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I’m leaving Australia: Can I access my super?

February 10, 2011
By 7 Comments

Q: I really found your web page very informative as I am just about to retire. I wish I had read it years ago. You certainly take the mystery out of super. My son, 42 yrs old has moved permanently to the USA. He has married an American lady and purchased a house etc. He does not intend to return to Australia. He has a small industry-based super a/c & we were told that he cannot access this until retirement. Is this correct?

Trish’s response: Many thanks for your kind words about our website, and we’re pleased that you have found it useful.

I’m assuming your son was a permanent Australian resident and Australian citizen before he departed Australia’s sandy shores, rather than a temporary resident. Australian citizens who then relocate overseas are treated in the same way as Australians living in Australia: they cannot access preserved super benefits until they reach preservation age and retire, or satisfy another condition of release. (I explain the conditions of release in my article Accessing super early: 12 legal reasons to cash your super).

Preservation age for anyone born on or after 1 July 1960 is age 60, which is the preservation age for anyone aged 42. Preservation age ranges from age 55 (for those born before July 1960) through to age 60.

In the olden days (about 10 years ago) it was possible to access your preserved super benefits when you left Australia permanently subject to meeting certain conditions. The rules were changed from July 1998 which now means that any Australian citizen who moves overseas permanently cannot access super benefits unless they satisfy a condition of release. The rationale for this policy is that Australian citizens may return to Australia to retire, or at least have the option of retiring in Australia.

Note: Temporary Australian residents who have visited the country under an eligible temporary resident visa (temporary visa listed under the Migration Act 1958, but not subclasses 405 and 410) can withdraw any super benefits (less tax) when the visa expires and when they leave Australia. If a temporary resident doesn’t claim any his or her super benefits within six months of departing Australia, then the super fund may pay the super benefits to the Australian Tax Office (ATO). You then have to apply to the ATO for access to your super. You find more information about temporary residents accessing super benefits upon leaving Australia by reading Superannuation information for temporary residents departing Australia on the ATO website.

I’m leaving Australia: Can I access my super? Super Guide

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Comments

  1. Angel Davies says:
    June 4, 2012 at 5:14 pm

    Hi, Trish,
    I must tell you that I come across your website article regarding superannuation and I find it very informative, thanks. I have some question too. I am planning to Australia and live overseas for good, as I am reading the other comments, I realise that I am not able to access my super as well until my age reach 60 that is a long time to wait. but my question is, what if I decide to give up my Australian citizen and acquired the Citizen where I am living?
    will I be able to access my Superannuation? Please advise me on what I need to do how to claim my superannuation. thank you so much for you advice.

    Yours truly,
    Angel

    Reply
  2. Scott says:
    May 1, 2012 at 4:00 pm

    I have moved to NZ permenently from australia, my wife & I are trustees of our own DIY super and are confused as we can’t ransfer to NZ and we cannot leave it as is because we fail the Central Management & Control test, we have property & share assets in the fund. What can we do?

    Reply
  3. Burhan says:
    June 30, 2011 at 5:16 pm

    Hi Trish,

    I’m permanent resident planning to go back to my home country for good. Can I cash in my super when my PR Visa expired? The point of that thought is that when my PR Visa expired and I didn’t renew it I would be refused entry anyway.

    your answer is greatly appreciated.

    Thanks,
    Burhan.

    Reply
  4. w brand says:
    April 28, 2011 at 12:03 pm

    hi i have been a permenant resident for 10 years and am going back to live overseas can i cash in my super now ? i am not an australian citizen . thanks

    Reply
  5. Andrew Walker says:
    May 4, 2010 at 3:59 pm

    I’m confused by the statement that a “permanent resident” of Australia can’t access their superfunds early. Of course they can’t! What never gets answered is what if you move overseas and you are no longer a “permanent resident” or citizen of Australia? Can you access your superfunds then. The answer that you have the option to return to Australia and retire if you used to be a permanent resident doesn’t hold water as the only option I can see is to apply for a resident return visa (155) which has the criteria that you have to have been a permanent resident in Australia for at least 2 of the previous 5 years. So if I’m gone for say, 10, 15 years and decide to return and retire to Australia I can’t find a visa that I may be eligible for.

    Reply

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