contribution caps


Transfers from overseas funds are also tested against Australian contribution caps. In 2009/10 these caps are:

 

Concessional Cap: $25,000 per person with a $50,000 cap available to those aged 50 and over.
Non Concessional Contribution Cap: $150,000 per person with the ability of those under age 65 to bring forward two years i.e. $450,000. The bring forward is not available after age 65 and a gainfully working test is also involved. After age 75 no contributions are possible.

Exceeding the cap results in an additional 31.5% tax on the concessional contributions (in addition to the 15% tax) and 46.5% on the non concessional.

 

If the member personally pays the transfer tax the whole of the transfer amount is assessed against the non concessional cap. If the member elects for the fund to pay the tax on the growth component since residency, the assessable component does not count and the balance is taxed against the non concessional cap.

 

moving australian monies


It is a lot more difficult to move monies the other way. Normally you would need to wait until a condition of release is met. However since 1 July 2002 temporary Australian residents can claim superannuation monies accumulated while working in Australia.

 

The payment is called a Departing Australian Superannuation Payment. The payment does not form part of the person's assessable income - it has a special withholding tax impost of:

 

Exempt Component - 0%; and
Taxable Component - 30%


If the temporary resident has not claimed their super six months after they depart Australia and no longer hold a visa, the account balance is transferred to unclaimed monies. The monies paid to the Commonwealth can be claimed at any time. While a resident the superannuation monies can accumulate in a normal fund - not to be swept to the Commonwealth as originally announced.

 

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