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
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 referring to Leaving or living or working outside Australia.
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
Superannuation Guarantee: Do we have to pay SG for overseas workers?
Q: We have a girl working for us who is on a UK working visa. She doesn’t have super at home in England but do we have to pay her super while she is working for us? If yes, how do we go about it? Do we put it into a special super fund that she can then transfer over to her UK one, when she gets one? I am stuck!! Please ... Read more
Australian Age Pension: Am I eligible and how do I apply?
Any Australian resident hoping to receive the Age Pension must actively apply for this government-funded benefit. You don’t automatically receive the Age Pension when you reach a certain age, or when you satisfy the other eligibility requirements. You must complete special Centrelink forms and submit those forms to ... Read more
KiwiSaver: Only 3 super funds accept super transfers from NZ to Australia
Nearly 5 years after the super rules changed, opening the door to super transfers between New Zealand and Australia, only 3 Australian super funds are accepting transfers FROM KiwiSaver accounts to Australian super accounts. Many more Aussie super funds however permit transfers of Australian superannuation savings TO ... Read more
Divorce: How is Australian superannuation divided in a NZ divorce?
Q: Are you able to shed any light on how Australian super funds are treated/divided by New Zealand courts in the case of divorce, where the two parties are also New Zealand citizens? We’re not familiar with NZ family law but what I can say is that whatever a NZ court determines in relation to splitting Australian ... Read more
Accessing super early: Permanent departure from Australia (6 Q&As)
This article contains 6 examples of popular questions received by SuperGuide from Australian citizens and Australian permanent residents departing Australia, and overseas workers, who are seeking to withdraw super benefits before retirement. If you’re a temporary resident of Australia then check out another SuperGuide ... Read more
Accessing super early: 14 legal ways to withdraw your super benefits
Many Australians are facing hard times, especially with structural change transforming our economy. The harsh reality is that mortgage repayments and everyday living expenses continue even when you suffer redundancy, illness or other forms of misfortune. We receive hundreds of emails from our 3 million website users ... Read more
Can we run our business overseas if we are ‘retired’?
Q: We are Australians living and working on a South Pacific island and age-wise we are eligible to access our super later this year. We have retired from Australia and have no intention of working in Australia again, but does it affect our “retired” status for superannuation if we are running our own business overseas ... Read more
I’m leaving Australia: Can I access my super?
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 does not intend to return to Australia. He has a small industry-based super account and we were told that ... Read more
Accessing super early: 16 popular Q and As
I have received many questions from readers, some in serious financial situations or suffering illness who are seeking more information on how to access Australian super benefits early. Other readers seeking early access to super benefits have left Australia permanently, or have even left Australia temporarily. The ... Read more
Accessing super early: Living overseas and reached preservation age
Q: I’m an expat Australian, and I have been living in Europe for quite a few years. I am 57 and I want to access my superannuation to buy a property. Is that possible? I have no idea if I will retire back in Australia or stay here, but my view is that if I do retire back in Australia, I will sell the property to fund ... Read more
Accessing super early: Temporary resident of Australia
Q: My husband and I are getting ready to return home (USA) after living and working in Perth for the past 2 years. We came to WA on a temporary work visa. My husband has a super fund and we were wondering if we can leave the money in his super until he turns 60. My husband was born in September of 1960, which makes age ... Read more
Superannuation tax: ‘Working holiday makers’ hit with 65% tax (since July 2017)
Australia is a popular destination for overseas visitors, and many young people choose to take working holidays, or arrange longer-term work while on holidays in this country. New rules, introduced in December 2016, now impose a hefty super tax on super benefits when these ‘working holiday makers’ leave the country, ... Read more
Accessing super early: Australian citizen retiring overseas
Q: I’m a Filipino-Australian citizen, 45 years old and working for the past 15 years in Australia. I would like to retire to the Philippines at 60 years of age. At that age, I plan to buy an income stream from my super lump sum. Am I allowed to receive my income stream monthly payment in the Philippines to maintain ... Read more