Demystifying DASP: Your Guide to Departing Australia Superannuation Payment
G’day, mates! If you’re planning to leave the Land Down Under and return to your homeland, you might be wondering what happens to your superannuation funds. Well, fret not, because we’ve got you covered. In this guide, we’ll walk you through the ins and outs of Departing Australia Superannuation Payment (DASP): what it is, how to apply, when to do it, and the lowdown on taxes. So, grab your pen and note and let’s dive in!
|1.What is DASP?
DASP, or Departing Australia Superannuation Payment, is a financial perk that allows temporary residents and certain visa holders to claim their superannuation funds when they leave Australia permanently. Your superannuation, also known as super, is a long-term savings plan designed to provide financial security during retirement.
|2. Who’s Eligible?
You’re eligible for DASP if you meet the following criteria:
- You’re a temporary resident in Australia.
- You hold a visa under specific categories, such as a working holiday visa, student visa, or certain skilled migration visas.
- You’ve left Australia permanently.
|3.How to Apply for DASP
Applying for DASP is straight forward:
Check Your Eligibility: Make sure you meet the eligibility criteria mentioned above.
Follow the steps here
|4.When to Apply
You can apply for DASP after you’ve left Australia, but don’t wait too long. You have six months from the date you depart to lodge your application. However, if your visa expires or gets canceled, you should apply as soon as possible.
|5.Taxes on DASP
Now, let’s talk about the nitty-gritty—taxes! DASP payments are subject to Australian tax laws. Here’s the deal:
Working Holiday Makers: If you were on a working holiday visa (subclass 417 or 462), the tax rate on your DASP payment is 65%. Yes, it’s a hefty slice, but the good news is that you can claim a tax refund when you leave Australia.
Other Eligible Visa Holders: For all other eligible visa holders, the tax rate is 35%. However, the tax laws are subject to change, so it’s a good idea to consult a tax professional or the Australian Taxation Office (ATO) for the latest info.
Remember, taxation can be complex, so it’s advisable to seek advice from a qualified tax expert to ensure you’re following the right procedures.
Departing Australia Superannuation Payment (DASP) is your ticket to reclaiming your hard-earned superannuation funds when you bid adieu to the land of kangaroos and koalas. Just remember to dot your i’s and cross your t’s, and you’ll be enjoying your DASP in no time.
If you’re unsure about the process or need further guidance, don’t hesitate to reach out to your superannuation fund or consult with a financial expert. Safe travels and may your DASP serve as a nice little financial boost as you journey onwards! 🇦🇺💰🌏
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