It’s time to get excited about superannuation! (A sentence that you don’t often hear in everyday life).
If you are leaving Australia permanently and have worked during your time here, you can apply to have your superannuation paid to you when you leave.
Interestingly – most international students don’t apply it for it. To be clear, this is your money that the government WANTS to give to you. This article outlines how and why you should be claiming your superannuation.
What is superannuation?
Often known as ‘super’ (because Australians like to shorten every word!), are financial contributions towards a fund that you will use to live on when you retire. You can contribute to your own fund, but most commonly your employer does this. More info
Do I have a super fund?
Legislation is in place to ensure that all legitimate employees, whether you work casual, part or full time, receive super contributions.
If you earn over $450 (before tax) in the calendar month, your employer must contribute at least 9.5% of your earnings to your nominated super fund. This is in addition to your ordinary wage. More info
Find out more about your tax obligations as an international student in Australia.
I can’t remember ever setting up a super fund
Often an employer will automatically set up a fund on your behalf if you do not nominate one; speak to them if you are unsure about your own. If your employer has not paid you super (and you are eligible) you can find more information here.
NOTE: You may have more than one fund if you have worked at several companies.
When can I access my super fund?
When you retire, reach the age of 65 or when you have left Australia permanently and your temporary visa has ceased to be in effect.
How do I access my super fund?
You have to apply to receive your superannuation. Before applying, check with your employer to ensure they have paid all that they are required to.
You can only submit a claim after you have left the country and your visa has been expired or cancelled. It is HIGHLY recommended however that you begin this process while still in Australia, and gather all the necessary documents before you leave.
IMPORTANT: Where the claim is $5,000 or more, your super fund will require CERTIFIED copies of your proof of identification. It is much easier to certify the required documents while in Australia.
Enjoy the money that is rightfully yours – Click here to apply.
