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...]
Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can … [Read more...]
Four years ago, in January 2009, we launched the SuperGuide website, and since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as possible in the articles we publish, while also ensuring … [Read more...]
Many Australians find the stodgy language of superannuation confusing. The terminology associated with superannuation is a barrier to self-education and may deter some Australians from taking early steps to plan for retirement. Millions of Australians care about their super account even though they … [Read more...]
Q: I owe approximately $190,000 to the bank on my 2-bedroom unit, and I would like to know if I can invest my $60,000 of super into the unit to reduce my mortgage repayments to the bank? Superannuation is subject to special access rules called preservation. What this means is that you cannot … [Read more...]
Q: I have tried to phone the ATO re this query but can’t get through! Could you tell me the answer to this question? I turn 55 soon and I am eligible for a super payout of $165,554 next month of which only the $554 is taxable at 16.5%. However I still intend to keep working at my $58,000 a year … [Read more...]
Q: We are Australians living and working on a South Pacific island and age wise we are eligible to access our super later this year. We have retired from Australia and have no intention of working in Australia again, but does it affect our "retired" status for superannuation if we are running our … [Read more...]
Q: I am a small business owner in the incubus stage. I have just submitted my taxes for the first time in 3 years as the struggle to keep a small business alive has left me working to live. I am looking at a substantial tax payment and I am wondering if I can cash my super to pay off this … [Read more...]
Q: I am in partnership in a franchise business that needs some financial input at this time. We have been struggling since the beginning of the recent financial crisis, and have fallen behind on rent and we are just managing to keep up with service providers. I would like to withdraw my … [Read more...]
Q: A few years back my wife and I owned six homes, five here in Australia and one in NZ, where we were caught out by a marketeer over an investment. We lost it all. Not good when you consider we are in our 50s. Now 58, we are looking at trying to by a modest unit or home, within the next two years. … [Read more...]
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 … [Read more...]
