Superannuation in Australia is a key part of working life for all workers, including backpackers. In this comprehensive guide, we'll tell you how to open a superannuation account, how to pay money into it and, most importantly, how to get your funds back when you leave Australia.
1. Open a Superannuation Account
Opening a superannuation account is an important step for all workers in Australia. If you are employed by an Australian employer and earn more than $450 before tax per month, your employer is required to contribute towards your superannuation. You can usually choose your own superannuation fund or use one offered by your employer.
2. How to Contribute Money
Once you have opened a superannuation account, you can start paying money into it. Your employer will automatically make contributions to your account, but you can also choose to make additional contributions on your own. These contributions can be deducted from your salary before taxes.
3. Get your money back
When you leave Australia, whether at the end of your work visa or to return to your home country, you can recover your superannuation funds. However, there are a few conditions to meet:
- You must have left Australia permanently.
- Your work visa must have expired.
- You cannot get your funds back if you intend to return to work in Australia in the future.
4. Recovery Process
Once you meet the requirements, you can apply to recover your superannuation. The process varies depending on your individual situation, but generally you will need to complete a refund request form and provide evidence of your permanent departure from Australia.
Recommended Sites
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Australian Taxation Office (ATO): The ATO website has a wealth of information on superannuation, including rules, rights and fund recovery options.
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MyGov: MyGov is a government platform that helps manage various online services, including superannuation. You can access your superannuation account, check your contributions and request refunds via MyGov.
By following this comprehensive guide, you will be able to open a superannuation account in Australia, manage your contributions and recover your funds when you leave the country. Make sure you understand the rules and conditions that apply to your specific situation and use the resources provided for additional assistance if necessary.