Wondering what super is and how to get it back? Look no further than our guide to superannuation!
UPDATE: If your Departing Australia Superannuation Payment is processed on or after 1 July 2017, your superannuation refund will be taxed at a rate of 65%.
If your superannuation refund is processed before 1 July 2017, then your superannuation refund will be taxed at a rate of 38%.
This change only applies to working holidaymakers on 417 and 462 visas. If you are on any other visa, the change doesn't affect you and your super refund will still be taxed at 38%.
1. What is superannuation?
Superannuation or ‘super’ is a system for employees in Australia to accrue enough funds to replace their income in retirement. If you’re over 18 and earn more than $450 per month (pm) before tax then your employer must pay 9.5% of the value of your ordinary time earnings into a super fund on your behalf.
If you don't plan on retiring in Australia and have every intention of leaving, you can still claim some of it back after you've left the country. Superannuation refunds can be a hefty sum, with Taxback.com super refunds averaging at AU$1908.
The average superannuation refund is $1908
2. How do I know if I’m paying superannuation?
Simply check your payslip which details the amount of super you’re getting and the date it’s paid into your fund. If you're earning over $450pm then your employer is legally obliged to pay into a superannuation fund on your behalf. If you wish you can ask them for details of the account.
It's advisable to retain any documentation in relation to your super so you have this to hand when applying for your refund. However if you do lose this info, Taxback.com can help chase it up for you!
3. Who isn’t eligible for super payments?
- Anyone earning less than $450pm
- Under 18 yrs. and working less than 30hrs pw or less
- A non-resident paid for work performed outside Australia
- A resident paid by non-resident employer for work done outside Australia
- Anyone employed for domestic or private work for 30hrs pw or less
The average tax refund Down Under is AU$2600
4. How do I set up a super fund?
Often, your employer in Australia will choose a fund on your behalf, but if not, you can set one up when you open your bank account via any of the main banks in Australia or you can do so now at workingholidaysuper.com.
It may be especially useful to you to set up your own account when on a working holiday visa because you'll probably work in various jobs and things can get REAL messy if you have mutliple super funds.
You may not be able to keep track of them! With one super account, you can keep all the funds in one place and it will be way easier for you to claim some of it back when you leave!
Benefits of setting up your own superannuation account:
1. Keep all your super in one place (even if you have multiple jobs)
2. Much less paperwork and no chasing up employers!
3. Helps maximise your refund so you get all you're due
5. When is my superannuation paid out?
Superannuation is a pension system and is paid out to Australians when they retire. However, if you don’t plan on retiring in Oz, you can claim some of it back when you leave (see update above). The rest will be taken in taxes by the government.
6. Can I claim it back?
Yes, if you were on temporary visa in Australia (except subclasses 405 and 410) and you don’t want to retire there, you SHOULD claim it back!
The refund is called a ''Departing Australia Superannuation Payment’’ or DASP and you can only claim it if your visa has expired and you’ve left Australia.
It’s important to note that if you are a working holidaymaker on either a 417 or 462 visa, and your Departing Australia Superannuation Payment is processed on or after 1 July 2017, your superannuation refund will be taxed at a rate of 65%. And, if your superannuation refund is processed before 1 July 2017, then your superannuation refund will be taxed at a rate of 38%.
If you are on any other visa, your super refund will still be taxed at 38%.
Yes, paying tax on your refund is a pain but you'll still get a substantial amount-maybe even enough for another holiday!
7. How do I claim it back?
Once you’ve left Australia and your visa has expired, you can apply to the Australian Tax Office (ATO) for your super. At Taxback.com, we can help you get your super back and even help get your visa cancelled for you if it hasn’t expired!
Reasons to apply with Taxback.com:
- Hassle-free-we'll do the paperwork!
- We'll chase up the ATO to maximise your refund
- We'll help you retrieve any missing info or documents
- We'll update you so you can get on with life while we get your super back for you!
- Free, no-obligation refund estimate first.
8. I left Australia years ago and never claimed my super. Is it too late to get it back?
No! You can still claim it!
If you haven’t claimed it for 6 months after you depart Australia, your super fund will request for it to be transferred to the ATO who will hold it for you until you claim it. So as long as you’ve left the country and your visa has ceased to be in effect, you can apply for it back.
9. Who can't claim super back?
- Australian citizens
- New Zealand citizens
- Permanent Australian residents
- Retirement visa holders
- Investor retirement visa holders
- If you’re a New Zealand citizen permanently leaving Australia, you may be able to transfer your fund to New Zealand
10. How much will I get back?
It depends on the type of fund, how long you worked in Australia, and what contributions your employer made. The average super we get back for our clients is AU$1908! You can get a free estimate here.
11. If I claim my super, can I still go back to Australia?
Yes, you may still return to Australia on another visa, even if you claim your superannuation money.
12. Can Taxback.com help me get it back?
The average super refund we get for people is AU$1908 and we can help you get yours too! You can get a free refund estimate using our online tax calculator or get started here now! If you’ve any questions or need any help!
Free Australia Working Holiday Guide