I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Accessing Your Superannuation: When Can You Do It?

Knowing these laws as well as getting the right timing can be vital. For example, it could likely mean the difference between not paying and paying tax on the superannuation you withdraw. Here is a guide to the laws and stuff to think through to aid you to choose when it could be proper for you to begin accessing your superannuation.

You can begin withdrawing your superannuation when you meet a condition of release, for instance:
• Turning 65, regardless of whether or not you retire
• Quitting your job after reaching 60 years old
• Retirement on/after reaching the preservation age
• Reaching the preservation age and starting a TTR (transition-to-retirement) pension
• Becoming permanently or disabled terminally ill
• Some special case Ė for example, severe financial hardship or compassionate grounds.

You can know more about this on the ATO (Australian Taxation Office) website. It is a very good idea to consider how the right timing matches your personal and financial situation. For instance, if you drew down your superannuation prior to turning 60, you will perhaps have to contribute tax on the amount you drew out, varying according to your personal situation and the kind of withdrawal. After turning 60, you often do not pay tax on the superannuation withdrawals. Financial advisers can help decide the perfect timing for you.

How to access your superannuation with the aid of a TTR strategy

Once you reach preservation age, youíll have the choice of utilizing a TTR strategy that allows you to access your superannuation while you are still working.

How TTR strategies essentially work

You continue to be a full-time employee and draw the TTR pension from the superannuation you built. For the time being, you build your superannuation contributions. This approach comes with a few tax concessions, hence, if you strike the perfect balance between what you are contributing to superannuation and what you are withdrawing, then you could increase your superannuation with insignificant impact on the cash income you get.

You drop down to part-time hours and utilize a TTR pension which is drawn from the super you built to compensate for your lost salary.

There are laws and limitations about TTR, so it is best to seek expert financial advice so as to aid you to choose whether itís appropriate for you. Financial advisers can also aid you to select the perfect time to begin accessing the super you earned, and make certain you are making the most of it.

Some tax could still apply to super withdrawals once youíre 60 years old if you're a member of a tax-exempt fund (includes a few Government superannuation funds).

If you want to know more about how to access your super, read more super articles at www.australiansuperfinder.com.au

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