Make sure your super travels as well as you
ANYONE planning a move overseas for work may want to consider the superannuation implications of the move.
If you’re a permanent resident, your super will remain subject to the same rules as if you were living here. If you’re a temporary resident, you may be able to claim a departing Australia superannuation payment (DASP).
You might be leaving the country for a variety of reasons — career prospects, love, adventure, new opportunities — or you may be returning home. While you’ve probably got a checklist of things to cover off before you leave, spare a thought for any super you might’ve accumulated while working in Australia.
After all, it is your money — so it’s a good idea to keep track of it.
Even if you’re leaving the country permanently, if you’re an Australian citizen or permanent resident your super will remain subject to the same rules. In most instances you generally won’t be able to access your super until you reach your preservation age — between 55 and 60, depending on when you were born.
Meanwhile, if you’re going to continue working for an Australian employer, they may still be required to contribute to your super, so check the Australian Taxation Office (ATO) website for more information.
If you’re a temporary resident, when you leave the country you may be able to claim the DASP, which means you can take your super with you.
It’s worth checking out what the super or retirement savings situation is in the country to which you’ve relocated. Do your research on whether — and on what basis —y — you can recover or withdraw any contributions you make while you’re away.
If you’re close to your preservation age, find out if there are any tax implications for withdrawing your Australian super when you become eligible to do so.
Ensure your super fund has all your up-to-date details so it can stay in touch with you. This will also help to avoid any small lost or unclaimed super balances you might have being transferred to the ATO.
If you do find you have super with multiple providers, there may be advantages to rolling your accounts into one — such as paying one set of fees, which could save you hundreds of dollars each year and even thousands over many years.