MOVING AUSTRALIAN MONIES

It is a lot more difficult to move monies the other way. Normally you would need to wait until a condition of release is met. However since 1 July 2002 temporary Australian residents can claim superannuation monies accumulated while working in Australia.

The payment is called a Departing Australian Superannuation Payment. The payment does not form part of the person's assessable income - it has a special witholding tax impost of:

 

Exempt Component	-	0%; and
Taxable Component	-	30%

If the temporary resident has not claimed their super six months after they depart Australia and no longer hold a visa, the account balance is transferred to unclaimed monies.  The monies paid to the Commonwealth can be claimed at any time.  While a resident the superannuation monies can accumulate in a normal fund - not to be swept to the Commonwealth as originally announced.