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Under new laws, the superannuation of former temporary residents who have left Australia (more than six months ago) will be transferred to the Australian Taxation Office (ATO).

If you are a temporary resident who is leaving (or has left) Australia, you can claim your super from IOOF once you have departed. If your super remains unclaimed for more than six months after you have departed Australia, the Australian Government will notify IOOF and your super will be forwarded to the ATO.

You can still claim your superannuation from the ATO at any time, however your benefits will not earn any interest over the period it is held by the ATO.

IOOF recently received a list from the ATO of fund members who are departed temporary residents and has paid these benefits to the ATO. IOOF has, however, been granted a temporary delay from forwarding accounts holding illiquid or frozen assets.

This list covers those temporary residents who departed Australia prior to 1 July 2008. The next notice (due September/October) will cover those who departed Australia from 1 July 2008 to 31 December 2008.

How do I claim my super from the ATO?

You can either make a paper application for a Departing Australia Superannuation Payment (DASP) or you can apply online. For details about how to apply, go to www.ato.gov.au/departaustralia

For an online application, you will need your personal details: including your name, date of birth, passport number, Australian Tax File Number and your superannuation fund account details, including your super fund's ABN (see your last annual statement). Once your application has been processed, the ATO will make the payment directly to you, net of withholding tax of 35% on the taxable component of the benefit.

I am a temporary resident and will be leaving Australia soon. How can I claim my super from IOOF after I have left?

The easiest way to claim your super is to make an online application for a Departing Australia Superannuation Payment via the ATO, by going to www.ato.gov.au/departaustralia If you apply online, the ATO will process your application, notify IOOF and then we will make the payment to you (net of any withholding tax).

Alternatively you can complete a paper application (available from the above web site). If your super is less than $5000 you can send the paper application with certified copies of your passport and your expired/cancelled visa to IOOF. If your super is $5000 or more, you will need to send the application form plus the Form 1154 Certification of Immigration Status to the Department of Immigration and Citizenship, who will notify IOOF to release the benefits. (See www.immi.gov.au for more details.) In either case, you will need to provide certified evidence of any changes to your name since you arrived in Australia (e.g. if you married).

Will this apply to Permanent Residents or New Zealanders working in Australia?

No. Permanent Residents and citizens of New Zealand can leave Australia and have a right to return and retire here. Therefore super benefits must remain in Australia and cannot be paid early as DASPs. On retirement, these benefits are not DASPs and are tax free after turning age 60. The exemption also includes those who entered Australia on a retirement visa (sub-class 405 and 410).

Will IOOF provide a final statement for accounts transferred to the ATO?

No. As the benefits have been compulsorily paid to the ATO and the former member has left Australia permanently, we are not required to provide an exit statement. However, any former member may still contact our Client Services Officers for information about their transferred superannuation and how to claim it from the ATO.

I am over age 55 and retired and living in Australia on a temporary resident visa. Can I still claim my super now as a retirement benefit?

Yes, as long as you have met a condition of release before 1 April 2009. Conditions of release include: retirement after turning age 55; turning age 60 and leaving employment; or reaching age 65. Otherwise under new rules, you must wait until you leave Australia to claim your super benefits as a DASP, unless you are permanently incapacitated.

Further information

If you have queries about the transfer of your IOOF superannuation to the ATO or other concerns please contact your financial adviser or one of our Client Services Officers on 1800 062 963.

If your super has been paid to the ATO or you have another question about the DASP you can contact the ATO:
Email: DASPmail@ato.gov.au
Telephone: +61 2 2616111
Fax: +61 2 60587104
Mail: Australian Taxation Office, PO Box 3100, Penrith NSW 2740 Australia.