Following The Right Step For Claiming Your Superannuation

 Jun, 22 - 2015   Financial Management

The day has finally come to bid Australia goodbye and move away to a new location or hometown. You have completed all the exit formalities in your office and are eagerly awaiting your superannuation to pass. You might be aware that if you are a temporary resident residing in Australia, your employer needs to arrange for your superannuation, if you fall under its eligibility criteria.

Claiming Superannuation Based on Eligibility Criteria

When claiming your superannuation refund, you need to first understand if you are qualified to claim your Departing Australia Superannuation Payment otherwise also known as DASP. The eligibility criteria are as follows:

• If you have visited Australia on a temporary visa. This does not include subclasses 405 and 410

• Your visa has been expired and cannot be renewed

• You have left Australia permanently

When it comes to claiming your superannuation refund, you can do so in the following ways:

• On Paper

• Online

If you opt for applying for your superannuation online, you can need to furnish your personal details along with other basic information. You can then submit the application and the Australian Taxation Office will verify your credentials and confirm your immigration status absolutely free of charge. You can submit your application even after you leave Australia.

If you opt for paperwork, you can directly contact the Australian Taxation Office for the application form and submit the same with your superannuation fund. You later need to furnish proofs of evidence that you were a temporary resident of Australia for the application to get processed.

Verification on your Immigration Status

When you are submitting your proof of evidence, you need to also provide a Certification of Immigration and also place a request with the department to cancel your existing visa. This is applicable only if you are applying through paper and not online.

For acquiring your Certification of Immigration, you need to fill Form 1194 and pay the required fee for the department to issue you the certificate. All this is applicable only if your withdrawal benefit is more than AUD$5000.

If your withdrawal benefit is less that AUD$5000, then you will need to furnish certified copies of both your expired visa and your passport. Your passport copy should show your departure stamp, which can be issued on request by Australian immigration.

Conclusion

You need not have to worry about when and how much superannuation you will receive. You will promptly receive notifications from both the Australian Taxation Office and your superannuation fund when all the formalities are completed. If you are looking for cheap tax returns, this site will help you.