If you’ve safely returned to your home country after your stay in Australia, there are a few important financial tasks you should address to ensure everything is settled properly.
First, get your tax back from the Australian Taxation Office (ATO). This is particularly important if you have been working in Australia and had taxes withheld from your income. The process involves lodging a tax return, which can often be done online. However, if you’re already back in your home country, it might require calling the ATO or filling out a paper form and mailing it to Australia. Doing this promptly is recommended to avoid complications and ensure you receive any refunds you’re entitled to. Again, Please do this before leaving Australia!
Check out ATO : https://www.ato.gov.au/
Second, close your Australian bank account. Once you’ve returned home and no longer need access to your Australian funds, closing your bank account helps avoid unnecessary fees and keeps your financial matters tidy. They often have ‘bank account holding fees’, which is a monthly fee for maintaining your account. Ensure all your transactions are settled, and any remaining balance is transferred to your home country account.
Lastly, claim your superannuation. If you’ve been working in Australia, your employer would have contributed to a superannuation fund on your behalf. Which Superannuation fund is used depends on the employer. You can claim this money back under the Departing Australia Superannuation Payment (DASP) scheme. To do so, you must first cancel your Australian visa, as this is a requirement for claiming your superannuation. The process involves providing proof that you’ve left the country and that your visa has been cancelled, then applying for the DASP.
By taking these steps—claiming your tax refund, closing your bank account, and retrieving your superannuation—you ensure a smooth financial transition as you settle back into your home country.