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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.

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

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 investments?A: I’m very sorry to read … [Read more...]

Super for beginners, part 5: Is super my money, or the Government’s money?

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?I agree with you that the term ‘superannuation’ is confusing.If you are … [Read more...]

Less tax, more super? A transition-to-retirement pension may no longer be the answer

On 3 May 2016, in the 2016 Federal Budget, the Coalition (Liberal/Nationals) government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). The removal of the tax exemption, subject to legislation, … [Read more...]

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

Q: My wife (age 63) and myself (age 65) were told by a financial 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 income through … [Read more...]

SMSF basics: Joining the DIY super club

Note: This article contains the latest statistics available as at April 2016 (for statistics up to December 2015). We update this article with the latest statistics every 6 months or so.Australia’s DIY super fund sector has emerged as the most financially powerful sector in the superannuation … [Read more...]

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

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...]

Turning 60 means tax-free super

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...]

Remember! Retirement unlocks your super cash

In the hype and hoopla surrounding the rules relating to super – in particular, tax-free super benefits for over-60s, many of the websites in the super space forget to mention the magic words ‘preservation rules’.The rules surrounding when and how you can access your super have not changed for … [Read more...]

Unrestricted access to super, sometimes

Q: I have been a member of my super fund from about 1993. I see from your 14 legal ways to withdraw your super benefits 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 … [Read more...]

Accessing super: Turning 55 or 56 (or 57) is not enough

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...]

SMSF Pension Guide: ATO’s top 20 tips

Note: We have created this valuable guide to assist those readers running SMSF pensions, or for any reader considering starting a SMSF pension.In a recent speech to an accountants’ conference, Kasey MacFarlane, ATO’s Assistant Commissioner SMSF Segment, clearly articulated the key SMSF pension … [Read more...]

Transition-to-retirement pension (case studies): How does a TRIP work?

SUPER ALERT! On 3 May 2016 (in the 2016 Federal Budget), the Coalition government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP). This change, subject to legislation, will apply to TRIPs in place … [Read more...]