If you worked in any of these countries, you could be due a Tax Refund

Your Guide to Superannuation

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 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 35%.

 

Want to Learn More About Australian Tax?

DOWNLOAD YOUR FREE TAX GUIDE HERE

1.  What is superannuation?


Superannuation, also known as ‘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. 

As of 1 July 2021, the super payment rose from 9.5% to 10% of ordinary time earnings.

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$1,908. 

Superannuation is a way of saving money to provide benefits for:

  • when you retire

  • if you become an invalid

  • your beneficiaries upon your death.

If you have worked and paid super whilst on a temporary visa, you can apply to have this super paid back to you after you leave as a departing Australia superannuation payment (DASP).

While working in Australia you will have paid both income tax and superannuation on your earnings.

If you are a temporary resident, who has worked and lived in Australia, you can apply and claim back any overpaid income tax and your superannuation payments.

 

The average superannuation refund is $1908

GET YOURS

2. What are the criteria to claim your Australian superannuation refund?

You can claim your super back if:

  • You have already left Australia

  • Your visa has been cancelled or is expired 

  • You paid superannuation while in Australia on a temporary visa (including Working Holiday Maker WHV, subclasses 417 and 462)

Note:
Citizens from New Zeаland are not entitled to access their superannuation refund, as the governments of Australia and New Zealand have an agreement to transfer the superannuation fund to the New Zealand super system. 

3. 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!

4. What is the rate of superannuation in Australia?

The rate is currently equal to 9.5%, on income up to $54,030. On July 1 2021, this rate will be increased by 0.5%. Up to 2025-26, further increments of 0.5% will be applied annually and the rate will be set at 12%. 


5. 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 superannuation refund is $1908

GET YOURS

6. 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.

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

7. 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.

Update: If your Departing Australia Superannuation Payment is processed after 1 July 2017, your superannuation refund will be taxed at a rate of 65%. 

8. 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 35%.

Yes, paying tax on your refund is a pain but you'll still get a substantial amount-maybe even enough for another holiday!

9. 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:

  • We have 25 years of experience with international tax and refunds
  • Hassle-free service-we'll do the paperwork and save you time and stress
  • We'll help you retrieve your missing superannuation details
  • We'll update you so you can get on with life while we get your super back for you
  • You will have your own personal account manager available to help with any queries you may have
  • 24/7 Live chat support with experienced tax agents

The average superannuation refund is $1908

GET YOURS

10. 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.

So, your money is waiting for you, why would you leave it in Australia?

11. 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

 

12. How much super will I get back in Australia?

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$1,908! You can get a free estimate here. 

13. 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.  

You can even set up an account with a different super provider.


14. Can Taxback.com help me get it back?

The average super refund we get for people is AU$1,908 and we can help you get yours too! You can get a free refund estimate using our tax refund calculator 2021 or get started here now! If you’ve any questions or need any help!

Want to Learn More About Australian Tax?

DOWNLOAD YOUR FREE TAX GUIDE HERE

About The Author

Ciara Kennedy - Digital Content Writer @ Taxback.com

Ciara is our Digital Content Writer at Taxback.com. Since graduating in Journalism and Visual media, Ciara has worked in online marketing in Ireland and Australia and loves writing in all its forms.

Live Chat Help
Ciara Kennedy - Digital Content Writer @ Taxback.com in
×