I only work 10 hours or less since March 2023 as I accessed part of one of my super accounts at preservation age. I was waiting until I turned 60 which will be soon to access a lump sum from my other super account because I thought it would be tax free. Apparently i have found out it won't be because there is an untaxed element. I was only going to access part of it and rollover the remaining balance to my other super account. I was told I would have to do that by my super fund. I have rang both my super funds and the ATO but am still confused. If I access my super fund with the tax on the payout will I get most of the tax I have to pay back at tax time next year, because of reaching 60. Also I thought I would be able to return to working more hours when I turned 60 as my workplace is really short staffed, but I now don't think I can. I know there is a ruling about resigning from one job when reaching 60 but i didn't really want to do that.
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I only work 10 hours or less since March 2023
Has to be less than 10 hours pw to meet definition of retirement.
Untaxed element - rolling over to another fund will result in this being taxed 15% in the new fund.
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I only work 10 hours or less since March 2023
Has to be less than 10 hours pw to meet definition of retirement.
Untaxed element - rolling over to another fund will result in this being taxed 15% in the new fund.
Hi Bruce, thanks for your reply. I am wondering if I would be better off accessing my PSS super acc which has an untaxed element so tax payable at preservation age 59 (which I have reached) or wait till I turn 60. If I wait till I turn 60 in 9 days will that make a difference when it comes to my tax return next year? So far this year I haven't paid any tax because I worked 10 hours or less a week.
Depends on whether you are taking LSP or pension.
Pensions are better for tax after age 60.
Generally best to wait till age 60, but cannot be specific because of your particular circumstances.
Was going to be a lump sum and roll remainder of the balance over to another super account. I think I will wait till I reach 60 years of age, to be on the safe side. It will be under the threshold limit
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