Post by Matilda on Dec 16, 2014 12:57:44 GMT 10
DO YOU KNOW ABOUT THIS??
Are you 60 and still working either part or full-time?
Do you have more than $50,000 in your Super fund?
Do you know that under 'Transition to Retirement' you can still work - either full or part time and access your Super?
You can withdrawn 10% per financial year and still continue to work.
So, say you have $100,000 in REST etc super. You can leave $20,000 (or whatever you want) in there and elect to have the other $80,000 withdrawn into a second REST Superfund acct. REST will then pay you (whatever you elect be it weekly, fortnightly, monthly, 1/2 yearly or yearly) 10% which is $8,000 per year into your nominated bank account. There are fees involved, but not much different if you had the whole lot still in your super fund. You can also elect to manage that $80,000 yourself. And if you don't use all the $8,000, you can tip it back into your Super where the balance is $20,000 and reduce your taxable income.
A lot of people are not aware of this and we actually enquired about accessing Super to help us out as Hubby has had 10 weeks off due his back injury and now kidney stones and has another operation in a month, with more time off work. He had used up all holiday and sick leave. After a bit of back and forward at the superfund, we got onto someone that said - what about TTR? We had heard about it but thought it was only if you moved from full to part time work and the super 'topped up' your income until you retired. You can spend it how you want and if you don't want to continue with it, you can reverse it any time you want.
I forgot to add that any monies moved by your Superfund into your nominated account is TAX FREE.
Are you 60 and still working either part or full-time?
Do you have more than $50,000 in your Super fund?
Do you know that under 'Transition to Retirement' you can still work - either full or part time and access your Super?
You can withdrawn 10% per financial year and still continue to work.
So, say you have $100,000 in REST etc super. You can leave $20,000 (or whatever you want) in there and elect to have the other $80,000 withdrawn into a second REST Superfund acct. REST will then pay you (whatever you elect be it weekly, fortnightly, monthly, 1/2 yearly or yearly) 10% which is $8,000 per year into your nominated bank account. There are fees involved, but not much different if you had the whole lot still in your super fund. You can also elect to manage that $80,000 yourself. And if you don't use all the $8,000, you can tip it back into your Super where the balance is $20,000 and reduce your taxable income.
A lot of people are not aware of this and we actually enquired about accessing Super to help us out as Hubby has had 10 weeks off due his back injury and now kidney stones and has another operation in a month, with more time off work. He had used up all holiday and sick leave. After a bit of back and forward at the superfund, we got onto someone that said - what about TTR? We had heard about it but thought it was only if you moved from full to part time work and the super 'topped up' your income until you retired. You can spend it how you want and if you don't want to continue with it, you can reverse it any time you want.
I forgot to add that any monies moved by your Superfund into your nominated account is TAX FREE.