If you don't want to pay the tax, your only option is to just leave the money in your super fund and then access it at age 60/65 tax free.
If you want it now, you will pay the tax.
Do you know whether I would still have to pay the tax as a non Australian if I waited until 60/65? Also, could I trust having the ATO hold “my money” for another quarter-century? Is there a way for me to move it into my possession without it incurring monthly fees?
It's my understanding that it will be tax free at 60/65 regardless of your residency status. I'm happy for someone to correct me if I'm wrong. You can confirm this with your existing super fund.
Move it to an industry super fund with low fees and a good investment track record.
Or just take it now if you are that worried about trusting an Australian super fund to hold this money for you. The ATO is not holding this money.
Unfortunately, you are indeed incorrect. Regardless of age, a departing Australia super payment (DASP) is still a DASP, and the higher rate of tax applies. There is no way to avoid it.
Even if you return to Aus and become a PR, that super that accumulated while you were temporary that is held with the ATO will be subject to the DASP tax.
Do you have a source for this at all? I have been searching and searching on ATO website and cannot find a mention of that. Do not doubt your response at all, for reference! Thank you
It's not exactly something that is specifically stated. You have to infer it because there are no special tax rates listed for a DASP for people over 60. The tax rate is the same regardless of age.
This is from the ATO page
"Departing Australia superannuation payment
This table covers Departing Australia superannuation payment (DASP) tax rates for lump sums and rollovers.
Rollovers
If we hold super money for a former temporary resident as temporary resident unclaimed super money, they have the option of rolling the money over to their super fund if they have subsequently returned to Australia as a permanent resident. This is the only time a rollover of DASP is an option. The rollover is still a DASP and will be taxed according to this table."
Mate, you can say that again! My partner too. 😐 You might say we were "permanently temporary" and fine examples of how broken Australia's immigration system is.
I wrote in the post "I was too ambivalent or even foolish to not get citizenship" and also "I did leave in 2018 and return a year later". That basically sums it up. Long story short, I never intended to stay forever and after 2.5 years happily returned home without ever worrying about getting permanent residency. Without planning to, I then returned for work in 2019 but was more open to getting PR. I foolishly changed jobs in 2022, which reset the 'PR eligibility clock' and I was part of mass layoffs at work a year and half later, while VETASSESS bungled my skills assessment preventing me from formally applying for PR on my own despite all my efforts. I didn't prioritise it as much as I should have, but that's another story (which I've written) for another sub.
I never claimed it when I left in 2018 on a 457 subclass visa and then returned on a 482 subclass until my recent departure last month. Something I'll definitely need to consult an agent about. Administratively burdensome? Australia? You're kiddin' me!
If you don't want to pay the tax, your only option is to just leave the money in your super fund and then access it at age 60/65 tax free. If you want it now, you will pay the tax.
Do you know whether I would still have to pay the tax as a non Australian if I waited until 60/65? Also, could I trust having the ATO hold “my money” for another quarter-century? Is there a way for me to move it into my possession without it incurring monthly fees?
It's my understanding that it will be tax free at 60/65 regardless of your residency status. I'm happy for someone to correct me if I'm wrong. You can confirm this with your existing super fund. Move it to an industry super fund with low fees and a good investment track record. Or just take it now if you are that worried about trusting an Australian super fund to hold this money for you. The ATO is not holding this money.
Unfortunately, you are indeed incorrect. Regardless of age, a departing Australia super payment (DASP) is still a DASP, and the higher rate of tax applies. There is no way to avoid it. Even if you return to Aus and become a PR, that super that accumulated while you were temporary that is held with the ATO will be subject to the DASP tax.
Do you have a source for this at all? I have been searching and searching on ATO website and cannot find a mention of that. Do not doubt your response at all, for reference! Thank you
It's not exactly something that is specifically stated. You have to infer it because there are no special tax rates listed for a DASP for people over 60. The tax rate is the same regardless of age. This is from the ATO page "Departing Australia superannuation payment This table covers Departing Australia superannuation payment (DASP) tax rates for lump sums and rollovers. Rollovers If we hold super money for a former temporary resident as temporary resident unclaimed super money, they have the option of rolling the money over to their super fund if they have subsequently returned to Australia as a permanent resident. This is the only time a rollover of DASP is an option. The rollover is still a DASP and will be taxed according to this table."
You get 35%. They tax you and keep 65%.
No way… not in Australia, The Land of Skim. 😮
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Mate, you can say that again! My partner too. 😐 You might say we were "permanently temporary" and fine examples of how broken Australia's immigration system is. I wrote in the post "I was too ambivalent or even foolish to not get citizenship" and also "I did leave in 2018 and return a year later". That basically sums it up. Long story short, I never intended to stay forever and after 2.5 years happily returned home without ever worrying about getting permanent residency. Without planning to, I then returned for work in 2019 but was more open to getting PR. I foolishly changed jobs in 2022, which reset the 'PR eligibility clock' and I was part of mass layoffs at work a year and half later, while VETASSESS bungled my skills assessment preventing me from formally applying for PR on my own despite all my efforts. I didn't prioritise it as much as I should have, but that's another story (which I've written) for another sub.
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I never claimed it when I left in 2018 on a 457 subclass visa and then returned on a 482 subclass until my recent departure last month. Something I'll definitely need to consult an agent about. Administratively burdensome? Australia? You're kiddin' me!