Condition of release

A condition of release is a term that means a member can take his super out of the super system after satisfying a condition, such as retiring, or becoming permanently disabled.

Set out below are all SuperGuide articles explaining Condition of release.

SMSF pension: After making super contributions, when can I convert to another pension?

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Q: I am 67 and work part time, so I qualify to make concessional contributions to our SMSF. I am already receiving an account based pension from my SMSF. The new contributions I make will have to go into an accumulation account. How long do I have to wait before our SMSF can pay another account … [Read more...]

Turning 60 means tax-free super

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Q: I turned 60 this year and I have been sick since late last year. 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 2013. I didn’t tell them I was retired … [Read more...]

Transition-to-retirement pension: Can I work full-time and what form do I fill in?

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Q: Your website says: “By starting a TRIP, you don’t have to retire to withdraw your super benefits. You can work part-time or full-time or even casually.” But on the TRIP form I have from my super fund it says I have to be permanently retired or be working part time. Which is correct? I can’t see … [Read more...]

I’m 60. Why can’t I access my super benefits?

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Q: My husband turned 60 years of age in October 2013, and he has $80,000 in his super fund. We would like to withdraw his entire super as we need the funds to purchase a house. He is currently employed full time and will be working for many years yet. We have sent the super fund all the … [Read more...]

What are the super and retirement rules for over-65s?

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Q: My wife (age 63) and myself (age 65) have a small business. I was told by an organisation that at 65 or over I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax. In fact I have been told to pay myself $30,000 or less and source the rest of my … [Read more...]

Non-concessional contributions: Re-contribution strategy still applies

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Q: My wife turns 60 this financial year and it has always been my intention to cash out her portion of our small self-managed super fund (SMSF) and re-contribute it straight back in, so as to ensure that when she and I pass away, our children are not hit by tax. Is that still a valid strategy and if … [Read more...]

Unrestricted access to super, sometimes

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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...]