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Re: Retirement condition of release - ceasing gainful employment after age 60

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Newbie

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If I am age 61 and working full time and 'resign' from my job but during my notice period agree to stay on as a casual with the same duties have i ceased a gainful employment arrangement? All annual leave will be paid out and as a casual I may not get any hours of work.

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Hi @Stuarts

 

Thanks for your post.

 

As you are in the 60 to 64 age bracket, the retirement condition of release is considered to be met when an arrangement under which you were gainfully employed has ceased.

 

@Bruce4Tax is correct. While your full time position may have ended, your employment with that employer hasn't ceased. In turn, it doesn't sound like you have met the retirement condition of release.

 

For general information about when you can access your super, have a look at our website. You can also check out the conditions of release page in the SMSF section of our website. Even if you're not a member of a SMSF, the same concepts apply.

 

You might also find the Retirement – Establishing whether gainful employment has ceased case study useful. While it isn't the same as your scenario, there are some similarities.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Devotee Registered Tax Practitioner

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That does not sound like a genuine cease of employment.

 

Might be OK if casual work would need to be limited by agreement to less than 10 hours per week.

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Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @Stuarts

 

Thanks for your post.

 

As you are in the 60 to 64 age bracket, the retirement condition of release is considered to be met when an arrangement under which you were gainfully employed has ceased.

 

@Bruce4Tax is correct. While your full time position may have ended, your employment with that employer hasn't ceased. In turn, it doesn't sound like you have met the retirement condition of release.

 

For general information about when you can access your super, have a look at our website. You can also check out the conditions of release page in the SMSF section of our website. Even if you're not a member of a SMSF, the same concepts apply.

 

You might also find the Retirement – Establishing whether gainful employment has ceased case study useful. While it isn't the same as your scenario, there are some similarities.

 

Hope this helps.

 

Thanks,

 

ChrisR