When Can I Access My Super Tax Free?

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6 Comments

  1. Greg

    Chris,
    I am looking at retiring shortly.
    Simple question- Are you allowed to have more than one pension income stream?
    Regards Greg.

    Reply
    • Chris Strano

      Hi Greg, yes, you can have as many as you like. Be mindful that they all count towards the same Transfer Balance Cap and Total Superannuation Balance amounts.
      Regards,
      Chris

      Reply
  2. Doug Gregory

    I’m retiring soon, age 61, planning to transfer my super into an Account Based Pension. What are the tax implications on my pension payments from my account if I were to do some casual work. For example, say I worked 30 hours a week for 3 months whilst i’m drawing a pension from my Account Based Pension.

    And does it make a difference if I’m not employed but just contracting for a couple of months

    Reply
    • Chris Strano

      Hi Doug,
      Generally, account based pension payments are tax free over age 60. If you were to work, your employment earnings (or contract income) would simply be assessable income for tax purposes in the same way as if you didn’t have account based pension income. It should not change the tax free status of your pension payments. There is no difference if you are employed or contracting.
      Doug, you are at the prime age to be maximising your super through tax-effective super strategies, especially as you intend on working. I would strongly suggest obtaining financial advice. If you do not have a financial planner, our financial planning firm, Toro Wealth, would be honoured to help.
      Regards,
      Chris

      Reply
    • Ian Brewster

      My wife and i want to purchase a house to live in after we retire. We don’t own a house now and are renting. Can we withdraw our super at retirement to do this without losing any pension benefits? I will be 67 and my wife will be 68 and may have just enough in our Super accounts to do this.

      Reply
      • Chris Strano

        Hi Ian,
        Generally, superannuation benefits are assessed for Centrelink purposes once you are over Age Pension age; whereas a main residence is not. Therefore, withdrawing your super to buy a home to live in will usually make less of your assets assessable for Centrelink purposes and give you more Age Pension (however, you will be assessed as a homeowner, rather than non-homeowner). The actual withdrawal itself is usually not assessed for Centrelink. However, without knowing your specific circumstances, I cannot confirm this. You should consider seeking professional advice, or asking Centrelink the implications of your proposed strategy.
        Chris
        If you are looking for personal advice, feel free to make a complimentary appt with us here https://calendly.com/torowealth/15mincall

        Reply

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