Leaving Australia in search of broader horizons can be both exciting and challenging but have you considered the impact this may have on your superannuation? Since for most of us our superannuation represents one of the largest single assets we own, it is worthwhile considering the best way to manage or access your super if you decide to leave Australia.
Temporary residents working in Australia receive super guaranteed contributions from their employer. If you decide to return overseas permanently, then you can access your accumulated super in the following circumstances:

• you were in Australia on a temporary visa (excluding visa subclasses 405 and 410)
• your visa has expired
• you have left Australia
• you claim a ‘departing Australia superannuation payment’ (DASP)

Temporary residents have six months from when you left Australia and your visa ceased to be in effect to claim your superfund money before it goes to the Australian Taxation Office, who will then hold your super until you request it.

Please note that no departing Australia superannuation payment (DASP) can be made to Australian or New Zealand citizens, Australian permanent residents or certain retirement or investor visa holders. New Zealand citizens departing Australia permanently may transfer their super to New Zealand.

If you are an Australian citizen or permanent resident and leaving overseas, your super remains subject to the same rules as though you were living in Australia, even if you are leaving permanently. This means your super must remain in your super fund/s until you reach preservation age. People with industry or retail funds often continue to make personal contributions to their Australian super fund while away to ensure their balance continues to grow and to cover any insurance premiums being deducted. In circumstances where you are working for an Australian employer internationally they may also be required to continue making Superannuation Guarantee payments into your account.

The rules and regulations for those departing Australia who have a Self-Managed Super Fund (SMSF) are much more complex and stringent. There are three tests that need to be fulfilled: the SMSF must be established in Australia, central management and control of the fund must take place in Australia and the active member test. If you have an SMSF it is essential you obtain specialist advice that focuses on your personal circumstances before moving overseas!

Moving overseas does not mean that your super has to suffer however it is essential you consider obtaining quality financial advice before you move. With over 12 years of experience, Verdure Financial Planning Solutions can help you reach your retirement goals even if you intend to work overseas. Contact our office today to discuss your options!

Please do not hesitate to contact our friendly office staff if you have any questions that we may assist you with. If any of your personal circumstances have changed, such as a change in income or growth in your family, then please let us know to ensure your details are up to date and your insurances adequately cover your needs.