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What can I access in terms of super.

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Tallis, 12th Nov, 2013.

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  1. Tallis

    Tallis Member

    Joined:
    8th Oct, 2013
    Posts:
    10
    Location:
    Melbourne
    With my cancer diagnosis preventing work as a 54 year old, can I access my super at 55......advice says I can withdraw upto. $170000 tax free once I have turned 55 and retired from the workforce. Is this so? What are the tax implications? Maybe withdrawal of $30000 will do in the first year.
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    You should seek professional advice - you may be able to access your super early depending on how serious your condition is.
     
  3. Drue

    Drue SMSF Accountant

    Joined:
    11th Oct, 2013
    Posts:
    3
    Location:
    Sydney,NSW
    You may have met one of the conditions of release. But more details and evidence will be required by the trustee. A lump sum super benefit may be tax free to you. The life time tax free threshold is indexed. A pension will generally be taxable unless it includes tax free amounts only. If it is your smsf, you need to see your accountant.