I have just reached preservation age and am retired.
My superannuation member statement shows 'Undeducted Contributions' of $8,279.00.
Can I simply withdraw this money from my super, having reached preservation age and retired?
Thanks in advance.
I have just reached preservation age and am retired.
My superannuation member statement shows 'Undeducted Contributions' of $8,279.00.
Can I simply withdraw this money from my super, having reached preservation age and retired?
If your undeducted contributions amounted to, say, 10% of your member account, then any amount withdrawn
would be 10% tax free (undeducted) + 90% taxed
Retiring after preservation age = condition of release - but you need to notify your fund that you are retired.
I have just reached preservation age and am retired.
My superannuation member statement shows 'Undeducted Contributions' of $8,279.00.
Can I simply withdraw this money from my super, having reached preservation age and retired?
If your undeducted contributions amounted to, say, 10% of your member account, then any amount withdrawn
would be 10% tax free (undeducted) + 90% taxed
Retiring after preservation age = condition of release - but you need to notify your fund that you are retired.
Hi @Transcriber
Just adding to the reply provided by @Bruce4Tax, I'd simply sat that 'Undeducted Contributions' refers to the amount that you contributed from after-tax income to your super fund.
When you meet the requirements to be able to withdraw money from super then this portion will be tax free money for you.
You can read more about how tax applies to your super online here.
RichATO
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