Accessing Your Superannuation
Accessing your superannuation usually requires you meet a condition of release. However there are occasions when you need to access your super without one. Here are some reasons why you need may to access your superannuation.
I’m a lost Super member, can I withdraw my super?
It is common for superannuation members to lose track of their superannuation benefits. This is most true for casual employees, such as hospitality workers. Their employment periods are short and usually only pay small amounts of superannuation.
A superannuation fund will declare a member as lost for a number of reasons including when there is a cessation of superannuation contributions or the fund is not able to communicate with the member. Fortunately, lost members are able to claim their super if they eventually locate their funds.
Upon finding your super, you have two options.
The first option is to rollover funds to your existing/preferred superannuation fund. Simply submit a rollover form to the organisation holding your lost super. This may be a superannuation fund or it may be the ATO.
The second way is to claim your benefit as a cash payment. This can only occur if the account balance is under $200 and is dependant on the rules of the holding superannuation fund.
There is no tax payable on released funds if the balance of the superannuation account is under $200.
Can I claim my super if I leave Australia?
Accessing your superannuation is possible is you are leaving Australia.
If you are a temporary resident and your employer employer has paid you superannuation, you might be able to claim your superannuation benefit, when you depart Australia.
When you claim a benefit as a departing temporary resident, it is a Departing Australia Superannuation Payment or (DASP).
To be eligible to claim a DASP you must;
- Have been working as a temporary resident of Australia
- Have departed the country
- No longer hold a valid temporary resident working visa
- Not be an Australian or New Zealand* citizen
*New Zealand citizens may be required to transfer the benefit to a Kiwi Saver.
To have your benefit paid if it is under $5,000 you need to notify the trustee of your superannuation fund and provide a copy of your temporary resident visa as well as your passport showing your departure from Australia.
If your benefit is over $5,000 to have it paid you must provide a written statement from the Department of Immigration stating that your temporary residency has ceased and you have permanently departed Australia.
Importantly, tax is payable on a DASP, up to 65%.
| DASP tax rates that apply to payments made from 1 July 2017 | ||
| Payment component | DASP ordinary tax rate (for non-WHM) | DASP WHM tax rate |
| Tax-free component | nil | nil |
| Taxable component – taxed element | 35% | 65% |
| Taxable component – untaxed element | 45% | 65% |
*WHM (Working Holiday Maker)
I have terminated an Eligible Employment arrangement, can I claim my super?
Once an employer pays your superannuation guarantee contributions (SGC) to your superannuation fund they are not refundable. The super guarantee paid to you is yours.
However there can be (unrelated) rules imposed by the trustee of the superannuation fund you belong to, which limit the amount/ability you can rollover to a new fund, but these are not all that common these days.
Having ceased employment, you can either rollover funds to your preferred superannuation account or, if your account balance is less than $200, you are eligible to claim your funds and have them paid to you personally.
Importantly, no tax is payable on any benefit paid from a superannuation account where the account balance is less than $200.
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Call 1300 551 267 or Email great.advice@insight-irs.com.au
