# Superannuation funds withdrawal for 457 visa



## krish_kk123 (Feb 6, 2013)

Hi Guys,

i am on a 457 and have some funds going into super from my company. 

can someone please tell me if those funds can be withdrawn when leaving Aus ( i,e going back to my home country ) ?

Any conditions or criteria ?


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## Guest (May 2, 2013)

If you have left the country and have not been granted or applied for PR you can apply for its return. If you have a PR application ongoing it stays where it is.


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## mandanapu (Nov 2, 2012)

krish_kk123 said:


> Hi Guys,
> 
> i am on a 457 and have some funds going into super from my company.
> 
> ...


If your visa is expired or been cancelled then certainly you can withdraw your funds. I did the same in my case. If your super is more than $5000 you have to apply for cancellation of visa certificate. It will cost around $54. Immigration will directly send this certificate to your super. You have to send ur xerox copies of passport bio pages and entry and exit stamp papers as well to your super

ANZSCO: 261313 |NSW SS: Applied 5/11/2012 |ACK Received: 31/01/2013 |Invitation: 26/02/13 |Lodged: 12/03/13 |AFP: 20/01/13 |Indian PCC: 14/03/13 |Medicals: 22/03/13 |CO: 10/04/2013(T34 L) |Grant: Waiting


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## krish_kk123 (Feb 6, 2013)

mandanapu said:


> If your visa is expired or been cancelled then certainly you can withdraw your funds. I did the same in my case. If your super is more than $5000 you have to apply for cancellation of visa certificate. It will cost around $54. Immigration will directly send this certificate to your super. You have to send ur xerox copies of passport bio pages and entry and exit stamp papers as well to your super
> 
> ANZSCO: 261313 |NSW SS: Applied 5/11/2012 |ACK Received: 31/01/2013 |Invitation: 26/02/13 |Lodged: 12/03/13 |AFP: 20/01/13 |Indian PCC: 14/03/13 |Medicals: 22/03/13 |CO: 10/04/2013(T34 L) |Grant: Waiting


Hi Mandanapu,

thank you so much for the valuable information. one quick question though,,,if I have to cancel my visa, can that be done when I am in Australia and how will I collect the money ? 

I mean, If suppose i apply for cancellation of visa or my be my employer does when I leave the company, I will have 28 days of grace period to find another employer or return back to my country. So in this case, will it be Okay if i leave Aus and the money will automatically credited to my Aus bank account and I can transfer it to my country account via online ?

How does it actually work ?


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## ume_r (May 7, 2012)

Hi,

I would also like to add another question relater to superannuation withdrawal.
Post the withdrawal, I have been taxed at 35% of the total amount(my total super contribution was less than $5k).

Is there a possibility of calming this amount which is deducted as "Less PAYG withholding tax" roughly around $1k.

appreciate your replies on this.

Tks!


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## Redtape (Jun 25, 2013)

krish_kk123 said:


> Hi Mandanapu,
> 
> thank you so much for the valuable information. one quick question though,,,if I have to cancel my visa, can that be done when I am in Australia and how will I collect the money ?
> 
> ...


Just an update.Starting from 1st July 2013 we've 90days to find a new employer.I'm also closely following this thread.


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## krish_kk123 (Feb 6, 2013)

Redtape said:


> Just an update.Starting from 1st July 2013 we've 90days to find a new employer.I'm also closely following this thread.


Hi Redtape,

Wow! what a great news that is. I always thought 28 days was too short. I think its a good move to extend it upto 90 days.

thanks for the update!


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## teejay212 (Aug 20, 2010)

It has not been clarified yet whether the new 90 days rule applies to existing 457 visas or only new visas- also if it applies to 457 visa renewals after 4 years - I'm sure we'll find out the finer points in the coming weeks. TJ


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## Redtape (Jun 25, 2013)

teejay212 said:


> It has not been clarified yet whether the new 90 days rule applies to existing 457 visas or only new visas- also if it applies to 457 visa renewals after 4 years - I'm sure we'll find out the finer points in the coming weeks. TJ


I've read this article on immi website and assuming it's applicable for all. Please correct if I'm wrong.

Changes to the Subclass 457 program


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## krish_kk123 (Feb 6, 2013)

Hey Guys,

just stepping out of the topic, as its tax return time.

this will my first time here, and i have lived here only for the last 4 months. I have heard from few of my mates that since i have lived only for short duration for the year 2012-13, I would be getting majority of my taxed amount refunded. 

is that true ?

can any one of you please shed some light on this ? I mean 457 guys, please share your experience, refunds % etc....


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## Redtape (Jun 25, 2013)

Hi krish_kk123,

I don't have numbers or % in my mind. From my personal experience, *yes *your returns would be higher as you stayed only for few months. Happy taxing.


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## krish_kk123 (Feb 6, 2013)

Irrespective of what it is,,,it's always nice to hear positive comments and hopefully it will a happy taxing


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## Guest (Jul 8, 2013)

Not necceserily so Krish. It depends on what your wage was and how long you have been working. Everyone gets a tax free portion of their income. If you are only here for part of the year you only get part of that tax free portion when you will have been deducted as if you had all of that tax free allowance. It could mean you pay more! 

Then it depends on deductions you can make for your job and education. Some pay non of these type of expenses. Some pay lots especially in their first job setting up buying tools, uniform etc.


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## krish_kk123 (Feb 6, 2013)

ah really ? hmm, am gonna walk up to a tax consultant this weekend and figure out what am gonna get.

one question though....

do you know if 457 visa guys have a tax slab like 1-18k no tax, 18-36 20% etc ? or is it flat tax for 457 guys ?


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## Bluegum2012 (Aug 31, 2012)

Can I cancel my 457 (currently I'm having this) by filling up appropriate cancellation form (I guess 1040) and submitting it at any Immigration office before I leave Australia? Can I submit the application with future dates of travel, I mean if I'm leaving the next week or so?


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## krish_kk123 (Feb 6, 2013)

Ditto....i too have the same question. I hope some one experienced in this forum answers it....


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## Bluegum2012 (Aug 31, 2012)

krish_kk123 said:


> Ditto....i too have the same question. I hope some one experienced in this forum answers it....


I've sent a PM.


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## Moji (Sep 14, 2012)

if you decide to leave Australia permanently and you have not applied for permanent residency or became pr, you are entitled to receive your super funds less 35% for tax.


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## cooluno (May 26, 2013)

krish_kk123 said:


> ah really ? hmm, am gonna walk up to a tax consultant this weekend and figure out what am gonna get.
> 
> one question though....
> 
> do you know if 457 visa guys have a tax slab like 1-18k no tax, 18-36 20% etc ? or is it flat tax for 457 guys ?


457 guys are taxed just like any other australian resident. They are called "Residents for tax purposes". 

The first 28.8K of their taxable income is tax free(this limit is applicable to all filing their returns this year), and they are taxed about 31% of the rest of the income, on an average.


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## cooluno (May 26, 2013)

krish_kk123 said:


> Hey Guys,
> 
> just stepping out of the topic, as its tax return time.
> 
> ...


As a thumb rule, anybody having an average income for less than 6 months get almost all their IT back. This is because their total taxable income falls almost within the range of tax free threshold, which is about AUD 28.8K.


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## selvas (Sep 5, 2013)

krish_kk123,

which tax agent did you use? having a income of $60k for the 9 months and paid $15k tax already just wondering any chance for getting any refund or not? its not clear how to proceed in filing? any idea?

Thanks
Selva


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## krish_kk123 (Feb 6, 2013)

Hi Selva,

I think the refund would be a good amount only if the income for that financial year was less than 28k.

However, I strongly suggest you to visit a tax consultant and file your returns. you could get back 1-2k easily..

FYI...I filed it at a consultant located in Harris park, close to the sabzi shop.


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