When planning a working holiday to Australia or if you’re a new migrant to Australia the last thing on your mind will be superannuation or tax, however you could be missing a trick. In using your Australian Superannuation Fund and tax refund could actually be a great way to save some money on your working holiday or period of working in Australia as a sponsored migrant or as a temporary resident.
First off, you’ll probably want to know, what is Superannuation? Superannuation is effectively your Australian pension fund. All adults in employment must be an obligatory 9% minimum of your earnings into a Superannuation Fund, or ‘Super Fund’ as it’s commonly known in Australia. Another key fact to remember is that if you leave Australia and have canceled or completed the term of your visa you may be eligible to withdraw your Superannuation and claim a “Super Refund“. The Government will deduct a tax but the rest of the money is yours. Every month you leave it behind you’ll be losing money so we urge you to be on the ball with this and claim any lost or unclaimed Superannuation when you depart the country. Companies like backpay.com will be able to assist you with your claim.
Here’s a few helpful facts about Superannuation for Working Holiday Makers in Australia
Choosing the right Superannuation Fund
When starting a new job in Australia most employers will set you up a Superannuation fund with the fund provider that they work with. This may not always be the Super Fund that offers the best rate. It is entirely your choice which Superannuation Fund provider you go with. If you want to ensure you get the best return possible then it’s worth having some calls and doing some internet research on comparison websites to see which providers offer the best rates.
Who offers Superannuation funds? Here’s a list of businesses in Australia that offer Superannuation Fund Management.
Colonial First State
MLC Superannuation (By NAB)
My Future Super
How do you compare the best Superannuation Refunds?
There are a number of Superannuation comparison websites that do exactly this. Below we’ve listed some of the best sites to help guide you through the process of choosing the best Super Fund for you.
What happens to your Superannuation when you leave Australia?
If you’re only working in Australia as a temporary resident on working holiday visa or as a sponsored migrant or skilled migrant then when you leave Australia you may be eligible to claim a superannuation refund and get your payments back (minus tax).
To locate your superannuation fund and make a claim you can contact backpay.com here