Accessing your superannuation is usually only allowed when you meet certain conditions of release stipulations set forth by the Australian Taxation Office. Usually, this involves reaching your 'preservation age' and cashing out the funds for your retirement age purposes. If you have reached your preservation age, but are under 65 and remain gainfully employed, Australian laws state you may access your benefits and consider them an income stream. Conditions can vary, and you need to read your trust deed to find ones that apply to your particular superfund. All conditions are subject to the rules and regulations set forth by your super-managed superfund. If you have reached 65, you can access your superfund at any time. Your access retirement date is determined by your actual age and future employment intentions. Knowing this information is crucial for your retirement planning.
Sometimes, however, life can have any number of extenuating situations that place an undue financial hardship on you and your family. When this happens, you may want to access your superannuation, before you reach your preservation age. Locate super data to be certain. Certain common disaster conditions for releasing your funds early can be classified as compassionate grounds. These include paying for medical treatment or transport, making mortgage payments to avoid losing your home, paying death-related expenses and/or modifying your vehicle or home to make it handicapped accessible.
* Other disaster situations that may require early access to your superfund include permanent or temporary incapacity, temporary non-residents leaving Australia, terminal injury or illness, employment termination, death, and/or severe financial hardship. Understand that the Australian Taxation Office places limitations on how much is paid to you by your trustee. Locate your super to find details
* Each condition involves specific rules that must be complied with. Some conditions also involve certain restrictions affecting the way benefits can be cashed. Protect yourself by having a copy of your super. If not, finding lost super is crucial for your retirement planning.
* It is your responsibility, or your fund trustee's, to understand the laws regarding releasing your superannuation benefits. It is crucial for your retirement planning. Failing to comply with these laws can result in stiff penalties assessed by the Australian Taxation Office.
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