G’Day mates! Planning to bid farewell to the land Down Under and embark on a new adventure? Before you take off, make sure you’re up to speed on claiming your superannuation, an essential step in ensuring your financial affairs are in order.
Understanding Your Superannuation:
First things first, let’s break down what superannuation is. In Australia, it’s a mandatory savings system designed to provide financial support in your retirement. As an international worker, when you leave Australia, you may be eligible to claim your accumulated superannuation funds.
Eligibility Criteria for Departing Australia Superannuation Claim:
To be eligible for a departing Australia superannuation claim, you typically need to meet certain criteria. Generally, you must be a temporary resident who entered Australia on an eligible temporary visa. Your visa should have expired or been cancelled, and you must be departing the country permanently.
Steps to Claim Your Super:
- Contact Us to Check the eligibility for claiming Super: Get in touch with ISM Accountants- Best Tax Agents in Perth to notify super of your departure and inquire about the claiming process.
- Complete Necessary Forms: We will provide you with the required forms. Complete and submit them along with any supporting documents requested.
- Waiting Period: After submitting your claim, there is usually a waiting period before your superannuation is released. This allows your fund to process the request and comply with legal requirements.
- Payment Options: You can choose to have your super funds transferred to your overseas bank account or sent as a cheque to your overseas address. Consider exchange rates and fees when making this decision.
Pro Tips:
- Keep your contact information updated with your super fund to ensure a smooth communication process.
- Be aware of any insurance coverage linked to your super, as leaving the country might affect it.
Maximizing Your Departure:
Leaving Australia can be a bittersweet experience, but ensuring you claim your superannuation is a step towards securing your financial future. Take the time to understand the process, meet the eligibility criteria, and reach out to your superannuation fund for personalized guidance.
Looking Ahead:
As you embark on new horizons, it’s crucial to have a clear understanding of your financial affairs. Claiming your superannuation is an essential part of the journey, ensuring you can carry the financial support from your Aussie days into the next chapter of your life.
Safe travels, and may your financial future be as bright as the Southern Cross!
Please feel free to contact ISM Accountants & Advisors- Best Tax Agents in Perth for any equiry.
