QuoteReplyTopic: Super before 60 Posted: 06/May/2011 at 21:22
Hi..I have a question about acessing Super.
Can this be done?
59 year old cashes in his super claiming not to be gainfully working full time or part time at the time of application.
Within months, resumes full time work.
Are there any tax penalties for doing such a thing?
There is nothing to stop a person retiring one day and going back to work the next. Any super after 60 is tax free. Only post preservation age super can be taken before that many older super policies had a preservation age of 55. Also if the person retires due to invalidity all super can be taken. I do not believe a person who retired due to invalidity who then makes a partial recovery is prevented from returning to the workforce, neither do I believe there would be any tax penalties, but on this point I am not sure I'm not a tax person, perhaps other will confirm if I've got this right or missed a point or two.
However your question is verging on the hypothetical, if you can give us some specific details one of our people who knows more about super and tax will be able to give a complete answer.
I am NOT a lawyer. Anything said is NOT legal advice.
Please post your legal questions in a forum rather than sending a PM. Thanks.
I guess my question is multi pronged and will probably cross between different forums..but here goes
I fled my 30 year marriage ..Husband immediately took steps to cash in his Super..Either spent the lot in record time or more likely stashed it as cash (withdrew it in large sums from his bank account) And then resumed full time work.
I may eventually get a consideration for that asset at settlement..but I just wondered if there would also be a tax liability that I would be ultimately be half responsible for also.
Sorry to muck up the forum!
Full & frank disclosure requirements of the FL act will mean that both parties will need to disclose all assets & financial resources from the 12 months immediately preceding final separation. Super accumulated during marraige is included as part of the net asset pool for division. As the the non member spouse, you are entitled to a portion of this fund which is considered a joint financial resource.
If the fund has been reduced, you should be entitled to have the value of that reduction considered in a settlement as an add back. Being the non member spouse, you also have the right to information from the trustee of the fund. You will need to send the appropriate paperwork & a form 6 declaration to the fund to do this. The appropriate forms & info can be found here
Superannuation Information Kit
Sorry can't help you with the tax question.
Any opinion given should not be accepted as legal advice.
Please post your legal questions in a forum rather than sending a PM. Thanks
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum