Get Government Co Contribution and Withdraw The Entire Sum from Super

• 

  Zazer on 15/06/2019 - 14:01

  well are you retired mate?

• 

  mskeggs on 15/06/2019 - 15:28

  Basically yes, but the rules can be tricky.
  Google “transition to retirement” for the latest, as they keep changing.

• 

  chumlee on 15/06/2019 - 18:30

  Max you get is $500 from government. Keep it in super

• 

  cateyneow on 15/06/2019 - 19:05

  Half retied hence earned 20K in sole trader income

• 

  Ashbargin on 16/06/2019 - 09:51

  +3

  You will not be able to withdraw as a lump sum until you meet a condition of release without dying or becoming totally incapacitated. You will have meet one of the following 3 to get your super out as a lump sum.

  1. Have no intentions of returning to work more than 10 hours a week again.
  2. Have an employment arrangement cease after the age of 60. Only the super up until that point is accessible. Ie you meet a condition a year ago and then make a contribution this contribution will be preserved until you meet a new condition.
  3. Turn 65.
• 

  SydneySwan on 16/06/2019 - 12:10

  +1

  Ashbargain is correct. The fundamental question is whether it is a wise thing to do. This depends upon your individual circumstances.

• 

  cateyneow on 16/06/2019 - 22:20

  Have no intentions of returning to work more than 10 hours a week again.

  How does I prove this to the fund?
  So does I write a letter saying, well yes there is $20K of income but it is from 8 hours a week @ $48ph x 52 weeks?

  • 

    Telcius on 17/06/2019 - 12:58

    You provide the trustee with a signed retirement declaration stating something along the lines of:

    Please be advised that I am currently 60 years of age or more, and have retired from gainful employment.

    I have therefore now met a condition of release allowing my superannuation benefits to be classified as unrestricted non preserved.