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Ian C.
Ian C.
Sandy Bay, TAS
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SMSF. I have worked at 2 jobs in the beginning of 2017 - 3 days a weeks a Permanent employee, the other job doing odd jobs as self employed.

I stopped the odd job role in 2017

Under the superannuation rules is this ceasing of an employment arrangement, yet still being employed as a permanent part time worker, sufficient to move me into retirement mode for my SMSF fund?

If you can locate and include any references it would be appreciated.

I am 63 years of age.

last week

Responses

Hi Ian,

Yes it is.

Ceasing an employment arrangement on or after the age of 60
If a member who is 60 or over gives up one employment arrangement but continues in another employment relationship, they may:

cash all benefits accumulated up to that time
not cash any preserved or restricted non-preserved benefits accumulated after that condition of release occurs – these benefits can't be cashed until a fresh condition of release occurs.

https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Conditions-of-release/#Ceasinganemploymentarrangementonoraftert

Cheers,

Glenn

The short answer to this is most likely yes.

the longer answer is go and see your accountant and discuss it with him/her!!

there are so many ways for you to shoot yourself in the foot here it is absolutely in your best interests to talk to someone who understands not only the legislation, but also YOUR specific circumstances.

because just because you CAN do something, doesnt necessarily mean you should do it. There are many potential flow on effects from commencing a pension, and you need to be across them all.

It seems you have a SMSF. If you use an accountant to assist you with it, then talk to them. If you use one of those bottom-feeding el-cheapo online snake-oil peddling super fund providers that charge you sweet FA and give you a "free" audit because you have signed up to one of their investment "platforms" which pays them a massive commission which you never knew about......run a mile. They are NOT there to assist you in any way shape or form.

any way you cut this up Ian, you need specialist advice from someone who has the skills to help and the integrity not to shaft you in the process. So be very picky about who you use:)

good luck
'
BC

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