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Build up your retirement nest egg

Supperannuation - Australia's version of Pension Income

What is Superannuation?

Superannuation is a specially designed long-term investment for your retirement; known as the 'pension income' in the UK. Investing in superannuation while you are working is designed to help you build a nest-egg for your retirement.

Australia’s Superannuation Guarantee program requires employers to make contributions to a Superannuation fund for all individuals employed in Australia regardless of nationality. Compulsory superannuation is 9% of your taxable salary and is deducted from every employee working in Australia.
Superannuation is commonly known as ‘Super’.

Where is Super paid?

Your employer contribution must be paid into a complying super fund or retirement saving account.
Super funds are managed by trustees. Each fund has its own rules, but must also follow government rules, designed to ensure your super is properly managed. These funds are called complying superfunds.

Retirement savings accounts are not super funds but operate under similar rules. Retirement savings accounts are offered by approved financial institutions. Just like complying super funds, they accept super contributions for, and provide benefits upon retirement, invalidity or death of, the account holders.
Self managed super funds (also known as DIY funds) perform the same role as other funds, by investing contributions and making them available to members on retirement. The difference is you would manage many of the decisions and obligations around your super yourself.

Can I claim back my Super when I return home?

If you are working in Australia as a temporary resident you may be eligible to claim your superannuation money. You can do this if:

you visited on an eligible temporary resident visa (includes the 417 Working Holiday Visa and 457 Business Long Stay Visa)
your visa has expired or been cancelled; and you have permanently departed Australia*
This payment is called the departing Australia superannuation payment. It is commonly referred to as DASP.

Through your DASP, you can claim approximately 70% of your Superannuation back once you return home. The balance of 30% is paid as tax in lieu as no tax was paid at the time of earning.
* You may still be able to return to Australia on another visa even if you claim and receive your superannuation money.

When can I apply for my DASP?

You can apply for your DASP once you have departed Australia and the Department of Immigration and Citizenship (DIAC) has seen that your visa is inactive.

If you have not departed Australia or your visa is active you can still record your details in the system and save your application for when you have permanently departed Australia.

How do I apply for my DASP?

You can apply for your DASP online at the DIAC website. The page linked below will also advise what information you need to provide at the time of your application.

https://applicant.tr.super.ato.gov.au/applicants/default.aspx?pid=1