Departing Australia superannuation payment summary instructions

From 18 December 2008, changes apply to unclaimed super for temporary residents.

How to prepare a departing Australia superannuation payment (DASP) summary for a temporary Australian resident who has left Australia.

Who should complete a DASP summary?

You must complete a DASP summary if:

• you are a superannuation fund, approved deposit fund (ADF) or retirement savings account (RSA) provider, and
• your member
• is an eligible temporary resident who has left Australia
• wants to access their superannuation (subject to withholding tax), and
• has applied to you to have their superannuation released.

Remember, you only have to provide DASP summaries to payees, not to us. However, you must provide an annual Pay as you go (PAYG) withholding payment summary report to us, including details of each departing Australia superannuation payment you make during the financial year.

Completing the DASP summary

Step 1: Create a DASP summary

You must create your own DASP summary form.

We do not produce a standard form for these payments and you must not modify or use our stationery to issue the DASP summary.

The summary must clearly state that the payment is a departing Australia superannuation payment.

Step 2: Provide the payer's details

Provide your:

• Australian business number (ABN), or
• withholding payer number, and
• your branch number.

If you don't know your branch number, leave this field blank or enter 001.

Step 3: Provide the payee's details.

Provide the payee's tax file number if you have it. If the payee did not provide you with their tax file number, write either all zeroes (000 000 000) or Not provided.

You must also include the payee's:

• full name
• postal address, and
• country of residence.

Step 4: Provide the payment details.

Date of payment

Provide the date you made the payment using the following format: DD/MM/YYYY

Total tax withheld

Show the total tax withheld in whole dollars. For example:

An amount of $122.76 should be shown as $122.

Taxable component

Provide the taxable component of the payment. That is, the total of the payment less the tax free component.

DASP payments are not assessable income. The taxable component of a superannuation lump sum may consist of a taxed element, an untaxed element or both.

The taxed element is the amount of the taxable component of the superannuation lump sum that represents the return of amounts that have been subject to tax in the fund (for example, taxable contributions and fund earnings).

The untaxed element is the amount of the taxable component of the superannuation lump sum that represents amounts (other than the tax free component) that have not been subject to tax in a fund. This usually occurs because the superannuation lump sum is sourced at least in part from a scheme that is not subject to tax.

Tax free component

Provide the tax free component of the payment. That is, the amount of the payment that is non-assessable and non-exempt income.

The tax free component of a benefit paid from a taxed fund is made up of the contributions segment and the crystallised segment.

The contributions segment consists of contributions made to a fund on or after 1 July 2007 which are not included in the assessable income of the fund.

The crystallised segment consists of:

• the pre-July 1983 component
• the concessional component
• undeducted contributions
• the post-June 1994 invalidity component, and
• Capital gains tax (CGT) exempt component.

The total of these two segments should be added together and shown in whole dollars, ignoring any cents.

Where the benefit is being paid from an untaxed fund the 'crystallised segment' is determined as at the date of payment of the benefit.

Step 5: Provide contact details

Provide:

• a contact telephone number including the country and area code, and
• the signature of the issuing officer from the fund, ADF or RSA, or
• the name of the officer if you produce the DASP summary electronically.

You must also include the date the DASP summary is signed or issued.

Step 6: Provide DASP summaries to eligible temporary residents within 14 days of making the payment

If you send an incorrectly completed DASP summary to a payee, do not issue a new one. Instead:

• advise the payee by letter of the correct information
• keep a copy of the letter in your records, and
• if you have already sent your Pay as you go (PAYG) withholding payment summary annual report, refer to the instructions in the electronic reporting specification for reporting amendments.

If the payee loses their DASP summary do not issue a new one. Instead, give them a:

• certified copy of the fund's copy, or
• signed statement showing all of the details from the lost summary.

More information

For more information about DASPs:

• phone us on 13 10 20 between 8.00am and 6.00pm, Monday to Friday.