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Wondering what super is and how to get it back? Look no further than our guide to superannuation!
Many working holidaymakers who leave Australia are unaware that they can claim Australian super refunds on their Superannuation payments.
In fact, these refunds are often quite substantial, so applying for yours back makes sense given you could be due a hefty refund!
But what exactly is Superannuation, and how can you get it back?
Read on to find out!
What is Australian superannuation?
Australian superannuation, also known as‘super’ is a system for employees in Australia to accrue enough funds to replace their income in retirement.
If you don't plan on retiring in Australia and have every intention of leaving, you can still claim some of it back after you've left the country.
Australian superannuation refundcan be a hefty sum, with Taxback super refunds averaging at AU$1,908.
Superannuation is a way of saving money to provide benefits for:
when you retire
if you become an invalid
your beneficiaries upon your death.
If you have worked and paid super whilst on a temporary visa, you can apply to have this super paid back to you after you leave as a Departing Australia Superannuation Payment (DASP).
While working in Australia you will have paid both income tax and superannuation on your earnings.
If you are a temporary resident, who has worked and lived in Australia, you can apply and claim back any overpaid income tax and your superannuation payments.
The average superannuation refund is $1908
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Criteria to claim your Australian superannuation refund
You can claim your super back if:
You have already left Australia
Your visa has been cancelled or is expired
You paid superannuation while in Australia on a temporary visa (including Working Holiday Maker WHV, subclasses 417 and 462)
Note:Citizens from New Zeаland are not entitled to access their superannuation refund, as the governments of Australia and New Zealand have an agreement to transfer the superannuation fund to the New Zealand super system.
Want to Learn More About Australian Tax? DOWNLOAD YOUR FREE TAX GUIDE HERE
How do I know if I’m paying superannuation in Australia?
Simply check your payslip which details the amount of super you’re getting and the date it’s paid into your fund.
Prior to 1July 2022, if you were earning over $450pm then your employer was legally obliged to pay into a superannuation fund on your behalf. If you wish you can ask them for details of the account.
It's advisable to retain any documentation in relation to your super so you have this to hand when applying for your refund. However if you do lose this info, Taxback can help chase it up for you!
Australian superannuation employee contribution rates
Up until recently, the rate of payment from your earning was 10.5%, on income up to $54,030. However, on July 1 2023, this rate was increased by 0.5%, so it now stands at 11%.
Up to 2025-26, further increments of 0.5% will be applied annually and the rate will be set at 12%.
Who isn’t eligible for super payments?
- Under 18 yrs. and working less than 30hrs pw or less
- A non-resident paid for work performed outside Australia
- A resident paid by non-resident employer for work done outside Australia
- Anyone employed for domestic or private work for 30hrs pw or less
The average superannuation refund is $1908
GET YOURS
How to set up a super fund
Often, your employer in Australia will choose a fund on your behalf, but if not, you can set one up when you open your bank account via any of the main banks in Australia.
It may be especially useful to you to set up your own account when on a working holiday visa because you'll probably work in various jobs and things can get REAL messy if you have mutliple super funds.
You may not be able to keep track of them! With one super account, you can keep all the funds in one place and it will be way easier for you to claim your Australia tax returnwhen you leave!
Benefits of setting up your own superannuation account:
1. Keep all your super in one place (even if you have multiple jobs)
2. Much less paperwork and no chasing up employers!
3. Helps maximise your refund so you get all you're due
When is Australian superannuation paid out?
Superannuation is a pension system and is paid out to Australians when they retire. However, if you don’t plan on retiring in Oz, you can claim Australian super back when you leave (see update above). The rest will be taken in taxes by the government.
Your visa will need to have expired and you will need to have left Australia permanently.
Your superannuation refund will be taxed at a rate of 65%.
This change only applies to working holidaymakers on 417 and 462 visas. If you are on any other visa, the change doesn't affect you and your super refund will still be taxed at 35%.
Can I claim my Australian superannuation back?
Yes, if you were on temporary visa in Australia (except subclasses 405 and 410) and you don’t want to retire there, you SHOULD claim it back!
The refund is called a ''Departing Australia Superannuation Payment’’ or DASP and you can only claim it if your visa has expired and you’ve left Australia.
It’s important to note that if you are a working holidaymaker on either a 417 or 462 visa, your superannuation refund will be taxed at a rate of 65%.
If you are on any other visa, your super refund will still be taxed at 35%.
Yes, paying tax on your refund is a pain but you'll still get a substantial amount-maybe even enough for another holiday!
How to claim back my Australian superannuation?
To claim back your Australian superannuation, gather necessary documents, apply online through the ATO or a tax refund service, await processing, and receive your payment, considering any tax implications.
How do I get my pension back from Australia from overseas?
When you leave Australia, you can apply through the Australian Tax Office (ATO) for your super back.
You can also use a tax expert like Taxback to claim online!
We can help you through the process of getting your super back.
You can use our specialised Superannuation refund calculator to see how much you’re due back too!
Remember, there is a tax on your Departing Australia Superannuation Payment (DASP) of 65%.
Reasons to apply with Taxback:
- We have 25 years of experience with international tax and refunds
- Hassle-free service-we'll do the paperwork and save you time and stress
- We'll help you retrieve your missing superannuation details
- We'll update you so you can get on with life while we get your super back for you
- You will have your own personal account manager available to help with any queries you may have
- 24/7 Live chat support with experienced tax agents
What happens to my super if I leave Australia permanently?
If you leave Australia permanently, your superannuation remains in your account until you claim it.
I left Australia years ago and never claimed my super. Is it too late to get it back?
No! You can still claim it!
If you haven’t claimed it for 6 months after you depart Australia, your super fund will request for it to be transferred to the ATO who will hold it for you until you claim it. So as long as you’ve left the country and your visa has ceased to be in effect, you can apply for it back.
Your money is waiting for you, get your tax reclaim in Australia!
Who can't claim Oz super back?
- Australian citizens
- New Zealand citizens
- Permanent Australian residents
- Retirement visa holders
- Investor retirement visa holders
- If you’re a New Zealand citizen permanently leaving Australia, you may be able to transfer your fund to New Zealand
How much super will I get back in Australia?
It depends on the type of fund, how long you worked in Australia, and what contributions your employer made. The average superannuation we get back for our clients is AU$1,908!
You can get a free estimate here with our Australian superannuation calculator.
Can I return to Australia after claiming my super?
Yes, you may still return to Australia on another visa, even if you claim your superannuation money.
You can even set up an account with a different super provider.
Want to Learn More About Australian Tax?
DOWNLOAD YOUR FREE TAX GUIDE HERE
Get help with claiming superannuation from Australia
The average super refund we get for people is AU$1,908 and we can help you get yours too! You can get a free refund estimate using our tax refund calculator 2024or get started here now! If you’ve any questions or need any help!
