Most individuals (excluding NZ and Australian permanent residents/citizens) who entered Australia under a temporary residency or sponsorship visa, which entitles them to work in Australia, will meet the criteria to claim a superannuation refund.
However, if you have applied for permanent residency in Australia, you will not be eligible to claim a superannuation refund
DO I HAVE SUPER?
In Australia the Employer is required to contribute 9% or more towards a Superannuation Fund if you earn more than $450 AUD per month.
HOW MUCH SUPER COULD I HAVE?
This will vary from person to person and will depend on the amount of time you worked in Australia and the amount you were paid.
For example, the average working visa is 4 years. If you were paid $70,000 per year @ 9% your employer would have been required to made contributions of $6,300 per year. You would then expect to have about $25,200 AUD in Super upon departing Australia.
In the above example, the $25,200 is refundable to you less tax as below.
WHEN CAN I CLAIM?
Only when you depart Australia permanently and the temporary visa has either expired or been cancelled, can the claim be processed. However, you can commence the claim prior to leaving, which helps greatly in getting things prepared and reduces time delays.
ACCESS TO CASH
The main benefit is that your refund will be deposited into an account in your name and accessable as cash. You can then reinvest those funds or use for what ever purposes you wish.
NO LOSS OF INVESTMENT RETURNS
If you have departed Australia for a period of 6 months, then the Australian Super Fund is required to transfer your funds into a holding account operated by the Australian Tax Office which does not pay interest or other earnings on the funds held.
Effectively, your funds stop producing returns as opposed to obtaining a refund and reinvesting those funds into other investments or retirement funds where they have the opportunity to produce earnings to enhance your retirement.
The Australian Government taxes all temporary residency superannuation refunds as follows:
0% on the tax free component
35% on taxed funds (the majority of funds)
45% on untaxed funds (mostly government type funds)
The tax rate will be determined and deducted by your superannuation fund with most funds being taxed at the 35% rate.
In most cases your superannuation fund will provide you with a Summary showing a breakdown of contributions and any deductions made from your refund along with your benefit withdrawal refund cheque. We will forward this summary to you when received.
When you terminate your employment in Australia, legally your employer is allowed up to 3 months to make your final superannuation contribution. Once this has been done, most superannuation companies require a further minimum of 28 days from receipt of all required Certified Documentation, to release your funds.
If a period of 6 months has elapsed since departing Australia, your Super Fund may have been transferred to the Australian tax department and held in a special account. If so, this may increase the time period required to organise your refund.
Our normal processing time once final employer super payments have been made is 3 months.
As most Temporary workers or non residents normally have a number of super funds with small balances our fee structure for refunds of Australian Super are both a fixed based dollar amount plus a % of the balance. An additional small fee is charged per extra super refund.
Our total fee for the refund is disclosed to you prior to commencement of any refund. However, you will find that they are very conservative and low cost when compared with other Firms resulting in considerable savings to you.
Our fees are normally deducted from the Refund Cheque at the time it is received by us, so there is no impact on your cash flows. Once our fees have been paid, your Refund is then paid into your bank account. However you can elect to pay our Firm upfront and we will forward your refund cheque directly to you.
COMPLIMENTARY TAX GUIDE
We understand that one of the most confusing and stressful issue is working out tax payable! To make things easy for you, we provide you with a Complimentary Tax Guide with all the forms and balances so you can do your tax with ease!
HOW MUCH CAN I TRANSFER
There is no limit to the amount that can be transferred from Australia.
TRANSFER TIME FRAMES - 3 months is the average.
WHY US - PEACE OF MIND!
From our experience, Trust and Peace of Mind is the number one consideration in choosing a Company to look after your Transfer.
Our Firm has considerable experience in undertaking overseas pension transfers and unlike other Firms, we actually deal with more than One Country! Therefore, we have considerable Technical Knowledge and Experience in a wide range of Overseas Funds to ensure a safe and secure transfer for you.
Unlike other Firms, Gold Vision is a Full Financial Services Firm meeting all the legal requirements to provide advice and undertake Transfers. Security and Peace of mind comes from knowing that we meet all the government regulations and hold all the appropriate liability insurances to further protect you.
Our Licence details are disclosed and we strongly suggest that you should think twice about using another transfer service if they do not disclose any licence details on their website!