When making a departing Australian superannuation payment (DASP) to an eligible temporary resident, super funds and RSA providers must:
- withhold an amount from the DASP, worked out by applying the appropriate DASP tax rates, and send the withheld amount to us
- from 1 July 2017 a new tax rate of 65% applies to DASP for working holiday makers (WHM) if the payment includes superannuation contributions made while a person held either a subclass 417 (Working Holiday) visa, or 462 (Work and Holiday) visa – and/or an associated bridging visa
- from 1 July 2017, DASP applications will include visa information where the applicant has held a WHM visa. Super funds can use the visa information provided to determine the appropriate tax rate to apply
- if the person has never held a WHM visa, ordinary DASP tax rates apply
- it doesn't matter if the temporary resident doesn't supply a TFN as DASP tax rates always apply.
- issue a DASP payment summary to the temporary resident within 14 days of making the payment
- the payment summary must state that the payment is a DASP and that this is non-assessable non-exempt income to which a final DASP tax has been applied – therefore neither the payment nor the tax withheld is included in the payee's tax return.
- report DASP payments made during the financial year – you need to lodge a PAYG payment summary annual report with us by either
- 14 August of the financial year following that in which the payment was made, if you choose to report DASP with other payment summaries due that day, or
- 31 October of the financial year following that in which the payment was made, if you choose to report DASP separately.
Payments should be reported using the ABN of the provider (account holder), not a fund administrator.
The PAYG payment summary annual report can be lodged electronicallyExternal Link.
See also:When making DASP payments to eligible temporary residents, super funds and RSA providers must withhold DASP tax, issue a DASP payment summary to the temporary resident, and report the payment to the ATO on a PAYG payment summary annual report.