Are you a temporary resident that’s now leaving Australia? Don't forget your super. The departing Australia superannuation payment (DASP) lets you take your hard-earned funds with you if you are eligible. This article will help you understand how you may be able to withdraw your super when leaving Australia.
Are you someone who came to Australia temporarily and worked here? Maybe you're packing up to start a new adventure, or to reunite with loved ones. No matter why you’re leaving, there's one thing you need to know: if you’re eligible, you can take your hard-earned super with you. So, before you say goodbye to the land Down Under, make sure you're not leaving any money behind.
If you visited Australia on a temporary visa and worked here, you may have earned money for your retirement called superannuation, or super. The departing Australia superannuation payment allows you to claim any super you accumulated while working in Australia, if you are eligible.
If you’re a temporary resident leaving Australia, you may be able to withdraw your super savings through DASP.
To qualify, you must meet all of the following requirements:
If you’re a New Zealand citizen leaving Australia permanently, you may be able to transfer your super to a KiwiSaver scheme under the Trans-Tasman Retirement Savings Portability Scheme. To do this, the ATO advises that:
Also, it’s a good idea to check if your Australian super fund and KiwiSaver scheme will charge any fees for the transfer.
As New Zealand’s laws are different from Australia’s, it's important for you to understand the retirement savings regulations in New Zealand before you transfer your super to a KiwiSaver scheme.
From 12 December 2021, if you have moved to New Zealand permanently, you may be able to move any unclaimed super money that the ATO is holding for you to a KiwiSaver scheme.
Tip: If you’re a Rest member, you can apply to transfer your super to a KiwiSaver scheme by completing the ‘Trans-Tasman transfer request form’ and submitting it to us. While you may be able to transfer to a KiwiSaver, consider seeking expert advice before you decide to do so.
If you're an Australian citizen or permanent resident leaving the country temporarily or for good, your super stays in Australia. This means you typically won't be able to access it until you meet a condition of release, for example you reach your preservation age and have retired.
Leaving your super in Australia means your fund will continue to invest the super savings in your account, as well as charge fees and premiums while you’re abroad, unless your account is considered an inactive low balance account.
If you're still working for an Australian employer at an overseas location, they may still have to contribute to your super. Make sure to speak with your employer about super arrangements or check the Australian Taxation Office (ATO) website for more information.
Even though you can only submit your DASP application after you leave Australia, it may’ll be easier for you to prepare for your application before you leave.
Before you leave Australia
After you leave Australia
Tip: Applying for DASP and looking for Rest’s ABN? Rest’s ABN is: 62 653 671 394.
You must apply after you’ve left Australia but it's usually better to start the application before leaving so you can complete some of the paperwork while still in Australia.
You can submit an application for DASP either through your super fund or the ATO. However, if you don’t claim your DASP, your super will be moved to the ATO as unclaimed super. You'll need to contact the ATO to get it back. Find out when your super fund is required to transfer your unclaimed super to the ATO.
Your super fund will generally pay your DASP within 28 days of receiving the completed paperwork. However, your payment may be delayed if your fund doesn’t have the right information from you, so make sure to submit a completed application with any required supporting documents. If you don’t hear back from your fund within 28 days, follow up on your claim directly with your fund.
While you may be able to send a physical form to your super fund, it’s generally faster to apply for DASP online using the ATO’s application system. In addition, to help speed up the payment process, please make sure:
If you’re a Rest member, you can check and update your personal details in the Rest App or in MemberAccess, your online account.
According to the ATO, a final DASP tax will be withheld from your payment when it is made. The payment may be made up of two components – a tax-free component, and a taxable component (that may have a taxed element and/or an untaxed element).
How much tax you pay will depend on:
Below is a table summarising the tax rates for DASP, according to the ATO, that apply to payments made from 1 July 2017.
| Payment component | DASP ordinary tax rate (non-working holiday makers) | DASP working holiday maker tax rate |
|---|---|---|
| Tax-free component | 0% | 0% |
| Taxable component – taxed element | 35% | 65% |
| Taxable component – untaxed element | 45% | 65% |
You should receive a DASP payment summary within 14 days of the payment date from your super fund. This will break down how much you paid in DASP tax and how much you received.
As tax would already be taken from your DASP payment, this doesn’t need to be included in your Australian tax return.
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