SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
From 1 July 2017, departing Australia superannuation payments (DASPs) made to Working Holiday Makers (WHMs) will be taxed at 65%.
If you hold or have held a 417 (Working Holiday) or 462 (Work and Holiday) visa, you are classified as a WHM.
This change is related to a new income tax rate for WHMs which was introduced by the Australian Government in December 2016.
Your total DASP will be subject to the 65% tax rate where:
The 65% rate will apply to your total DASP amount, including any super you may have earned while working under a different visa.
Payments made before 1 July 2017 will be taxed at the current rate, which is 38% for a taxed-element.
DASP applications are generally processed within 28 days. You can only submit an application once you have left Australia and your visa is cancelled or expired. If you are a WHM and are considering submitting a
DASP application, you may want to do so at your earliest convenience to allow super funds with the best opportunity to process and pay your claim.