Q. I am 47 years old, I was born in the UK and I have been an Australian Permanent Resident for 22 years. I am moving back to the UK and do not plan to return to Australia. Can I withdraw my Australian Superannuation and take it with me to the UK? What tax would I pay?
A. You will be ineligible to withdraw your Superannuation as you do not satisfy a condition of release and you have not reached preservation age.
Access to Superannuation benefits before preservation age for those permanently departing Australia, is limited to those who are temporary resident visa holders only. Australian citizens and permanent residents are obliged to retain their Australian Superannuation until they reach preservation age or satisfy another condition of release.
Revocation of Citizenship or Permanent Residency would not change this outcome.
If you had been a temporary resident visa holder, you would be able to apply for a Departing Australia Superannuation payment (DASP) on declaring your permanent departure from Australia. DASP is taxed at 38% on the Taxable Component of the Superannuation benefit. The tax free component is tax exempt.
To be eligible to access all your funds, you would need to have reached your preservation age, or be assessed as Permanently Disabled or be Terminally ill.
You may be able to access a portion of your funds on compassionate grounds (as determined by the Department of Human Services) or if you were deemed to be suffering Financial Hardship having been on income support payments for at least 26 weeks.