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The Departing Australia Superannuation Payment – Eligibility & Conditions You Need To Meet

If you’re working while visiting Australia as an international traveller or are a university student from overseas and earning superannuation, it’s important to remember that you are actually allowed and able to access that money (and before you hit your retirement).

People who have visited Australia under a temporary visa, and been employed in a position that earned them super may be able to access it as a specific payment when they leave.

This is known as a departing Australia superannuation payment (DASP) and is one of the few conditions of release that doesn’t involve waiting for the preservation age.

It can only be applied for after you have left the country and has strict eligibility requirements under which it can be claimed.

These include:

  • That you accumulated superannuation while working in Australia on a temporary resident visa issued under the Migration Act 1958 (excluding Subclasses 405 and 410)
  • That your visa has ceased to be in effect (for example, it has expired or been cancelled)
  • That you have left Australia and you do not hold any other active Australian visa
  • That you are not an Australian or New Zealand citizen, or a permanent resident of Australia.

If you are a New Zealand citizen who has been living in Australia and are now leaving permanently, you may be able to transfer your super instead to New Zealand under the Trans-Tasman retirement savings portability scheme for individuals.

If it has been six months (or more) since you left Australia, your visa will have ceased to be in effect. If you have not claimed DASP, your super fund will instead transfer your super money to the Australian Taxation Office as unclaimed super money (known as ‘lost super’).

You may be required to provide certified documents for your DASP application. It’s much easier to have documents certified in Australia, so it’s recommended that you do this before you leave. Check with your super fund to confirm what documentation is required.

If it is required, you can also nominate someone else to apply for your DASP. This person will be able to act on your behalf and update your information, so consider carefully who you allow to represent you.

They will require written authority that they are able to act on your behalf and be able to satisfy the super fund’s requirement of proof of authority to make the claim for you. Checking with the super fund to find out what specific documentation they require from them to avoid the hassle.

You may nominate either:

  • a tax agent with full registration or conditional tax agent registration with the Tax Practitioner Board for the purpose of claiming DASP
  • a representative if you use a DASP paper form.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

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John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier