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



    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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