ATO Community

Super & Mortgage

Newbie

Views 536

Replies 1

A query pls if I may. I read everywhere it's ok to use a super lump sum after reaching age 65 to pay mortgage without penalty, tax or assessment inclusions. What if you are still working though and continue to work until pension elegibility age which for me is 67 ?  I'm 62 and the lump sum in question would be around $150k. Any advice or info would be much appreciated. Many thanks.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

You are able to withdraw funds from super if you meet a condition of release.   Being at least 65 years of age, regardless of whether you are retired, is one of those conditions.  If you wish to withdraw funds before you are 65, the above link gives details of the other conditions or release

 

As you are over 60 any withdrawals should be tax free, providing your super is in a taxed fund.  Unless your super is in a Government fund, you are likely to be a member of a taxed fund. 

1 REPLY 1

Most helpful response

Devotee

Replies 0

You are able to withdraw funds from super if you meet a condition of release.   Being at least 65 years of age, regardless of whether you are retired, is one of those conditions.  If you wish to withdraw funds before you are 65, the above link gives details of the other conditions or release

 

As you are over 60 any withdrawals should be tax free, providing your super is in a taxed fund.  Unless your super is in a Government fund, you are likely to be a member of a taxed fund.