Condition of release
Reaching age 65
When a member reaches age 65 the entire superannuation benefit, all future investment returns and contributions will be non-preserved. Fund rules permitting, these benefits can be accessed at anytime.
A member is not compelled to draw down their super once they reach a particular age. They are allowed to keep their benefits in the fund indefinitely. The only time it is compulsory for an SMSF to pay out a member's benefit is due to a deceased member.
This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.
Last modified: Wednesday, September 16, 2020