Subclass 462 Work & Holiday Super Refund Guide

1. Who Holds a Subclass 462 Visa?

The Subclass 462 visa is granted to citizens of partner countries including the United States, Argentina, Brazil, Chile, Colombia, China, Spain, Portugal, Indonesia, Vietnam, Thailand, and several other partner nations.

Unlike Subclass 417, Subclass 462 visa holders must meet specific education and English language requirements. However, when it comes to superannuation, the ATO applies the exact same 65% WHM tax rate across both 417 and 462 subclasses for accounts containing WHM contributions.

2. US & International Travelers: Banking & Currency Tips

When claiming your DASP refund as an international 462 traveler returning home to North or South America, Asia, or Europe, you have two primary payout options:

• Direct Transfer to an Australian Bank (Recommended): Keep your Australian bank account (e.g., Westpac, CommBank, ANZ) open until your super lands. You can then transfer the funds home via digital money transfer services (like Wise or Revolut) at mid-market exchange rates.
• International Wire (SWIFT): Supply your home bank's SWIFT/BIC code directly in the ATO portal. Your fund will wire foreign currency directly, though intermediary receiving bank fees may apply.

3. Worked Example for 462 Visa Holders

4. Transitioning from a 462 Visa to a Student or Skilled Visa

Many 462 visa holders transition to another temporary visa (such as a 500 Student visa or 482 Skilled visa) to continue working in Australia. The ATO evaluates DASP tax on a fund-by-fund basis:

• Merged Account (65% Tax): If you continue paying contributions into your original 462 super account, that account contains WHM funds. The 65% tax rate will apply to the entire balance of that account upon withdrawal.
• Separate Account (35% Tax): If you open a new, separate super account for your Student or Skilled employment, that second account receives zero WHM contributions. DASP payouts from that second account will be taxed at the lower 35% rate.