While working in Australia you will have paid both income tax and superannuation on your earnings. The good news is once you leave Australia you can claim back any overpaid income tax and your superannuation payments. Superannuation refunds are usually worth between AU$600 and AU$5000 – depending on who long you’re in the country for.
The Superannuation Scheme is a pension or retirement benefit fund in Australia. It was established under the Superannuation Act 1990.
Superannuation (otherwise known as super) is a way of saving money to provide benefits for:
- when you retire
- if you become an invalid
- your beneficiaries upon your death.
The Australian superannuation scheme means that anyone aged between 18 and 70 working in Australia who earns more than AUD$450 per calendar month will have 9% of their wages paid into a superannuation fund by their employer on their behalf.
Super contributions are made 4 times a year minimum, by the cut off dates each quarter: 28 October, 28 January, 28 April and 28 July. Your employer contributions must be paid into a complying super fund or retirement saving account. If you didn't nominate a fund, your employer will pay it into a fund nominated by their company or the tax office.
In 2002, superannuation regulations changed to allow temporary residents to access their superannuation funds from as far back as 1984 if they permanently leave Australia.
Taxback.com is a tax services company. We help people who worked temporarily in Australia get their tax back: student tax refund, superannuation refunds, working holidays refunds and refunds for Australian citizens and residents.