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Just curious about the definition of retired for Transition To Retirement for accessing my super as an income stream when I turn 60.
Currently I only do seasonaly contract work each year.
Each year I have to reapply to be employed.
Would I then qualify?
To clarify what you're asking - a Transition to Retirement Income Stream (TRIS) is a super income stream that can be paid to someone once they reach their preservation age. There's no definition of retired that applies to a TRIS.
What I think you're asking about is meeting a retirement definition after you reach age 60 so that the TRIS can become a normal account based income stream and thereby qualify for the fund earnings tax exemption. Let me know if I've got that wrong.
Once you reach age 60 you need to leave gainful employment to meet the retirement definition for the condition of release. If you have a contract each year I assume the contract has an end date. Once the contract ends you'd have left gainful employment and would satisfy the retirement condition. From the way you've described it it sounds like there's a break between the employment contracts and that there's no agreement made before one contract ends that you'll be employed under a new employment contract.
You'll need to advise your fund that you've retired for the fund to stop treating the income stream as a TRIS and instead treat it as a normal account based income stream.
I'm an ATO employee voluntarily providing my time here
Yes you got it right.
Another 5 years to go until I reach 60.
Not receiving any income from super at all.
Just want to make sure that I can receive a modest income without paying tax once I reach 60.
Yes I am offered a new contract each tax season if I pass certain criteria.