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Re: Have I retired for Super Purposes?

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Just turned 60. Preservation age was 55. My income is mostly franked dividends and some bank interest. I drive Uber for 8-10 hours a week making me a self employed contractor. I will not be returning to the paid workforce. 
I wish to create an allocated pension and draw the minimum. Am I considered 'Retired' in these circumstances? Or would I be required to cease my Uber driving to be considered so? 

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Devotee Registered Tax Practitioner

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Am I considered 'Retired' in these circumstances?

 

No, unless you takes steps to ensure your Uber driving is never going to be more than 10 hours per week or more.

It is arguable that all the time involved should count, not just the time you are paid for.

 

Or would I be required to cease my Uber driving to be considered so? 

 

Yes, as long as it was a genuine cessation and not a contrived break.  Ceasing driving and working at some other job should pass the "ceae position of employment over age 60."

 

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Best answer

Devotee Registered Tax Practitioner

Replies 0

Am I considered 'Retired' in these circumstances?

 

No, unless you takes steps to ensure your Uber driving is never going to be more than 10 hours per week or more.

It is arguable that all the time involved should count, not just the time you are paid for.

 

Or would I be required to cease my Uber driving to be considered so? 

 

Yes, as long as it was a genuine cessation and not a contrived break.  Ceasing driving and working at some other job should pass the "ceae position of employment over age 60."

 

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