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I have a few questions and comments regarding my superannuation and below is the summary of the information I wish to present:
- I'm turning 55 on Sunday which presents options for what I am able to do with my super but I will not reach preservation age until I am 59 in 4 years from now.
- My Military super consists of Employer contributions totaling approx 204K and my contributions which is known as, members benefit, of approx 46K. Approx 170k of theemployercontribution earns the rate of CPI and the remainder at a balanced fund rate which it is invested in.
- I have another super fund, Australian super, with contributions by some of my previous employers on my behalf of approx 13.5k
- Commencing on 6 Jan 2019, Military super has permitted me the following options:
Take the Employer contribution as an indexed pension of approx 17k per year and preserve the Member benefit of 46K which will continue to grow in a high growth fund until preservation age
Take 50% or greater of the employer benefit as a pension and preserve the remaining employer benefit and the member benefit which would continue to grow as applicable.
Roll over the employer benefit and /or the member benefit to another authorized fund (Australian super), thereby consolidating all funds into one account until I reach preservation age, at which time I can decide where to put funds next.
I would consider rolling over both the Employer and Member benefit provided there were no/no significant tax implications.
Could you please provide me advice as appropriate as to whether tax is payable for either component (Employer and Member benefit) rolled over and what the tax implications would be?