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Ponp(Newbie)Newbie
9 Aug 2025

I am over 65 but still working. I read from somewhere that I can withdraw lump sum with no restriction. My questions are:

  1. Can I spend like travelling?
  2. Can I Buy property oversea?
  3. Can I gift to my kids?
  4. Since I am still working, what will happen to my SMSF that I intend to withdraw?
  5. I have opened another super account with another super fund to receive super contributed from my company. Should I do this to separate transition phase or whatever might be?

Please advise if I can do this and what are the rules and restrictions applied.

Thank you for your help.

2,094 views
3 replies
2,094 views
3 replies

All replies

MACH(Superuser)Superuser
9 Aug 2025

Once you are 65, you have an unrestricted access to withdraw any amount from your super fund, tax free. You are also free to do #1 #2 #3 without tax consequences.


With #4 please talk to you SMSF administrator or tax agent.


You can do #5 but I recommend to engage the service of a financial advisor.

YEP(Devotee)Devotee
9 Aug 2025

If you pull all the funds out of your SMSF you have the choice of winding it up if your never going to use it again. Otherwise the SMSF will continue to be subject to the standard SMSF requirements and as part of that it will have to pay for the usual annual audit expenses and lodge returns.

NikkiATO(Community Moderator)Community Moderator
11 Aug 2025

Hi @Ponp,


Just adding a bit more.


Once you turn 65, you’ve met a condition of release, so you can usually withdraw your super without restrictions, even if you’re still working. You’re free to use the money however you like - travel, gifts, buying property overseas. No tax issues once it’s out of super.


But it’s only tax-free if your account is in the retirement phase. If it’s still in accumulation phase, earnings and some withdrawals might be taxed.


If you’re withdrawing from an SMSF, it still needs to follow our usual rules.


Having a second super account is fine, but if you’re thinking about a transition to retirement strategy, there are limits and rules.


You can read more about how this works on our transition to retirement page.

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Withdraw lump sum from super when 65 and still working | ATO Community