Superannuation fund investment is one of the best ways for people in Australia to save money for their retired life. Permanent residents of Australia have the benefit of receiving super contributions from their employer and also have the option of voluntarily contributing part of their salary to their super funds. While most people believe that temporary residents cannot save superannuation funds through regular channels, this is actually not true. Eligible temporary residents can also accumulate money through super funds provided that they meet certain eligibility criteria.
Eligibility Criteria for Temporary residents of Australia
To claim your superannuation benefits you have to first depart Australia if you are a temporary resident. You may be eligible to get your super funds if you meet the following eligibility rules.
- You need to have permanently left Australia if you want to be considered eligible for getting superannuation benefits as a former temporary resident.
- Your visa should be either cancelled or expired if you want to be considered eligible for getting super benefits as a former temporary resident.
If will not be eligible if you match one of the points mentioned below
- You are a citizen of either new Zealand or Australia
- You are a permanent resident of either Australia or New Zealand
- You are still holding a temporary visa for Australia or you are still holding a permanent visa for Australia
- You have either an Investor Retirement or a Retirement Visa for Australia.
Making your claim for super benefits
If you meet the eligibility criteria then there are a few options for you when you want to claim your superannuation funds.
- If you have permanently departed from Australia less than 6 months ago then you will have to claim your money directly from the super fund you have invested in. You can either claim online if that is an option or you can call the superfund and file a claim.
- If your funds have been unclaimed for 6 months or more then your only option is to go through the ATO which is the Australian Taxation Office. This department will use a software program called the Super Seeker and check with their registry if you have unclaimed funds. After your funds have been found by the Super Seeker, you will have to file a claim directly with the ATO. Keep in mind that you should have permanently departed from Australia more than 6 months ago and you should meet the other eligibility criteria if you want to get your super funds by contacting the ATO.
- It should be noted that while you can contact the ATO via the phone, going to their website and contacting them is usually the fastest way to get your super funds mainly because you will be making a claim from another country.
- You should note that if you have left Australia more than 6 months ago and your super funds have been transferred to the ATO then you will no longer receive earnings on your investments.