Accessing your superannuation funds can be tricky prior to reaching your preservation age. Those born before 1 July 1964, can access their superannuation funds prior to age 60. Those born on or after 1 July 1964, have to meet a condition of release or reach age 60 to access their funds.
Accessing super at preservation age
Between age 55 and 65, there are multiple ways your superannuation can be accessed, with various tax consequences as discussed below.
One of the benefits of a Self-Managed Superannuation Fund (SMSF) is the 15% tax rate. However if income is ‘non-arm’s length’, the income will be subject to […][…]
A recent AAT decision has found that taxpayers who acted on the advice on the agent and entered into a loan arrangement using their SMSF funds had early accessed their benefits and were therefore assessable on those benefits at the time that they were initially released. The arrangement was a sham even though the taxpayers did not have the necessary intent to enter into a sham arrangement. The agent was aware it was a sham and the agent’s intention was the applicable one.[…]