I am an individual who is with AustralianSuper. During the beginning of May 2023, I attempted to create a Transition to Retirement Income Stream account, intending to withdraw 10% before the financial year of 2022/23 had ended, and then another 10% at the beginning of the 2023/24 financial year. However, AustralianSuper was incredibly slow in implementing the TTRI account due to technical difficulties resolving my application, and it only became complete at the beginning of the 2023/24 financial year on the 5th of July. Now, I am suddenly 10% of my super short on where I was planning to be financially, and I want to ask if the ATO would be able to allow me to withdraw another 10% of my super ASAP at the beginning of this financial year given the difficulties that AustralianSuper underwent through no fault of my own. Thanks.
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Now, I am suddenly 10% of my super short on where I was planning to be financially, and I want to ask if the ATO would be able to allow me to withdraw another 10% of my super ASAP at the beginning of this financial year given the difficulties that AustralianSuper underwent through no fault of my own.
I do not believe that ATO has the legal power to do this.
Their role is to apply the law, not to bail out the super fund for being slow in their admin.
I know a fix for this - but that would involve advice that can only be given by a licensed adviser.
I can say that, by definition, any income stream must have more than one pension payment between its start and end. Otherwise, it would not be an income stream for SISA.
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Now, I am suddenly 10% of my super short on where I was planning to be financially, and I want to ask if the ATO would be able to allow me to withdraw another 10% of my super ASAP at the beginning of this financial year given the difficulties that AustralianSuper underwent through no fault of my own.
I do not believe that ATO has the legal power to do this.
Their role is to apply the law, not to bail out the super fund for being slow in their admin.
I know a fix for this - but that would involve advice that can only be given by a licensed adviser.
I can say that, by definition, any income stream must have more than one pension payment between its start and end. Otherwise, it would not be an income stream for SISA.
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