International students are busy. When they don’t have their heads in books, they’re making friends from around the world, working different jobs and exploring their new home.
So it’s not surprising that a large number of students don’t know much about superannuation when touching down in Australia.
From who is entitled to setting up a fund to claiming your money after leaving the country, we’ve rounded up everything you need to know about superannuation below.
What is superannuation?
Superannuation, commonly referred to as ‘super’, is a way of saving money for retirement in Australia. If you are working a certain number of hours for your employer, you may qualify for a super contribution from your workplace.
Am I entitled to a super fund?
If your monthly wage is more than AU$450 before tax, your employer must contribute an additional sum of 9.5% of your wage into a super account on your behalf. This applies to full-time, part-time and some casual employees.
You have a legal right to ask your employer if your wage includes superannuation. You can find out more about the Australian tax system on our website.
Where can I find my super fund?
If you have worked for several different employers, you may have more than one super account. In order to find your super, use the DASP online application system or contact the Australian Tax Office.
Can I claim my superannuation after leaving Australia?
Whilst you are living in Australia, your superannuation contributions must stay in your fund.
You may be able to claim your super after you leave the country if you meet the below requirements:
Can I access my superannuation early?
Temporary residents in Australia were able to draw up to $10,000 out of their superannuation as part of Covid-19 early release. The deadline for applications ended on 31 December 2020 though payments will continue to be processed well into January 2021 for those who made the cut-off date.
If you missed the application deadline, you may still be able to withdraw some of your super on other compassionate grounds.
Visit the Australian Tax Office online for further information.
How to take out your superannuation
If you worked and earned super while visiting Australia on a temporary visa and meet the requirements, you can apply to draw out your fund once you have left the country.
This is known as DASP (departing Australia superannuation payment).
How to authorise someone to claim superannuation on your behalf
You can authorise someone else to apply for DASP on your behalf.
You can nominate the following:
The nominated person will be authorised to update your information and act on your behalf so think carefully about who you choose to represent you.
If successful, your superannuation will be paid within 28 days of receipt unless you are required to provide further documentation.
You can learn more about DASP on the official Australian government website.
If you have any questions about superannuation, please don’t hesitate to get in touch with our expert team. Study smarter, choose Study Online Australia.