Accessing your Australian superannuation as a non-resident expat

Accessing your Australian superannuation as a non-resident expat

A common question of Australian expats living overseas is when are they able to access their Australian super.

Accessing superannuation as a non-resident of Australia is subject to the same rules as if you were living in Australia. This means that a condition of release will have to be met before the funds can be accessed.

As a non-resident for Australian tax purposes, broadly you can access your Australian super at the following times. It is noted that personal tax advice should be obtained prior to doing so.

1. When you reach age 65; or
2. When you reach “preservation age” and you retire. Your preservation age depends on your birth year, as shown in the table below.

However, to the extent that you access your super prior to age 60, you may have to pay tax on the payments received depending on the nature of the payments received; or

3. You reach age 60 and cease employment; or
4. Under the “Transition to Retirement” Rules. This is where you reach your “preservation age” (as outlined in the above table) and you continue to work. This is broadly a pension scheme while you are still working. You must withdraw a minimum of 4% up to a maximum of 10% each year. Broadly, such payments will be tax-free if you are over 60; and
5. Finally, it’s worth mentioning that there are other situations in which individuals can access their superannuation early. However, you can only access these options if you have specific medical conditions or face financial hardship.

You should also confirm that withdrawing your super in the country where you are a tax resident does not result in any tax consequences under the applicable Double Tax Treaty.

Please do not hesitate to get in touch with us to discuss your circumstances further and we would be happy to assist you further.