SuperGuide members Q&A: June 2024
Thursday 20 June 2024 at 11:00 am AEST
In this webinar super expert Garth McNally will answer recent questions from SuperGuide members.
Q: When you reach 60 yrs of age and wish to access your super, but still wish to work either full time or part time, can you leave your place of employment and return there doing a totally different job?
A: According to super law, yes you can do this. You would need to leave your job and declare to your super funds that you have left employment after turning 60 to receive full access to your super.
Whether, when, and with whom you return to employment after that does not affect your eligibility to access the super that had accumulated prior to leaving work.
However, super funds can impose stricter access conditions than the law requires, so it is important to also clarify your fund’s processes.
You also have the option to start a transition to retirement pension without leaving employment at all. This type of pension allows you to access up to 10% of your balance each year.
You can read more about accessing super and transition to retirement in the articles linked below.
Accessing super: Ceasing employment after 60
How a transition-to-retirement pension works
This month is your last chance to make a tax deductible super contribution for 2023-24. If you have capital gains to declare, the opportunity could be even more attractive.
Learn how you can reduce tax on capital gains with super contributions.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.
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