What did you do with your super?
Thread Starter
Joined: Nov 2005
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From: The Future
What did you do with your super?
A question for Aussies joining airlines based in HKG.
Would like to know what you did with any superannuation you had prior to leaving Aus. Where did you obtain advice on this?
Would like to hear the horror stories too, if there are any. Not that I would expect any, pilots are brilliant at managing finances!!!
Would like to know what you did with any superannuation you had prior to leaving Aus. Where did you obtain advice on this?
Would like to hear the horror stories too, if there are any. Not that I would expect any, pilots are brilliant at managing finances!!!
Joined: Apr 2000
Posts: 195
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From: Hong Kong
I spoke to AMP and they said that I was unable to touch my super, even though I explained that I would never be coming back. They told me that the government has no way of knowing whether you will or will not return and so it is effectively frozen. My wife's mum works in payroll in a large comapny and confirmed this for me.
Funny how they still manage to tax it though. I wonder if any will be left when i do return?
Funny how they still manage to tax it though. I wonder if any will be left when i do return?
Thread Starter
Joined: Nov 2005
Posts: 203
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From: The Future
Funny that! Thanks for the reply. I have no doubt the government will tax super to oblivion regardless of your abode. I am sure those still contributing to it will hurt even more. I have since found out that you cant even manage it yourself from OS or they will tax it 49c in the dollar...
May as well just draw it out now and get penalised before they get all of it.
May as well just draw it out now and get penalised before they get all of it.
Joined: Apr 2000
Posts: 195
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From: Hong Kong
Elroy,
I just spoke to my Super fund and they confirmed that we cannot even withdrawl from our fund until I turn 55. Regardless of whether we never return to Oz again.
It seems that you can't even take an "early withdrawl" charge.
WP
I just spoke to my Super fund and they confirmed that we cannot even withdrawl from our fund until I turn 55. Regardless of whether we never return to Oz again.
It seems that you can't even take an "early withdrawl" charge.
WP
Thread Starter
Joined: Nov 2005
Posts: 203
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From: The Future
Thanks Waldo,
Did you ask if we could roll it over into another fund? Maybe we could roll it over into one of those wine investment funds, and drink it!
Seriously, do we have to leave it with the same clowns until 55?
Did you ask if we could roll it over into another fund? Maybe we could roll it over into one of those wine investment funds, and drink it!
Seriously, do we have to leave it with the same clowns until 55?
Joined: Apr 2000
Posts: 195
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From: Hong Kong
No,
They said that I can do with it as I please, except of course take it out and/or do something useful with it. I can move it to another fund, or manage it myself but it must remain in Oz as a super fund.
Maybe I'll be able to buy a Datsun 1600B when I come back…If I have that much left in the fund!
WP
They said that I can do with it as I please, except of course take it out and/or do something useful with it. I can move it to another fund, or manage it myself but it must remain in Oz as a super fund.
Maybe I'll be able to buy a Datsun 1600B when I come back…If I have that much left in the fund!
WP
Joined: May 2002
Posts: 2,609
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From: Asia
Have been through what you are going through now. Results are pretty much what Waldo said. I do remember though that they (the Australian Government) were thinking of changing the law to allow you to borrow against your personal super. I'm not sure what came of that though.
