Understanding super as a temporary resident

Working abroad can have consequences for your retirement savings whether you’re working temporarily in Australia, or an Australian resident working overseas, Hannah Tattersall explains.

By Hannah Tattersall - 3 min read

A little about Hannah

Hannah Tattersall writes about a range of topics, including personal finance, money and business.

Australia’s retirement saving system–known colloquially as super–is reasonably straightforward. Employers must, by law, pay eligible workers 11.5%¹ of their salary into that employee’s chosen superannuation fund. 

What isn’t as straightforward, is how to take your retirement savings with you if you’re:  

• a foreign national who plans to return to your home country in the future, or  
• an Australian resident who has been temporarily living and working overseas and plans to return to Australia.  

Moving away  

Australian businesses in a wide range of industries employ workers from all around the world. In August 2021, there were 1.6 million temporary visa holders in Australia, mostly made up of temporary residents–and some 25,000 overseas visitors.²  

While super contributions generally don’t depend on the type of visa someone holds (as long as they have work rights or tax residency status), workers can face hurdles when they leave Australia and try to access their super.  

It’s been well documented in the media recently, for example, how some Pacific Island workers who have returned home from Australia have encountered high taxes, fees and remitting costs when trying to withdraw their Australian superannuation.  

Australians who work overseas are often fronted with similar issues.  

Moving home 

A friend of mine worked in New York for seven years and returned to Sydney during the pandemic. Because she left the US quite suddenly, she didn’t think about withdrawing her retirement savings–known in the US as 401k–before she left the country.  

She’s now trying to access her money and has been surprised by the number of steps involved in the process–not to mention the hoops she’s had to jump through to get her hands on it. “There’s no mechanism for taking those retirement savings directly out and putting them into a super account here,” she says.  

And that seems to be the underlying issue. Because there is no global retirement savings system that operates between countries, if you do choose to work overseas, or if you’re a foreign national working in Australia right now, it pays to think about how you’re going to access your retirement savings once you return home.  

Here are some things to know: 

Investigate how to take your money with you before you leave 

Each country applies different rules to retirement savings. It’s usually easier to figure out the details before you move home–whether you’re moving from the US or another country to Australia, or from Australia to your home country overseas.  

For example, temporary residents of Australia can only claim their super after they’ve left Australia and their visa has expired by claiming the Departing Australia Superannuation Payment (DASP). But the Australian Taxation Office (ATO) strongly recommends workers start their DASP application while they’re still in Australia, so they have the necessary documentation at hand. 

It’s also worth knowing that New Zealand citizens–and there are around 670,000 living in Australia³–are not eligible for a DASP. However, New Zealand workers may be able to transfer any Australian super they have accumulated into their KiwiSaver scheme provider back home. Check the ATO website for details.  

How to claim the Departing Australia Superannuation Payment  There are two ways to claim a DASP:   1. Online via the ATO using your super account details, visa information, bank account details and passport number. The ATO will confirm you are eligible for payment with the Department of Home Affairs and once your application has been approved, will forward it to your superannuation provider to be processed.   2. Via your superannuation provider. We have a Departing Australia Superannuation Payment Direction Form, which workers can fill in with details about where to send their cheque, or have their funds deposited. Funds will be deposited into an Australian bank account.

Be wary of different rules for different amounts–and act quickly 

If you have less than $5,000 in your super fund and want to claim a DASP, you will need to provide: 

• copies of documents such as your expired or cancelled visa,  
• your passport showing your photograph, identification pages and the page with your departure stamp, and,  
• if applicable, documents showing how you changed your name.  

For super valued at more than $5,000, you will need to apply for a Certificate of immigration status (form 1194) from the Australia Government’s Department of Home Affairs. 

If you don’t claim your DASP within six months, your super account balance may be transferred to the ATO as unclaimed money. There was just under $17.8 billion in lost super in Australia at the end of June 2024⁴, so don’t let your balance add to that amount!  

While it all sounds rather complicated, the most important thing to do is to start your DASP application while still in Australia, keep your Australian bank account open while you do so, and research the best way to transfer the money from your Australian bank account into your bank account back home. 

Similarly, if you’re moving back to Australia, give yourself time before you leave–if possible–to get your finances in order. Preparing early will give you the best chance of bringing any retirement savings you’ve accumulated overseas, home with you.  

 

1  From 1 July 2025, the superannuation guarantee rate will increase to 12%.
2  Temporary visa holders in Australia, Australian Bureau of Statistics, 28 April 2023, https://www.abs.gov.au/statistics/people/people-and-communities/temporary-visa-holders-australia/latest-release 
3  New Zealand Country Brief, Department of Foreign Affairs and Trade, https://www.dfat.gov.au/geo/new-zealand/new-zealand-country-brief  
4  Total lost (fund-held) and ATO-held super, Australia Taxation Office, 17 September 2024, https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/super-accounts-data/super-data-lost-unclaimed-multiple-accounts-and-consolidations/total-lost-fund-held-and-ato-held-super

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The views and opinions expressed in this article are those of the author and do not purport to reflect the views and opinions of Russell Investments.

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