Moving overseas? Your super doesn’t necessarily move with you, so tick off a few key checks before you leave to avoid headaches later.
This article is general information only - see full disclaimer below.
It’s one thing to daydream about moving overseas to start a brand new life where nobody knows who you are. It’s another thing to pack up your life and actually move.
If you’ve gotten as far as buying that one way ticket out of Australia - congratulations!
You’ve probably conquered a looot of paperwork and life admin already, so it’s understandable if your super is sitting near the bottom of the pre-departure checklist.
But if you’ve spent part of your career working in Australia, there could be a decent chunk of your hard-earned money sitting in super.
Even if you won’t be touching it for years, a little bit of admin before you leave could save you some headaches later.
That depends on your residency status.
If you earned super while working in Australia as a temporary resident and you no longer hold an active Australian visa, you may be eligible to claim a departing Australia super payment (DASP).
If your claim is successful, your DASP can generally be paid into a nominated bank account, including some international accounts, or sent as an Australian dollar cheque.
You can’t submit your DASP application until after you’ve left Australia and your visa has ceased. But it can be worth getting everything organised before you go, while your documents are still a little easier to access.
For Australian citizens and permanent residents, the rules are different - moving overseas doesn’t unlock your super.
Even if the move is permanent, you generally can’t access your super until you reach your preservation age and meet the relevant requirements, or meet another condition of release.
Depending on when you were born, preservation age (between 55-60) can feel like a loooong way away.
But that doesn’t mean your super should be completely forgotten while you’re off living your new life overseas.
Once the flights are booked and the boxes are packed, there are a few things worth checking off the super admin list:
✅ Fees keep applying either way. If no new contributions are going in while you’re overseas, ongoing account management fees can still chip away at the balance. Comparing funds and understanding what you’re paying can help keep more of that money invested.
✅ How your super is invested. Your investment option can make a big difference over a long timeframe, so it’s worth understanding what your super is invested in and whether it still reflects your circumstances and risk tolerance. Hint: you’ll still need to review this regularly!
✅ Insurance inside your super. Life, TPD or income protection insurance can sometimes be held through super, with premiums deducted from the balance. Cover, cost and terms can vary once someone is living overseas, so it’s worth checking the changes before you leave.
✅ Death benefit nominations. If you’ve nominated someone to receive your super if you pass away, it’s worth checking whether that nomination is still current. Some death benefit nominations can lapse after three years, depending on the type of nomination and your fund’s rules.
Super can feel like one of the least urgent things on a never-ending list of life admin, especially when you’re packing up your life and moving overseas.
But money sitting in super today could stay invested for decades.
A little attention before you leave can help make sure it’s still working away in the background while you’re busy building a life somewhere new.
All information contained in the Flux app, www.flux.finance, www.joinflux.com, app.flux.finance and any podcast of Flux Media Pty Ltd (ABN 27 639 804 345) is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. While we do our best to provide accurate information, we accept no responsibility for any inaccuracies that may be communicated.
Flux does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) and ASIC RG 36.66. Flux Technologies Pty Ltd provides general advice on credit products under our own Australian Credit Licence No. 530103. The product information presented does not constitute an offer and we are not recommending or suggesting any particular product.
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