Hi
Sorry if I have double posted but cant seem to find my new question (March 6th) after I clicked reply to my original one.
I have been advised that my friend (66 years) who is still working can withdraw his super tax free from his fund (after the fund taking out the 15% tax) anytime after the money has been paid into his super fund.
Would this have to be Transition to retirement or Pension mode phase ? or just take it out?
and any restrictions?
I am probably missing something here but why could he not do this then?
Hypothetically if he earns $100k (from both our company and his other sole trader work) and our company pays SG of $10k he could then salary sacrifice another $20,000 each year into his super (super tax 15% ($4,500) and take out $25,500 tax free any time? and his taxable income would then be $70,000?
In 1 year Hypothetically if he earns $100k and has unused super payments from the last 5 years of $100k ,he could put $100k into his super (15% tax $15K) then take out $75k tax free and his taxable income would be $0.
The 2 hypotheticals above don't sound quite right but just asking the question.
Thank you
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