Australian Superannuation And Temporary Residents, What Is The Deal?
Your pension fund should be one of your biggest assets during your working life. Houses, cars and other investments can be lost or lose value, but a well invested pension fund can be a lifesaver when the time comes to retire. Saving is hard because we rarely have money to spare and if we do we can think of plenty of things to burn it on. The truth is that the only time to start saving for your pension is early and often.
However you sometimes pay towards your pension fund without ever enjoying the benefits from those contributions. This happens when you contribute towards the pension or super fund of another country and never claim the payments. You don’t want this to happen. If you are or have been working in Australia and you are planning to leave or you have already left you should do your best to make sure your super contributions are rescued and put to good use.
So let’s get down to business. Have you been working or are you working in Australia legally? If you have been doing so and you are older than 18 years of age, have earned over $450 or have done so full time even though you are under 18 it is very likely that your employer has been paying towards your super fund.
If that is so and you are leaving Australia on a valid temporary resident visa you can claim the lost super you have paid. You can do so by filling in the DASP (Departing Australia Superannuation Payment) form. You can find this form at the Australian Taxation office at www.ato.gov.au .
You can also apply for this payment online at the same website. You will of course need to supply some personal and financial information that is worth having ready before making the call or filling in the application.
You will need an Australian Tax file number, your name and date of birth. Phone in, write in, email in or visit your closest office but whatever you do don’t leave without claiming your super payments.
If you want help on how to spend the cash, invest in a good pension fund. This way you will earn interest on your savings and then interest on the interest of your savings providing you with a juicy lump sum when you need it the most.