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Dee M.
Dee M.
Ballajura, WA
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I am aware that super funds can be accessed early, however if the lump sum is moved to your self-managed super fun, does it get taxed? or if you are to withdraw your super due to 'x,y or z" reason would it be taxed?
Thank you.

3 years ago

Responses

Moving the funds wont trigger a tax bill but you will pay tax on future earnings. This is my personal experience. You need to check with a tax accountant what is specific to your situation.

Hi Dee,

You can only access your super early due to financial hardship, which is quite hard to substantiate. If you are taking money out of the super system under the age of 60 it’s likely you’ll have to pay some tax.

If you are moving super from super fund 1 to super fund 2, you can do this at any age. This is not early access, it’s called a rollover. When your super is sold down to cash in super fund 1, it may incur a tax liability. When that money is moved across to super fund 2 there is no tax to pay.

If the money stays in the super system you will not pay tax personally on future earnings, it will be payable by your super fund.

If I can help further with what you are trying to do please reach out james.wrigley@firstfinancial.com.au

Regards
James

the answer is "it depends"
for most people who access super before 55 they get taxed on it
for SOME people over 55 they can sometimes access lump sums without paying tax
for MOST people over 60 they can access super tax free after they retire.

Find a GOOD adviser and a GOOD accountant: they will hopefulyy work together with you to provide the best advice for you.

it is complex, and for that reason you need to get expert advice

good luck
bc

3 years ago

Thank you all very much for taking time to respond.

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