There are lots of rules that apply to your super if you’re going overseas for work or play for an extended period. If you are a member of an SMSF, it’s essential you understand the restrictions that apply to the fund under these circumstances or you could potentially face a serious reduction in your wealth. The rules ... Read more
Leaving or living or working outside Australia
Australia has become part of the global workplace, and Australian citizens regularly leave our shores, and international citizens regular arrive to work temporarily in Australia, or permanently relocate, to start a new life. Australians often return to Australia more than once. What does all of this labour mobility mean for superannuation benefits?
For many people with Australian superannuation accounts, it will mean accessing super when they leave Australia, while for Australian citizens and permanent residents it will require action to ensure super savings are looked after while they live or work outside Australia. Upon arrival/return to Australia, some individuals will be able to transfer overseas benefits (specifically, NZ KiwiSaver accounts and UK pension accounts, although strict conditions apply and not always available).
Set out below are key SuperGuide articles explain the super rules for those leaving, living or working outside Australia:
Set out below are all SuperGuide articles that relate to Leaving or living or working outside Australia.
Should I retire overseas?
Alan and Ros Cuthbertson are living their dream. The Queensland couple, both in their 60s, spend half the year in Thailand, and the other six months housesitting throughout Asia and Europe.Their website, Frequent Traveller, is full of advice on planning the perfect holiday with tips on how to make your travel dollars ... Read more
Which Australian super funds accept transfers from Kiwisaver accounts?
If you have KiwiSaver savings, you can voluntarily transfer them to an Australian super fund under the provisions of a Trans-Tasman Retirement Savings Portability scheme that was introduced on July 1, 2013.Consolidating your funds in this way can help you to avoid paying multiple fees on your retirement savings. ... Read more
Can I access my super if I retire overseas?
Question: I’m an Australian citizen and want to retire in Italy when I’m 52. Can I access my super because I don’t plan on working again in Australia?Answer: No, because this situation doesn’t meet a condition of release under Australian super legislation. These conditions of release apply regardless of whether you ... Read more
When can I access my super? All conditions of release explained
There are multiple ways that you can legally access your superannuation under Australian legislation. These are known as conditions of release.The five most common conditions of release are:Being over preservation age and retiring Being over preservation age and starting a transition-to-retirement income stream ... Read more
Early release of super through the Departing Australia Superannuation Payment (DASP)
The Departing Australia superannuation payment (DASP) is available to departed temporary residents who worked and earned super in Australia. It is not available for permanent Australian residents, nor for Australian and New Zealand citizens.Normally you can only access your super once you’ve reached your preservation ... Read more
What are the SMSF residency requirements?
SMSFs must pass residency requirements at all time to be eligible for the tax concessions that are available under Australian superannuation legislation. Member contributions and fund earnings in compliant Australian SMSFs are taxed at the concessional super rate of 15%, up to certain contributions limits. What is the ... Read more
How do I transfer a UK pension to an Australian super fund?
Recent changes to legislation have made it more difficult to transfer UK pensions to Australian superannuation funds. These changes could affect thousands of people who have worked in the UK for any period of time and who want to transfer their accumulated pension savings to an Australian super fund. Who can ... Read more