Homesick? Going home with money in Super?

Why not take it with you.

If you’ve been in Australia as a temporary resident for a few years and have been working, it’s likely that you’ve accumulated some money in a superannuation fund due to compulsory employer Super contributions.

Some people often return to their home countries, leaving behind thousands of dollars.

When leaving Australia, temporary residents are able to make a claim for their accumulated Super benefits via a ‘Departing Australia Superannuation Payment’ (DASP).

There are of course restrictions for getting access to these monies.
– you need to have already left Australia;
– your temporary resident visa needs to have expired or be cancelled;

What is interesting is that you don’t need to have left permanently, you just need to have left. Of course this makes it harder to communicate with your Super fund but there’s two things you can do to help you facilitate this process.

1)Engage the services of a Financial Planner to help you in this process. Yes, they will charge you a fee for this but most planners will negotiate something reasonable for the service required.

2)Ask a family member or friend who is staying in Australia to be your liaison with your Super fund and/or Financial Planner. If you’re not going to engage a Financial Planner, I would recommend a relative that has a finance background. As they will be familiar with the types of forms and jargon that your Super Fund will need to be completed.

In recognition of the high level of employment mobility between our two countries, Citizens and Permanent Residents of New Zealand are excluded from receiving this payment. I call it ‘The Richie McCaw is a grub’ tax. Sorry Kiwi’s I couldn’t help myself.


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