The 5 most common conditions of release?
A condition of release is simply a condition you must meet in order to access your superannuation.
The 5 most common conditions of release are;
- retirement after your preservation age has been reached
- starting a transition-to-retirement-income stream (TRIS) after your preservation age has been reached
- reaching 65 years of age or over
- being 60 or over and ceasing to work
- dying
A little background and further detail on the conditions of release mentioned
Preservation age is between the ages of 55 and 60 depending on when you were born. If you were born before July 1st 1960, your preservation age is 55. If you were born on or after July 1st 1964 your preservation ages is 60 and somewhere between if you were born in between.
If you access your super prior to turning 60 years of age you may have to pay tax on payments you receive, you should always seek advice.
You can access your super tax free once you turn 60 providing you cease employment, even if you subsequently get another job.
Once you turn 65 you can access your super tax free even if you haven’t retired.
Upon your death your beneficiaries will be entitled to receive your super. If those amounts are paid as lump sums, they will be tax free. There may be tax payable on income streams depending on who they are paid to.
If you would like to know more information regarding your eligibility to access your superannuation, contact us on (08) 8172 9172 or info@peaksuper.com.au.
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