Get Government Co Contribution and Withdraw The Entire Sum from Super

Is this possible

Get government co contribution by putting in $1000, and withdraw the entire sum from super?

I earned 20K in sole trader income, 5K from interest , I am currently 62 yrs old

Comments

  •  

    well are you retired mate?

  •  

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

  •  

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

  •  

    Half retied hence earned 20K in sole trader income

  • +3 votes

    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.
  • +1 vote

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

  •  

    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?

    •  

      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.

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