Searching for Australia Superannuation Working Holiday information? Below are the most relevant links to Australia Superannuation Working Holiday info.
Superannuation, or super for short, was designed by the Australian Government as a way to help people save for their retirement. Working Holiday Super is a superannuation account created for working holidaymakers. We know that unless you decide to settle in Australia you’ll probably eventually want to get your super back.
Working holiday makers are temporary visitors to Australia who hold a Working Holiday visa (subclass 417) or Work and Holiday visa (subclass 462). A special tax rate applies when you employ a working holiday maker – this is sometimes referred to as the 'backpacker tax'.
Employers are required to pay 9.5% of the employee’s gross wages into the employees nominated superannuation fund. Backpackers on temporary working holidays in Australia are also entitled to the same superannuation payments as Australian citizens.
Working holiday makers and students are allowed to withdraw their superannuation if they permanently leave Australia and their visa expires. The Australian government takes out further 35% tax when you apply for the withdrawal. You can contact your superannuation fund or a tax professional regarding withdrawal your superannuation.
More TAX information for working holiday makers! Avoid being ripped off! Before you start your working holiday in Australia. Firstly you need to apply for an Australian Tax File Number (TFN). See here You can apply for your TFN online at www.ato.gov.au or phone 13 28 61 between 8am to 6pm Monday to Friday.
If the account was opened under a working holiday visa, then the Departing Australia Superannuation (DASP) refund will be taxed at working holiday visa rates, which means 65% will be withheld. In this case it looks like the entire super refund will be taxed at 65% as the fund was opened on working holiday visa.
If you have worked and earned super while visiting Australia on a temporary visa, you can apply to have this super paid to you as a departing Australia superannuation payment (DASP) after you leave. There are eligibility requirements you will need to meet to claim your DASP.