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Re: Super payout and deemed retired

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Newbie

Views 153

Replies 4

Hi all
I've reached preservation age and plan to withdraw my super. My question relates to the permanently retired declaration I must sign with my super fund. I've checked this info FOUR times with my fund and still unsure. If I am a casual employee, and I tell my employer that I can only work under ten hours a week from now on, am I deemed to be retired? Can I work under ten hours with the same employer?another employer? Or not at all? I want to do the right thing, so your advice would be appreciated. Thanks in advance.
1 ACCEPTED SOLUTION

Accepted Solutions
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Most helpful response

Dynamo

Replies 1

Hi @limaje,

 

Thanks for reaching out.

 

@MCA_Accountants are correct. If you want some further information, there's a response on another thread that goes into further detail.

 

Good luck with your retirement!

4 REPLIES 4

Devotee

Replies 1

Under 10 hours per week in total, regardless of where, when, who, or how.

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Newbie

Replies 0

Hi and thanks for your response.  I did manage to ring the ATO and was told that the 10 hour per week and whether I can reduce with my current employer is totally up to the Trustee of my Super fund.  Unfortunately my trustee is very clear.  I spoke with a Fund Manager who told me that I had to have resigned and have no intention to return to gainful employment in the future when I sign the declaration for withdrawal of my super.  She did say that if at any point in the future I changed my mind due to inclination or circumstances, then there's nothing stopping me from returning to under ten hours a week.  So I've resigned....and am happy about that anyway so all has worked out well.  Thanks for your help.

Highlighted

Most helpful response

Dynamo

Replies 1

Hi @limaje,

 

Thanks for reaching out.

 

@MCA_Accountants are correct. If you want some further information, there's a response on another thread that goes into further detail.

 

Good luck with your retirement!

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Newbie

Replies 0

Thanks Niamh.

As you would have seen from my response to the other poster.  I was told by the Tax Office rep on the phone something slightly different.  In that it is up to each super fund's trustee how to implement that ruling.  And my trustee rep said that I had to resign. Which is what I have done.  It has all worked out for the best anyway, so no worries.  Thanks for taking the time to reply.  I appreciate your help.