19Jul

Superannuation for foreigners visa holders: Why does it matter to you?

You have heard about super, but you’re from another country and only here for a few years, why would it matter to you? Superannuation is a payment for each worker in Australia’s future, even foreign residents!

DASP or Departing Australia superannuation payment is the payment made to temporary visa holders once they have left Australia, we will go though some of the information you need to get your DASP.

Which is your eligibility?

  • You can claim your super back if you held a temporary visa (e.g., Working Holiday Visa, Subclass 482 TSS visa, Student Visa) with work rights.
  • Your temporary visa must have expired before you can claim your super.
  • If you held a permanent residence visa after your temporary visa, you can apply for a superannuation refund after the permanent residence visa expires (valid for five years from the grant date).
  • If you were never a temporary resident in Australia, you cannot claim back superannuation payments, sorry Aussies you have to wait until your 65!

Claiming your money

  • Use the DASP (Departing Australia Superannuation Payment) to claim your superannuation refund.
  • If you don’t claim your super within six months after leaving Australia, it will transfer to the Australian Tax Office (ATO) until you claim it.
  • You’ll need your Australian tax file number, employer details, and evidence of super contributions.

Tax on Your Superannuation Money

  • If you held a Working Holiday Visa (Subclass 417 or 462), the tax on your super refund is a hefty 65% of the paid super during your visa period.
  • Bridging visas after your first Working Holiday Visa also count toward the higher tax rate.
  • For non-working holiday makers, for example student visa holders, tax rates are 35% for taxable salary components and 45% for untaxed salary components.

For example – Javier who worked for 4 years in Australia as a Builders Labourer while he completed his studies has accumulated $20,000 in super during his time in Australia. Once Javier arrives back in Spain he can claim his DASP payment and as Javier is a Student he pays 35% tax rate and receives a check for $13,000 from his super fund.

Don’t miss out on your golden goodbye to Australia!

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