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Re: Definition of Retired for Transition To Retirement Super

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Devotee

Views 256

Replies 7

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?

 

7 REPLIES

MVF
Devotee

Replies 3

@macfanboy   I was backing up my system and noticed you posted this .....  thought you were going to give this a break .. 

but then again so was I Smiley Happy

 

 

 

Devotee

Replies 2

@MVF

 

Thanks got them.

 

The second is for SMSF, of which mine is not.

 

I also emailed the super company.

 

MVF
Devotee

Replies 1

@JodieH  can you pls unselected this as best answer ... thanks 

 

Is there a problem with the forum????   for some reason it seems as though random answers are auto selected as correct ???

 

@macfanboy  you may have to post again a bit later .... srry for stuffing up of your post

Devotee

Replies 0

@MVF

 

Don't worry I did that...

MVF
Devotee

Replies 0

@SebReiter

 

could you pls answer this post.. as you have the relevant level of knowledge to do so .. 

 

appreciated ...

Devotee

Replies 1

Hi macfanboy

 

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

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Devotee

Replies 0

Thanks @SebReiter

 

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.

 

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