SUPERANNUATION

[kitkat1985 2]

So.... I'm trying to get some answer's and clarification. I've googled and gotten answer's but just tripple checking now.

1. Can the Australian Citizen's Super be withdrawn once they move the country permnanently?

2. Can the Super be transferred to a 401k if unable to withdraw?

3. Is there any way these funds can be withdrawn without reaching the retirement age?

Any answer's and feedback would be greatly appreciated!!!

[Travis and Meghan 24]

I did a bit of research on this when I left Australia. In the end I just called the company that looks after my super and they said that no, I can't withdraw it. The only way I can withdraw it is when I reach retirement age or if I give up my Australian citizenship.

[SweetDelish 38]

I researched it too as I'm an NZ citizen, former Australian resident, and the same rules apply for us, they have recently started, (or discussions are continuing) about NZ'ers moving their super from Aust to a NZ fund, but the Australian rules for super still apply for that portion of earnings - Super is not compulsory in NZ and it can be withdrawn - I thought I found a loophole, but apparently not. I hate the idea of watching my super dwindle through fees, and hopefully I'll be able to make personal contributions eventually to avoid that happening, just make sure its all consolidated if you haven't done so already.

who knows, the rules could change someday, would be nice to have an arrangement like the NZ one at least.

[Adrian-Danielle 12]

I enquired about transferring my superannuation and was told I couldn't access the funds because I was still classed as an Australian Citizen and therefore could still have the option to retire in Australia, so the funds would be available if I wanted to come back here...makes sense I guess! Just don't forget about your super when your turn 65!!

[Athena13 10]

that's good to know. is it 65 or 60 for women?

i will need to remember about my super after 3 decades....and i don't plan to be come an US citizen.

[Adrian_Trischa 6]

that's good to know. is it 65 or 60 for women?

i will need to remember about my super after 3 decades....and i don't plan to be come an US citizen.

Preservation age is usually 65 male and female.

[Adrian_Trischa 6]

Preservation age is usually 65 male and female.

Sorry I'm wrong! My super is 60.

[kitkat1985 2]

Thanks guy's! All this helped, I guess no way of getting it til he's retiring. We'll probably just move down under haha

[austex 42]

Hi Guys,

One thing to be aware of, with the new superannuation laws coming in July and you don't touch your superannuation the government can take your super if it is under $2000. Also I called my super company "Sunsuper" and they told me that if I didn't make a donation once a year the Government can take that as well because it will be classed as delinquent and nobody owns it and they take it. So the guy said just just make a donation to it once a year.

So just something to think about and put that in your diary one a year to out money into your super even the smallest amount.

M.

[Alex&Amy 28]

Just forfit your Australian citizenship and claim all your money, otherwise it will disapear in taxes, fees or the Ranga an Co will gladly scoop it all up for you and use it to compensate some poor mining mogul's lifestyle or blow on some other rubbish scheme.

[Athena13 10]

wow god to know! thank you austex! i better call my super and find out soon.

Hi Guys,

One thing to be aware of, with the new superannuation laws coming in July and you don't touch your superannuation the government can take your super if it is under $2000. Also I called my super company "Sunsuper" and they told me that if I didn't make a donation once a year the Government can take that as well because it will be classed as delinquent and nobody owns it and they take it. So the guy said just just make a donation to it once a year.

So just something to think about and put that in your diary one a year to out money into your super even the smallest amount.

M.

[austex 42]

See that is where I would prefer to make a payment to my superannuation fund once a year because I am not going to give up my Australian citizenship. My husband (USC) and daughter are both dual citizens so I will be a dual citizen also.

It is easy just go online and set it up or put it in your diary. It is as easy as that.

M

[VanessaTony 3,567]

So.... I'm trying to get some answer's and clarification. I've googled and gotten answer's but just tripple checking now.

1. Can the Australian Citizen's Super be withdrawn once they move the country permnanently?

2. Can the Super be transferred to a 401k if unable to withdraw?

3. Is there any way these funds can be withdrawn without reaching the retirement age?

Any answer's and feedback would be greatly appreciated!!!

1. Only if you give up your Aussie citizenship

2. No. This is considered a "withdraw" because the laws here aren't the same and the systems aren't connected

3. Yes. Depending on your fund there are provisions for severe financial hardship and other such things. There are some "standard" ones (which are hard to do anyway) but the hardship one would be the one most people would use but I know REST for example doesn't (or didn't) allow that as a reason :S

I went through all this when I moved over. I have enough there that it would certainly help us out!

Personally I removed all the employment insurance things (loss and dismemberment) as they don't count here, but I left the life insurance portion at the highest amount (over $180K) Even when you consider the fees associated with that insurance, plus the Super admin fees, I have yet to see a loss in my statements (I can log in online to check it).

I hadn't been told about the contributions being required or they'd take our Super though... only heard that about bank accounts. I have an Aussie bank account still so I could always set that up to send $1 a month or something Though I *think* that there are tax implications in Australia if you start making payments into your Super. Probably just refund stuff but if you're not earning income then I s'pose you lose whatever refund you'd get (and don't forget you'd be a "non-resident if you filed back in Australia).

that's good to know. is it 65 or 60 for women?

i will need to remember about my super after 3 decades....and i don't plan to be come an US citizen.

Out of interest, why wouldn't you become a USC?

[austex 42]

This law about the government can take your superannuation only comes in to effect on 1st July 2013.

It is something to think about....

[VanessaTony 3,567]

This law about the government can take your superannuation only comes in to effect on 1st July 2013.

It is something to think about....

Can you show me a link?

This one: http://www.smh.com.au/opinion/political-news/unclaimed-cash-to-boost-budget-by-900m-20121022-280vy.html states it started in January 2013.

This one: http://au.news.yahoo.com/today-tonight/money/banking/article/-/16256743/governments-bank-robbery/ suggests May.

This is the one about the bank accounts: http://www.yourlifechoices.com.au/news/government-grab-for-inactive-bank-accounts

It drives me nuts though because I'm sure all of us WOULD withdraw it if we could and move it over here. I'm only 30. This means for the next 30+ years I need to monitor my Super/add to it rather than just let it sit and do it's thing :S