Transfer of Super Funds from Oz
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Transfer of Super Funds from Oz
As of 2002, it is possible for anyone having worked in Australia on a temporary visa (i.e. not a permanent residency visa) to have their superannuation funds accumulated under such employment remitted out of Australia. This is obviously a welcome opportunity to move your assets out of A$ into another currency that might be more suitable to your future plans.
However, having gone through this process myself, here are a few points that make the process less than user-friendly.
1) You have to find out where your balance is. There is a website set up by the ATO where you can enter your name and TFN, but in my case, there was no match, so I had to contact my previous employer who had, in the meantime, moved the super funds to a new fund manager. In all, it took me 2 weeks to locate my money.
2) If your balance is more than $ 5,000.-, your fund managers will not release the money without authorisation from DIMIA. Again, no problem with that, other than DIMIA will only accept documents (which you can download from their web site) with original signatures. So, you have to courier them, and their rubber-stamping costs you another $ 55.-. In my case, it took them 10 days from date of receipt of my documents until sending a letter to my fund managers (who again, insist on an original letter from DIMIA rather than any electronic communication).
3) In my case, the fund managers refused to do anything else other than issue a cheque in A$ which will take weeks to clear from UAE. They refused to remit to my bank here (the reason being that they cannot positively identify the true beneficiary behind my account), they refused to issue a cheque in US$ which would clear faster (the reason being that they wish to avoid arguments about foreign exchange rates), and they refused to issue the cheque to my son living in Australia (as the money must be refunded to the super fund policy holder). They actually asked me whether I had a bank account in Australia - when the whole idea of being able to access your super funds is that you have actually left Australia for good.....
4) So, I am left with a cheque that might clear in under three weeks.
From starting to locate my funds to actually seeing them in my bank account here will have taken around 7 weeks.
Welcome to the age of globalisation and electronic communications...not.
However, having gone through this process myself, here are a few points that make the process less than user-friendly.
1) You have to find out where your balance is. There is a website set up by the ATO where you can enter your name and TFN, but in my case, there was no match, so I had to contact my previous employer who had, in the meantime, moved the super funds to a new fund manager. In all, it took me 2 weeks to locate my money.
2) If your balance is more than $ 5,000.-, your fund managers will not release the money without authorisation from DIMIA. Again, no problem with that, other than DIMIA will only accept documents (which you can download from their web site) with original signatures. So, you have to courier them, and their rubber-stamping costs you another $ 55.-. In my case, it took them 10 days from date of receipt of my documents until sending a letter to my fund managers (who again, insist on an original letter from DIMIA rather than any electronic communication).
3) In my case, the fund managers refused to do anything else other than issue a cheque in A$ which will take weeks to clear from UAE. They refused to remit to my bank here (the reason being that they cannot positively identify the true beneficiary behind my account), they refused to issue a cheque in US$ which would clear faster (the reason being that they wish to avoid arguments about foreign exchange rates), and they refused to issue the cheque to my son living in Australia (as the money must be refunded to the super fund policy holder). They actually asked me whether I had a bank account in Australia - when the whole idea of being able to access your super funds is that you have actually left Australia for good.....
4) So, I am left with a cheque that might clear in under three weeks.
From starting to locate my funds to actually seeing them in my bank account here will have taken around 7 weeks.
Welcome to the age of globalisation and electronic communications...not.
Join Date: May 2004
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Could you not endorse the cheque to your son, who can then deposit it into his australian account? Or is it a non-negotiable cheque? Is there any way you can give your son Power of Attorney to act on your behalf ie open a bank account in your name etc? Not sure, just some suggestions... 
I previously lived in the UK on a temporary work visa, and have kept my bank account open there for reasons such as this.
I previously lived in the UK on a temporary work visa, and have kept my bank account open there for reasons such as this.
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If you are flying for a certain DXB based carrier that does multiple trips to Australia each day, could you possibly get on one of those trips, open an account whilst you are out here on the trip, and deposit the cheque into it? List the mailing address as your Son's house?
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Taildragger67
Actually yes it does. A cheque crossed “NOT NEGOTIABLE” prevents the cheque from being cashed. It must go into the bank account of the payee or the person it has been signed over to. A cheque that is crossed “NOT NEGOTIABLE ACCOUNT PAYEE ONLY” can not be signed over and can only be deposited into the account of the payee.
How do I know this? From a previous life and it says so on my Aussie cheque book.
Actually yes it does. A cheque crossed “NOT NEGOTIABLE” prevents the cheque from being cashed. It must go into the bank account of the payee or the person it has been signed over to. A cheque that is crossed “NOT NEGOTIABLE ACCOUNT PAYEE ONLY” can not be signed over and can only be deposited into the account of the payee.
How do I know this? From a previous life and it says so on my Aussie cheque book.
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Al, go to the Anglo Irish Bank located in the Emaar business park off SZR. Open an off-shore acct denominated in Oz dollars and deposit your cheque in to it. Then give me some for helping you out... (assuming you're in Dubai of course)
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Many thanks for all your suggestions, gentlemen.
As I am not with a certain DXB-based carrier, I shall try max AB's proposal. If it works, you're in for a couple of cold ones, mate
As I am not with a certain DXB-based carrier, I shall try max AB's proposal. If it works, you're in for a couple of cold ones, mate
