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Good opportunity to withdraw cash from super, page-29

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rookstar

5,086 Posts.

806

17/05/20

14:06

Post #: 44664082
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Originally posted by Hittman ↑

https://hotcopper.com.au/threads/pr...146418/page-515?post_id=38990569#.XpgzRs1S-Uk

I wrote this nearly 2 years ago and still stand by what I said then. I was born in 1967 and under current legislation will be able to access my Superannuation at aged 60 (My Preservation Age) if I meet a condition of release for it. Either start a Transition to Retirement fund or Retire from the workforce. (Nothing stops you from getting another job after you access your Super though)

I fear that by the time I get to 60, the rules will have changed and the preservation age will have been lifted. Hopefully the Transition to Retirement will still be 60 as I would be happy to take that income stream and reduce the hours I work. Not holding my breath
Add to the above the talked about issue of funds currently having or will have liquidity issues with the Covid19 Virus problem meaning some people will need to access some of their Superannuation now reinforces my belief that the funds do not have enough liquid assets to fund the last of the Baby Boomers who will retire over the next 10 to 12 years. That is the real push now to try and raise contributions to 12%, not for us but for the funds themselves.

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Hi,

Do you know what the tax rate is for non concessional after tax contibutions?
I know the limit is $100,000.00 per year and is tax free once deposited.
But the earnings on this money must be taxed at 15%?

Is this right?
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