My current employment will be ending in two years.
I will then be another two years before I am eligible for the pension.
I earn a good margin more than average income from my job currently.
I have more cash not needed for any other purpose to top up the non employer contribution to the annual $25k allowed in tax deductible super.
Given I will have a two year period before the pension to fund myself, I may look to take work here and there as well as live of my cash savings during that time.
I understand I cannot access my super without tax penalty until I formally retire, which I assume is likely a formality by form completion somewhere.
A. Is that correct?
I am aware of a transition to retirement process which enable you to receive super payments before retiring without those payments being taxed.
B. Do you need to satisfy a current working test of any sort to receive it or to commence it?
C. Is there anything like a final year of work deduction amount that you can add to the $25k allowable super contribution deduction to obtain more tax refunded to assist to carry you through to the pension retirement age?
227 views
3 replies