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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Accessing your superannuation

Posted on Oct 27, 2016 by CFL Financial

Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super.

Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as ‘cashing restrictions’.

The most common conditions of release for paying benefits are that the member:

  • has reached their preservation age and retires

  • has reached their preservation age and begins a transition-to-retirement income stream

  • ceases an employment arrangement on or after the age of 60

  • is 65 years of age (even if they haven’t retired)

  • has died

Retirement is a condition of release however, depending on a person’s age, they must have stopped working, intend not to work again and have reached their preservation age. Upon the death of a member, their super will be released to their beneficiaries.

Less common conditions of release can apply in particular circumstances. Specific rules apply to the payment of these benefits. In special circumstances at least part of a member’s super benefits can be released before the member has reached preservation age. These are:

  • terminating gainful employment

  • permanent incapacity

  • temporary incapacity

  • severe financial hardship

  • compassionate grounds

  • terminal medical condition

Payments of benefits to members who have not met a condition of release are not treated as super benefits – instead, they are taxed as ordinary income at the member’s marginal tax rate.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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