For temporary residents in Australia, assessing your entitlement to superannuation is essential both during your employment and upon your departure.
Superannuation, commonly called ‘super,’ is a retirement savings scheme in Australia. When working in the country, your employer must typically contribute to a super fund on your behalf. Importantly, this requirement is generally not contingent on your visa type (as long as you possess work rights) or your tax residency status.
The ATO’s “Am I entitled to super” tool is recommended to determine your eligibility for super.
If you qualify, you can decide where and how your super is invested, providing a degree of control over your retirement savings.
While super is primarily designed as a long-term investment for retirement, if you are a temporary resident departing Australia, you may be eligible to claim your super (with applicable tax deductions) through a Departing Australia Superannuation Payment (DASP).
It’s important to note that you can only submit a DASP claim once you have left Australia and your visa has expired. However, starting the application process before your departure may streamline the procedure.
Upon receiving a DASP, you are entitled to a refund of any Division 293 tax you may have paid during your employment.
For New Zealand citizens, DASP eligibility is not applicable. Nevertheless, New Zealand residents or citizens may be able to transfer any accumulated Australian super to a KiwiSaver scheme provider or receive direct payment if they meet the eligibility criteria. This also includes unclaimed super funds held by the Australian Taxation Office (ATO).
It’s also worth noting that the ATO offers basic information about Australia’s tax and superannuation system in multiple languages, ensuring accessibility and understanding for individuals from diverse linguistic backgrounds.
Alternatively, you can speak with a registered tax professional (like us) for more information.