On 22 March 2020 the federal government announced a temporary measure allowing individuals to access up to $10,000 of their superannuation in 2019/20 and a further $10,000 in 2020/21.
When you reach age 60, the rules change on how much tax you are required to pay when you withdraw your super savings.
To legally access your super in Australia you must satisfy a condition of release. Different conditions of release have different payment conditions and tax implications.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
You satisfy the retirement provisions of Australia’s super legislation if you have reached your preservation age, you have ceased gainful employment and you have no intention of becoming gainfully employed again in the future.
Retire at 60, grab your tax-free super and ride off into the distance. Sounds like a plan, but as with everything to do with super, the devil is in the detail.
You can access your super in Australia when you turn 65. It is the most straightforward condition of release. To apply for your super benefits you should contact your super fund.
There are a number of ways of legally accessing super early via an SMSF. These strategies are useful in times of economic disruption such as the current disruption relating to the coronavirus pandemic.
With Australia now facing a severe economic (and health) crisis, there are calls to allow people to access their superannuation to obtain cash.
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement…