Temporary Residents and Superannuation
Temporary residents and super laws
If you have entered Australia on an eligible temporary resident visa and subsequently permanently depart Australia you are able to receive payment of any superannuation accumulated. The payment is subject to special withholding tax.
What information must be provided?
Where a benefit is less than $5,000 you will need to provide:
- A copy, or other evidence, of an eligible visa, showing you were the holder and that the visa has expired or been cancelled; and
- A copy of your passport showing you have departed Australia.
If the benefit is $5,000 or more, you must provide the fund with a written statement from the Department of Immigration and Citizenship (DIAC). The statement must show that you were a holder of an eligible visa which has expired, or has been cancelled, and that you have permanently departed Australia.
What happens if I don't claim my benefit?
The superannuation benefit of a person who was previously a holder of a temporary visa will be 'unclaimed money' in certain circumstances.
The ATO must be satisifed satisfied that a person meets certain criteria, namely:
- a person who used to be the holder of a temporary visa has a superannuation interest in the Fund; and
- at least six months have passed since the person ceased to hold the visa and left Australia; and
- the person does not hold a visa and is not a citizen.
If satisfied, the ATO must provide the Fund with a written notice confirming that information.
Upon receipt of that notice, the Fund must provide the ATO with requested information about the person's interest in the Fund, along with the amount that would have been payable to the person identified in the notice if that person could and had requested payment in connection with their departure.
After providing the report and transferring unclaimed moneys, the Trustee of the Fund does not have any further liability for the benefit.
The Australian Securities & Investments Commission (ASIC) has granted relief to trustees of superannuation funds from providing an exit statement to a temporary resident whose benefit has been transferred to the ATO. The VISSF Trustee is relying on the relief and will not provide temporary residents with an exit statement when their benefit is transferred to the ATO.