Q: I’m an expat Aussie, living in Singapore (been away for 6 years). I am 57 and 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 sell the property to fund my retirement.
Trish’s response: No, not specifically for the purpose of buying a property, but potentially yes for another reason.
Different rules regarding super access come into play when a fund member has reached their preservation age. Preservation age is currently 55 years (although steadily increasing to 60, depending on birth date), which means an individual can access super benefits provided they have retired from the workforce.
For an Australian living overseas, the rules are a little more complicated, although you should check the rules with your Australian super fund, or with the ATO.
Generally, an Australian living overseas, like Australians at home, who has reached the age of 55 can access his or her super benefits in Australia provided they provide documentary evidence to the fund that they have retired.
If an ex-pat is no longer a resident of Australia however, and aged 55 or over, I believe that provided the individual supplies documentation of overseas residency and that they are not employed in Australia, then super funds will consider releasing the super benefits. Again, you need to do your own research on your particular circumstances.
Note: Tax is generally payable on super benefits withdrawn before the age of 60.
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