Temporary residents can collect their super

Temporary residents will now be treated the same under superannuation law as Australians under changes announced by the Government that reverses a previous decision. In May, the Government initially proposed that superannuation balances of temporary residents would be diverted to the Australian Taxation Office where they would attract no interest. If the balances were not claimed within five years, temporary residents forfeited all their superannuation savings. Industry grouped said the move was discriminatory. The Government has implemented new changes following industry consultation that mean temporary residents' superannuation will be paid to the Commonwealth where it will continue grow in a fund and be claimable at any time. Temporary residents will also have access to insurance cover offered by superannuation funds while they live in Australia.

Source: Investor Daily

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