A.
If you’re a non-resident or an eligible temporary resident. If you’ve come to Australia after 1 July 2002 on an eligible temporary resident’s visa or if
you’re a non-resident leaving Australia permanently, you may be eligible for the “Departing
Australia Super Payment” (“DASP”).
Main things you need to know: 1. claims must be lodged after 1 July 2002
2. to claim you must be either a non-resident or on an eligible temporary resident’s visa
3. you can’t make a claim if you’r e an Australian citizen, permanent resident or New
Zealander
4. you must make the claim from overseas
5. claims are made as a cash lump sum and cannot be rolled into another overseas fund
6. your benefit will generally be taxed at 30%.
More things you need to know. The folks at the Department of Immigration have got all you need to know about their process
- they’ve got the forms, you can do it online or get in touch with them.
Department of Immigration and
Indigenous Affairs.
A. Your super fund will pay a death benefit. This benefit comprises the balance of your
super account and any insurance benefits from paying an insurance premium to the fund, and
is.usually paid to either:
1. your dependants - spouse, de facto spouse, children, anyone else who is financially
dependant on you, or anyone with whom you have an interdependent relationship
2. your estate.
Can I nominate a beneficiary? Yes, Virgin Super gives you three options, but there are legal bits and pieces you need to
check.
The options.
1. Binding nominations – you have the power to determine who should receive your death
benefit. Download and complete the
Binding Death
Nomination Form.
2. Non-binding nominations – the trustee still has the discretion to pay your money to one or
more of your dependants or your legal personal representative.
3. No nomination – your benefit will be paid at the discretion of the Trustee to one or more
of your dependants and/or legal representative.
It’s best to download the
Product Disclosure Statement if you’re after the
nuts and bolts on this. Regardless of which option you go with, the Trustee must ensure
that your money is paid to your dependants or legal personal representative.
A. It generally saves time and money to keep your super in as few accounts as possible.
Otherwise, as you change jobs, you could build up a string of super accounts charging a string of
fees and sending you a string of paperwork. If you’re happy with your existing fund, there’s
a couple of things to check before you start your new job:
1. Will your employer pay into your existing fund?
2. Will your fees increase by staying in your old fund?
If the answer to these means you choose to leave your fund, you might want to roll your
existing super into the new one.
Consolidate super
funds.
A. If you've been retrenched, you probably need to make a few decisions concerning your
super. As all of them depend on your existing financial situation, age and future plans, it's
probably worth having a chat to an accountant or financial advisor.
Just make sure you have all your super information at hand, such as your balance and existing
investment options.
A. It depends how old you are. It’s a nice thought but you can’t give up at 35
and start drawing on your super from a beach in
Fiji. You must have reached the appropriate preservation age, between 55 and 60 depending on
when you were born.
Date of birth
Preservation age
Before 1 July 1960
55
1 July 1960 to 30 June 1961
56
1 July 1961 to 30 June 1962
57
1 July 1962 to 30 June 1963
58
1 July 1963 to 30 June 1964
59
After 30 June 1964
60
Apart from retirement you can access your retirement savings under the following
circumstances, (one is usually enough):
1. you leave gainful employment after age 60
2. you become totally and permanently disabled
3. you experience severe financial hardship and meet certain requirements
4. you have compassionate grounds for needing the money, as approved by the Australian
Prudential Regulation Authority
5. if you are a temporary resident on a specified class of visa and you permanently depart
Australia.
If you have any questions please give our Customer Care Team a call on 1300 652 770, 8am -
8pm (EST), Monday-Friday.
A. Your employer must generally pay 9% of the value of your gross salary into a super fund.
This is called the super guarantee.
You need to decide where your money’s going to go,
Virgin Super
is one option.
If you’ve been working for a while and have more than one super account you might want to
consider consolidating your super.
Exceptions. There are some exceptions to super entitlement, for example, if you earn less than $450 per
month before tax.
Need to know more? The
Australian Tax Office website
has a fantastic section all about super, including loads of useful info on your entitlement to
super guarantee payments.
A. If you’re doing casual work or taking on extra hours in your existing job, you may be able
to boost your long-term savings by checking your eligibility for super contributions from your
employer.
1. If you're over 18, and earn more than $450 before tax in a calendar month, your employer
is usually required to pay super guarantee contributions on your behalf.
2. If you're under the age of 18 and work in excess of 30 hours a week, you may also be
entitled to super contributions from your employer.
3. Even if you normally don't work more than 30 hours per week, extra shifts may entitle you
to super payments.
A. If a lifetime of marital bliss wasn’t enough of a reward, super throws in a few gifts to
make the cost of the dress, the jewellery, the alcohol and the special restraint suit for your
mother-in-law hurt a little less. So if you’re in tying-the-knot mode, here’s a few things to
think about.
Spouse contributions. There are some benefits to be had in making spouse
contributions.
Insurance. As you are now one, not two, are you covered if half of you can’t work? Imagine if it was
your legs!
Income protection
insurance.
New beneficiary. You may need to update your beneficiary details to include your new spouse!
Changing name. You’ll need to drop us a line and include a certified copy of your marriage certificate and a
copy of your old and new signature: Virgin Super, Reply Paid 83154, Haymarket, NSW, 1239.
A. If you are struggling financially or meet certain specified grounds for release, you may be
able to access some or all of your super before retirement.
Financially. The trustee or Registered Superannuation Account provider may release from your super one
lump sum payment in every twelve months if you can prove:
1. You’ve been receiving a social security pension or benefit for the last 26 weeks.
2. You’re unable to meet certain legal conditions called “reasonable and immediate family
expenses".
The payment will be no more than a gross amount of $10,000 and no less than $1,000 (or the
balance of your benefit if it is less than $1,000).
If you have any questions please give our Customer Care Team a call on 1300 652 770, 8am -
8pm (EST), Monday-Friday.
Specified grounds for release. Compassionate reasons include where you have expenses for yourself or a dependant when:
1. medical treatment that is not available through the public health system is required for a
life threatening illness or acute or chronic pain
2. medical transport is required for the conditions above
3. modifications to the family car or home are required to meet the needs of a disabled
dependant
4. palliative care or death related expenses (e.g. funeral) are required. You’ll need
to apply to both Australian Prudential Regulation Authority and us by completing the necessary
forms.
If you have any questions please give our Customer Care Team a call on 1300 652 770, 8am -
8pm (EST), Monday-Friday.
Prepared by Virgin Money Financial Services Pty Ltd (ABN 51 113 285 395; AFSL 286869) for
Trust Company Superannuation Services Limited
(ABN 49 006 421 638, AFSL 235153, RSE Lic. No.L0000635) as Trustee for Virgin Superannuation
(RSE Reg. No. R1001440).
You should consider our Product Disclosure Statement which can be found on our website.
Please note this information does not constitute personal financial product advice, and you
may wish to consult your financial adviser before making a decision
about whether Virgin Superannuation fits your objectives, financial situation and needs.
