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Ex-Permanent Resident and Superanuation

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Newbie

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Hi, three years ago I moved back to the US permanently. While I lived in Australia I held Permanent Residency. My visa sticker does have a date on it that says I can't return after a certain date once I'm out of the country (that date was a little over three years ago). I have seen a lot posted about Temporary Residents being able to claim their superannuation once they have left the country. How would an ex-permanent resident go about this? Is it even possible?

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ATO Certified

Devotee

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Hi jackytuck3r

 

Nope. We're coming up on nearly 20 years since leaving Australia permanently was a way of getting early access to your super. It's only people who work in Australia on an eligible temporary resident visa who can claim their super once they've left.

 

This page on ato.gov.au provides information on when you can access your super.

 

Generally it's not until someone reaches their preservation age that they can access their super. This used to be age 55 but is increasing to age 60 for those born after 30 June 1964. Preservation ages are shown at the page I linked.

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

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Best answer

ATO Certified

Devotee

Replies 2

Hi jackytuck3r

 

Nope. We're coming up on nearly 20 years since leaving Australia permanently was a way of getting early access to your super. It's only people who work in Australia on an eligible temporary resident visa who can claim their super once they've left.

 

This page on ato.gov.au provides information on when you can access your super.

 

Generally it's not until someone reaches their preservation age that they can access their super. This used to be age 55 but is increasing to age 60 for those born after 30 June 1964. Preservation ages are shown at the page I linked.

 

This is my personal view; I’m an ATO employee who chooses to help out here in my own time.

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Newbie

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That's a little dissapointing for ex-pr people. Thank you for your help.

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Devotee

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I can understand the disappointment. It's much cleaner to have all of your money in the one country rather than spread across the world.

 

The concern a lot of countries have is that people will leave, give up their permanent residency status, cash out their retirement savings, then move back later in life and again be eligible to become a permanent resident. Then they receive the old age pension as their retirement savings are gone.

 

So as retirement savings systems around the world have different rules attached and it's hard to know what will happen to the money once it's transferred the simplest thing to do is to lock the money up where it is until the person reaches retirement age. Or to tax the money at a high rate on the way out to cancel out the tax advantages built into retirement saving systems. Or in rare cases to enable the transfer from one countries' retirement system to another. In Australia's case outwards transfers are limited to New Zealand kiwi-saver accounts.