Q: My partner and I are both 61 and have not been gainfully employed for more than eight years. We did set up a company for a project a year ago but this has not made any money or paid us any money or fees. We do not intend to work again and would like to take a pension from our SMSF. Is this intention sufficient? We cannot retire from gainful employment because we do not have any.
We cannot provide specific advice to readers but what I can say is that in most cases where an individual is under the age of 65, most super funds, including SMSFs, require a signed retirement declaration.
The following article provides you with some background information: Super for beginners, Part 9: If I retire and take my super, can I return to work?
There is another rule that may be applicable (see article: Does changing to part-time at 60 count as ‘retiring’?) but you will need to confirm this with the ATO or with your accountant/adviser