. 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Jen6

 

If you're looking to wind up the SMSF you'll need to meet a condition of release to access your super. If you're unable to meet a condition of release the funds will need to be transferred to a complying superfund until you're able to access them. 

 

We have a page on our website that runs through winding up a SMSF and should help you out further. 

 

An important thing to be aware of is that if you intend to leave the SMSF open you'll need to make sure it is still considered a complying fund. A major part of this is the residency status which you can read about on our website under "Check if your fund is an Australian super fund". 

 

If you intend to transfer the balance to another complying fund you may want to discuss fees the fund may charge on your balance. 

 

Hope this helps, let us know if you have any questions.