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.

Unrestricted access to super, sometimes

passport

Q: I have been part of a super fund from about 1993. I see from your 14 legal reasons to cash your super article, that I may be able to access my restricted benefit. You write: “If you’ve been a member of a super fund since before 1 July 1999, you can cash your ‘restricted non-preserved benefit’ … [Read more...]

Super for beginners, part 24: Do I have to withdraw my super when I turn 65?

Pixmac000082823027_withdraw

Q: I retired, sold my large house, downgraded, invested spare money and one month after I invested, I lost $50,000 just like that. I would like to know whether I can keep my super going beyond age 65, maybe to age 67 to help recoup my losses on my outside investment? A: I’m very sorry to read … [Read more...]

Does changing to part-time at 60 years, count as ‘retiring’?

work_life

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 until … [Read more...]

Accessing super: Turning 55 (or 56) is not enough

keydoor

Q: I am 50 years old, born September 1964. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? And, when I withdraw my super benefits, is there any tax payable? A: The general rule is that you must have reached your … [Read more...]

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

2011-11-05 07.55.21-rules.jpg

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...]

Turning 60 means tax-free super

tax

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 didn’t tell them I was retired because I kept hoping I’d soon be better. I seem to be … [Read more...]

I’m 67. Can I access my super and continue working?

4956316341_81df868512_b

Q: I am 67 years-old, and I am still working as a gardener. I would like to continue in employment for as long as possible. I have about $84,000 in super savings. Can I access $80,000 to put on the mortgage of our house and still continue working? Please let me know if this is possible. An … [Read more...]