Changes apply this year to unclaimed super for former temporary residents. If you’re a former temporary resident, your super fund, retirement savings account (RSA), or approved deposit fund (ADF) may pay your unclaimed super to the Australian Taxation Office where it has been at least six months since you departed Australia and your visa was cancelled or expired.
After departing Australia, you can claim your super at any time from either your fund (if they still have it) or the ATO (if it has been passed along). To find out where your super money is, you should contact your fund. The easiest way to claim is using the online payment system.
New Witholding Rates:
There are new withholding tax rates for super payments you apply for on or after 1 April 2009. The new withholding tax rates are:
0% for the tax-free component
35% for a taxed element of a taxable component
45% for an untaxed element of a taxable component.
Who’s exempt from the changes?
These changes do not apply if at the time you make the application for payment you are:
- an Australian citizen
- a New Zealand citizen
- a holder of a permanent or temporary visa
- a temporary resident who has left Australia and receives an income stream
- a holder of a retirement visa (subclasses 405 and 410).
Note to Employers:
There are no changes to employer obligations. Where applicable, you still need to continue to pay super guarantee for eligible temporary residents in the future.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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Hi, good post. I have been pondering this issue,so thanks for posting. I’ll probably be coming back to your blog. Keep up the good work