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Temporary resident wants to transfer super into comparable fund overseas

Discussion in 'Superannuation, SMSF & Personal Insurance' started by TheGirl, 15th Mar, 2013.

  1. TheGirl

    TheGirl New Member

    Joined:
    15th Mar, 2013
    Posts:
    1
    Location:
    Melbourne
    I am currently a temporary resident of Australia. In the near future I will return to my home country in Europe. My visa will get cancelled.

    Instead of getting my super "cashed out" I was wondering if I can just transfer it to a fund overseas that I can't access until I am 60 (or 65, whatever the preservation age is). This way I am hoping to avoid the 35% withdrawl tax. Is this possible? How can I arrange this with my superfund / the tax offiice?

    All information is highly appreciated!
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Yeah

    You are getting a rough deal.

    15% tax when it goes in, then 35% when it comes out. 50% tax - not good.

    To my knowledge, an Australian super fund can only transfer to another Australian regulated super fund - not to an overseas fund (except maybe a Kiwisaver NZ super fund).

    You also have the choice of leaving it in the Australian super system - yes you will bear the risk of laws changing, but that in my opinion is a relatively low risk over a long period. Other people will have other opinions - but most information in the media is there to sell papers - so it is a little over dramatic.

    Probably not the answer you want.

    SM :(