Super withdrawal.

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Dylan33, 24th Feb, 2021.

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  1. Dylan33

    Dylan33 Well-Known Member

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    25th Jun, 2015
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    Nsw
    I'm 64 in July, not working but have a business which is struggling due to covid etc. I've been living off savings for a few years. My wife works full time casual. We have a mortgage and an investment property. I'm getting mixed messages of what super can be accessed from the super company and from the ato.
    Can someone tell me how much Super I can access now?
     
    Dylan33, 24th Feb, 2021
    #1
    twisted strategies likes this.
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    It's freely accessible if you are over 60 and meet the conditions of release. (I stand to be corrected)
     
    Last edited: 24th Feb, 2021
    Scott No Mates, 24th Feb, 2021
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    That isnt quite correct. Its often misunderstood.

    You must meet a condition of release for super to be unpreserved and eligible for release. If super is in pension and the member is aged 60 it might be eligible for release however its also psosible some or all may be in accumulation and without "retirement" occurring some must remain[preserved. I see many who take a transition to retirement pension from age 60 but remain working. That pension may be limited to a 10% annual withdrawal until age 65 occurs. A TRIP cant revert to a full pension while still employed. Issues surrounding employment may also impact this. A person can cease beinga employee and remain being a Director for example. Perhaps even be made redundant ?

    To answer that super question requires licensed financial advice.
     
    Last edited: 24th Feb, 2021
    Paul@PAS, 24th Feb, 2021
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  4. Redwood

    Redwood Well-Known Member

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    are you "retired" to meet a condition of release? ....
     
    Redwood, 24th Feb, 2021
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