Q: I was an Australian citizen, age 37, and had been part of a super fund from about 1993/4. I left Australia in 2001. I see from your 12 legal reasons to cash your super article that I may be able to access my restricted benefit. You write: “Cease employment and have certain pre-1999 super … [Read more...]
This article contains 6 examples of the most popular questions received by SuperGuide from Australian citizens and Australian permanent residents departing Australia, and who are seeking to access super benefits before retirement. If you’re a temporary resident of Australia then check out another … [Read more...]
Q: My husband and I are getting ready to return home (USA) after living & working in Perth for the past 2 years. We came to WA on a 457 visa. My husband has a super fund & we were wondering if we can leave the money in his super until he reaches retirement age (i.e. preservation age). My … [Read more...]
Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can … [Read more...]
Q: I’m 24. I am currently paying off my house but I have a loan which a debt company bought off the bank. They sent me a letter of demand saying I have until the end of the month to pay the amount or they are going to take my house. Is there any way I can take out my super to pay that so I don’t … [Read more...]
This article answers two questions from readers about whether you can access your super benefits early to pay for heart surgery (Question 1), or to pay for weight loss surgery (Question 2). Accessing super early for heart surgery Q1: I am 52 years old. I’m having heart surgery and won’t be … [Read more...]
Q: I have a tenant who is about to be evicted from their rental home. He has a small super benefit. Can he access that under the ‘severe financial hardship’ rules? A: I’m sorry to read about your tenant. I’m not aware of the full circumstances of your tenant’s situation but if he is … [Read more...]
Q: I am 60. I am interested in the condition of release relating to turning 60 and resigning. Is it sufficient to satisfy the ’60 and resign’ condition of release by changing my employment arrangement from full-time to part-time, with the same employer? A: Most super benefits are preserved … [Read more...]
Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58? A: This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth. Under normal circumstances, access to superannuation benefits requires certain … [Read more...]
Q: I’m an expat Australian, and I have been living in Singapore for quite a few years. I am 57 and I want to access my superannuation to buy a property. Is that possible? I have no idea if I will retire back in Australia or stay here, but my view is that if I do retire back in Australia, I will … [Read more...]
If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax. If you’re willing to wait until you turn 60 before you retire, you can … [Read more...]
Q: I turned 60 this year and I have been sick since late last year, so I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have to pay if I take my super payment. I haven’t been to work since the start of December 2011. I didn’t tell them I was … [Read more...]
Q: My question is, can I pay my superannuation into my mortgage, live off my private savings and then receive the Age Pension when I turn 65? I am over 55. A: Before I answer the main part of your question, please note that the Age Pension is only available to those who have reached Age Pension … [Read more...]
Q: After I turn 55, I intend to start drawing from my super account. Will my super then count as an asset, for the Age Pension asset test? As my partner is over 65, most of our money is in my super and we are currently eligible for the Age Pension. A: Generally speaking, the answer is yes. … [Read more...]
Note: The Q&As listed in this article have been revamped and updated for the 2012/2013 year. One of SuperGuide’s more popular initiatives has been the development of a ‘Super for Beginners’ section that answers some of the many questions that we receive from those readers who are new to … [Read more...]
