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 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.
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.
Everyone loves a bargain, but once they turn 60 many people forget to grab one of the best deals on offer – their state government’s Seniors Card.
With politicians continuing to tinker with the rules around super and retirement income, many of us find we need some help to make a decision about these important financial issues. But while knowing you need advice is one thing, figuring out what’s on offer and where to obtain it is another matter. To help, we have created a simple step-by-step checklist to guide you through your financial advice experience.
We look at the rules that apply if you change your mind about heading back to employment after retiring.
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement…
If you retire before the age of 60, your super benefit payments are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.
When it comes to the super system, reaching age 60 triggers an important change. It means you can withdraw you super benefits and most people pay no tax on their savings.
From 1 July 2017 the Federal government introduced the transfer balance cap, which currently sits at $1.6 million and which will be indexed periodically in $100,000 increments.
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?
To access your super, you need to have reached your preservation age and met a condition of release, one of which can be retiring from the workforce. Your preservation age is between the ages of 55 and 60, depending on your date of birth.
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.
“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”, because there is no such thing as a ‘retirement age’ in Australia, nor any laws that dictate when someone is allowed to retire.
This article is designed to help those who have to think about this reporting – trustees of, and advisers to, SMSFs. Remember that SMSFs and large funds often have different deadlines when it comes to reporting and TBARs are no different.