Loading
Glenn07(I'm new)I'm new
4 Nov 2024

Hi,

I was made redundant in July 2024 and have failed to find any employment since. I turned 60 in October. The redundancy payment in terms of weeks took me past my 60th birthday. Since I did not quit but instead was made redundant, does this have any effect on my access to my super.


I am unsure if I want to permanently retire as if a suitable job was offered I would possibly take it but that might be 12 months away and my redundancy payout is about to run out yet I still have many financial commitments.

1,945 views
1 replies
1,945 views
1 replies

Most helpful response

Most helpful reply

TobyJDodd(Devotee)Registered Tax Professional
4 Nov 2024

Hi @Glenn07


In order to access your super you need to meet a condition of release.


https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/paying-benefits/conditions-of-release


The two that seems to most for you are retirement and “ceasing an employment relationship”


By your own admission you don’t intend to retire, so that’s out


”ceasing an employment relationship” . As you stated you were made redundant before you 60th birthday, so that’s out.


There is perhaps a question you raise of whether the payments covering you past 60 counts. I’m not sure about this one ,I say no. But hopefully @ATO or @Bruce4tax can weigh in here.


You may also consider starting a TRIP to assist with your expenses.


https://www.ato.gov.au/individuals-and-families/jobs-and-employment-types/working-as-an-employee/leaving-the-workforce/transition-to-retirement


Toby








See

All replies

Most helpful reply

TobyJDodd(Devotee)Registered Tax Professional
4 Nov 2024

Hi @Glenn07


In order to access your super you need to meet a condition of release.


https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/paying-benefits/conditions-of-release


The two that seems to most for you are retirement and “ceasing an employment relationship”


By your own admission you don’t intend to retire, so that’s out


”ceasing an employment relationship” . As you stated you were made redundant before you 60th birthday, so that’s out.


There is perhaps a question you raise of whether the payments covering you past 60 counts. I’m not sure about this one ,I say no. But hopefully @ATO or @Bruce4tax can weigh in here.


You may also consider starting a TRIP to assist with your expenses.


https://www.ato.gov.au/individuals-and-families/jobs-and-employment-types/working-as-an-employee/leaving-the-workforce/transition-to-retirement


Toby








See

Liked by knaresbro and Glenn07

Featured articles

What you need to know about early release of super

10 Apr 2025 · 4 min read time

How do I transfer super into my spouse's super fund?

8 June 2023 · 2 min read time

Claiming your departing Australia superannuation payment (DASP) online

28 Aug 2025 · 5 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3245 likes

  2. Taxduck

    (Taxicorn)

    2035 likes

  3. PayrollDeanne

    (Taxicorn)

    804 likes

  4. YellowPotato

    (Taxicorn)

    513 likes

  5. knaresbro

    (Devotee)

    358 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10370contributions

  2. Taxduck

    (Taxicorn)

    4721contributions

  3. PayrollDeanne

    (Taxicorn)

    2040contributions

  4. YellowPotato

    (Taxicorn)

    1325contributions

  5. YEP

    (Devotee)

    837contributions

Loading
Accessing my Super when made redundant before 60 but now over 60 | ATO Community