Did your boss pay for your superannuation when you work!? Do you know you can withdraw it all when you leave the country?
If you are leaving Australia permanently and have worked during your time in Australia, you can apply to withdraw your superannuation fund to your nominated bank account in Australia or in your bank account in your home country.
Interestingly – many international students didn’t apply for it, but they might have it without their acknowledgment. To be clear, this is a law-abided contribution that the government set-up to all the workforce in Australia. This article outlines how and why you should be claiming your superannuation.
WHAT IS SUPERANNUATION?
Often known as ‘super’ (because Australians like to shorten every word!), A superannuation in Australia are the arrangements in place to enable people in Australia to accumulate funds to provide them with income in retirement. Superannuation in Australia is partly compulsory, and is further encouraged by the government and supported with tax benefits. speak super fund is to them if you are unsure about your own.
DO I HAVE A SUPER FUND?
The legislation is in place to ensure that all legitimate employees, whether you work casual, part or full time, receive super contributions.
If you earn over $450 (before tax) in the calendar month, your employer must contribute at least 9.5% of your earnings to your nominated super fund. This is in addition to your ordinary wage. More info
I CAN’T REMEMBER EVER SETTING UP A SUPER FUND
Often when you working for a job in Australia, your employer will automatically set up a superannuation fund on your behalf if you do not nominate one; NOTE: You may have more than one fund if you have worked at several companies.
WHEN CAN I ACCESS MY SUPER FUND?
When you retire, reach the age of 65 or leave the country permanently.
HOW DO I ACCESS MY SUPER FUND?
You have to apply to receive your superannuation. Before applying, check with your employer to ensure they have paid all that they are required to.
You can only submit a claim after you have left the country and your visa has been expired or cancelled. It is HIGHLY recommended however that you begin this process while still in Australia, and gather all the necessary documents before you leave.
IMPORTANT: Where the claim is $5,000 or more, your super fund will require CERTIFIED copies of your proof of identification. It is much easier to certify the required documents while in Australia. once it’s more than one year, you will subject to foreign income tax rate, which it’s not worth it.
Enjoy the money that is rightfully yours
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About Post Author
A freelance writer, graduated from Curtin University, specialises in commercial writing, love travel and enjoy walking on the beach, Michelle also feeds on Psychology and will give away just about anything to cuddle with furry felines.