Time is running out for Working Holiday makers to get their superannuation claims in ahead of the new rules. Any superannuation refunds paid out prior to 1 July will be taxed at 38% (taxed element), any refunds paid out after this date will be taxed at 65% (taxed element). Applications can take up to 28 days to be processed, sometimes more if your superannuation provider requests further information. If your claim is submitted prior to 1 July and paid out after – you will be charged the higher rate of tax.
Please contact us asap if you would like assistance with your claim.