If you are a temporary resident in Australia whose temporary visa has ceased to have effect or has been cancelled, then you can claim your Departing Australia Superannuation Payment (“DASP”) from your superannuation fund within 6 months of your departure from Australia.
It is important to note that you will only receive 65% of your employers contribution – the other 35% is retained by the Australian Taxation Office (“ATO”) as DASP withholding tax.
However, if you are a temporary resident whose temporary visa has ceased to have effect and you do not claim your DASP from your superannuation fund within 6 months of departing Australia, then your superannuation benefit is treated as unclaimed money and the superannuation fund must pay it to the ATO. In these circumstance, you may be able to reclaim your superannuation benefit (less the DASP withholding tax) directly from the ATO at any time where certain conditions are satisfied.
Contact us on (07) 3891 3333 to find out if you are eligible to apply for a withdrawal of your superannuation.
Our Principal, Zeke Bentley, has been helping clients with tax matters for over 15 years, and is currently involved in a project wickenby matter where we are seeking the review of a $40M assessment.