Superannuation when I immigrate to Australia?

Question

Can I make a large one-time lump sum contribution into superannuation on arrival to give my retirement account a kick-start and enjoy the tax benefits? If so, what is the maximum single contribution I can make on arrival/account set up? I am 48 years young.

Answer 1

You would be better off putting you money in to a term deposit account and turn it over ever 30 to 90 days until things settle down in the money market right now when you get here have your funds transferred in to the account direct from your English account. Or you can open an account at one of the world banks and draw your funds with an ATM card at any time any ware.

Answer 2

The Laws for super keep changing.

You would need to ask an accountant.

And I understand that your first responsant is currently upset as Australian Super investment has taken a bit of a drive related to the US downturn and other factors.

In Australia your employer put 9% of your earning into an account of your choice, but the 9% is on top of your wage, not comes out of your wage.

If you are coming from the UK they are many companys that help you find your super.

You can not access your super til your 55+ otherwise you get taxed heaps on its withdrawal.

Look on the Australian Tax Website for help with super.

Answer 3

be carefull what you do with your money mate , I live here and the last thing I would do is put money in to super , in my opinion its just a scam , unfortunately I have to contribute , I tried to stop but taxation office sent letter of demand , remember you have to reach retirement age !!! .......do you have a crystal ball ??...... and even then , you cant take it all out ,  you need to find a good ( and honest financial planner ) and my god this is nigh on impossible , send me a message of you like , and I will tell you my experiences