These instructions explain 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 (super) fund, approved deposit fund or retirement savings account (RSA) provider, and
- your member
- is an eligible temporary resident who has left Australia
- wants to access their super (subject to withholding tax), and
- has applied to you to have their super 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 DASP you make during the financial year.
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 the payment is a DASP.
Step 2: Provide the payer’s details
- Australian business number (ABN), or
- withholding payer number, and
- your branch number (if you don't know your branch number, leave this field blank).
Provide the ABN of the entity that holds the payee's super interest, not the entity that administers the DASP.
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
- 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.
Provide the taxable component of the payment. That is, the total of the payment less the tax-free component. The taxable component of a super lump sum may consist of a taxed element, an untaxed element or both.
DASP payments are not considered part of an individual's assessable income; however, the DASP payment will be subject to the normal rates of DASP withholding tax.
The taxed element is the amount of the taxable component of the super 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 tax rate for the taxed element is 35%.
The untaxed element is the amount of the taxable component of the super 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 super lump sum is sourced at least in part from a scheme that is not subject to tax. The tax rate for the untaxed element is 45%.
The DASP working holiday maker tax rate is 65% for both taxed and untaxed elements of the taxable component of the DASP.
Provide the tax-free component of the payment. That is, the amount of the payment that is non-assessable and non-exempt income.
The rate of DASP withholding tax for the tax-free component is 0%.
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 that 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
- 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
- a contact telephone number including the country and area code, and
- the signature of the issuing officer from the fund, approved deposit fund 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
- 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 either a:
- certified copy of the fund’s copy
- signed statement showing all of the details from the lost summary.