Withdrawing Your Super Series 2 - How Much Can You Withdraw?

I want to withdraw my superannuation. What do I need to consider?

So now that you understand the conditions of release lets take a look at how much you may be able to withdraw.

2: How much can you withdraw?

If you are in a public offer or retail fund (not a self-managed superfund), it may be as simple as as requesting a benefit payment quote or a pre-payment statement for either your entire balance or a proportion of your total balance.

In a self-managed superannuation fund however, it can be a litle more complicated. Assets may need to be sold into cash, your accountant must prepare interim accounts to ensure you leave enough in the fund operating bank account to cover tax debts, insurance or investment fees and premiums, professional services fees and the supervisory levy. Trustee agreements and Minutes must also be signed with a resolution for the benefit payment. .

Considerations include but are not limited to:

1. If you have wound up your fund, are you still covered for life or TPD insurance that may have been included in your fund?
2. Is there a minimum balance that must be left in the fund to maintain your insurance cover or to ensure the fund does not close?
3. If you have not wound up your fund, is you fund balance large enough to warrant still having a self managed superannuation fund, weighing up the costs versus the benefits of maintaining a public offer fund?
4. Ensuring that the most tax effective withdrawal option is chosen and the correct paperwork is in place to facilitate it. Bear in mind that if you wish to withdraw a lump sum while in pension phase you need to prepare an election prior to making the withdrawal.

Next, we look at how your age at the date of payment can effect the overal benefit.

General Advice Warning: Liability limited by a scheme approved under Professional Standards Legislation.This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal taxation and financial advice prior to acting on this information. Opinions constitute our judgments at the time of issue and are subject to change. Neither, the Company or any of employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document.

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