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.
The following articles refer to Condition of release and superannuation.
Effective from 1 July 2007, individuals with a terminal medical condition can access their super lump sum payments tax-free, regardless of age. Early access due to terminal illness is available from any super fund, including a self-managed super fund.
A super fund can release super benefits to a member if they [...]
Q: I never understood the term ‘superannuation’. Is that our money or government money? If it is our money why can’t we do whatever we want with it. Isn’t it illegal to cut our rights when it comes to this matter?
Trish’s response: I agree with you that the term ’superannuation’ is [...]
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 that I may be able to access my restricted benefit. You write: “Cease employment. If you’ve [...]
Q: My wife will turn 60 later on this month 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 [...]
Q: I really found your web page very informative as I am just about to retire. I wish I had read it years ago. You certainly take the mystery out of super. My son, 42 yrs old has moved permanently to the USA. He has married an American lady and purchased a house etc. He [...]
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 [...]
Question: 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?
Answer: Most super benefits are preserved until retirement or until the [...]
In the hype and hoopla surrounding the latest super changes – primarily tax-free super benefits for over-60s, many of the promoters in the marketplace forget to mention the magic words “preservation rules”.
The rules surrounding accessing your super have not changed. You cannot access your preserved super benefits unless you satisfy [...]
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 [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more