There are multiple ways you can be eligible to access your superannuation. The two main options to gain full access to your member balance, with ‘nil’ cashing restrictions, requires you to:
- Reach the age of 65 (even if you haven’t retired); or
- Obtain preservation age and retire.
Preservation Age:
The definition of ‘retirement’ in the SIS Regulations depends on the member’s age.
- Under age 60, the member has met this condition when they have ceased gainful employment and have no intention to become gainfully employed in the future; and
- At least 60 years old, the member has met this condition when they have left a job.
The ATO states that ‘If a member who is 60 years old or over gives up one employment arrangement but continues in another employment relationship, they may:
- cash all benefits accumulated up to that time
- not cash any preserved or restricted non-preserved benefits accumulated after that condition of release occurs – these benefits can’t be cashed until a fresh condition of release occurs.’
When accessing your super prior to turning 60, you may have to pay tax on the payments you receive.
There are many retirement and contribution strategies available to you if you are considering leaving work or approaching preservation age.
Please do not hesitate to contact Shakespeare should you have any queries about how to access your superannuation.
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