So there's this thing in Australia called Super, and it's pretty super if you're Australian: it's like a 401k (I think ... not ever having precisely learned what a 401k is, I can't really say for sure) -- a retirement fund that your employer contributes the equivalent of 9% of your wages into. Great plan, right?
Wrong. Super, like I said, if you're Australian. Not-so-super if you're not. Turns out when you leave they slam with you pulling-out-early nonsense that leaves you with sixty-five -- sixty-five!! -- percent of what you're entitled to. So instead of that kind of nice hunk of cash I thought I had -- I have sixty-five percent of a nice hunk of cash. Not so super, hey?
(And, no. I know what you're thinking: what if I just wait until I am 65 or whatever and get it then? Turns out that by the time that would happen they'd slam so many other fees on top that there would be zero percent of it left. Damned if you do and damned if you don't, hey? (Apologies for the language. Seems Garry's bad influence is rubbing off on me.)
Tuesday, August 16, 2011
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If your balance is below a certain figure (something like $1,000 last time I looked) you can take it as cash. Also check with the ATO, there may be special rules for those returning to another country.
Are you planning on leaving these fair shores?
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