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.
The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230.
Whatever your circumstances, it’s important to canvass all your options before you make your final selection. It’s also worth remembering that your choice of fund is not a life sentence. If you are unhappy with your fund for whatever reason, you are free to switch funds provided you have choice.
We all have expectations about what our retirement will look like in terms of lifestyle, but how does retirement actually pan out for those living in retirement?
There are a range of concession cards that Australian seniors and pensioners may be eligible for. Depending on the card, you may be entitled to cheaper medicines and discounts on services such as public transport, council rates and power bills.
From 1 January 2020, your salary sacrificed super contributions can’t be used by your employer to reduce their SG payment obligations, regardless of the amount you elect to salary sacrifice.
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement…
An easy way to determine if you believe your super fund is good value, is to assess the cost of your super fund against the average costs for the different types of super funds available.
The decision about when to retire is rarely made overnight. It’s a major life event and deserves careful thought and planning. Finances play a big part, but so do your health, your partner’s circumstances and whether you still enjoy your work or are itching to leave.
Not everybody is eligible to select the super fund into which their employer directs the Superannuation Guarantee (SG) contributions they make on their behalf.
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.
Working out how best to grow your super nest egg can be confusing and selecting the right mix of concessional (before-tax) and non-concessional (after-tax) contributions makes it even tougher.
Non-preserved super benefits can be either unrestricted or restricted. Unrestricted non-preserved benefits are the most common type. You will have these benefits if you are a member of a super fund and have satisfied a condition of release. If you do, you’ll be able to access your super on demand as either a lump sum or a pension.
Question: I’m an Australian citizen and want to retire in Italy when I’m 52. Can I access my super because I don’t plan on working again in Australia?
You can access your super in Australia once you have reached your preservation age and met a condition of release. Your preservation age in Australia depends on your date of birth, as outlined in this article.