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FAQsIs it true I no longer have to withdraw my super at age 65? Yes. Legislation has been passed to implement one of the Federal Budget changes announced in May. The change means that you can now leave your super invested in a fund until you’re ready to withdraw it – either as a lump sum or pension. Previously, you were generally forced to withdraw it at age 65 if you had ceased receiving employer superannuation contributions and had worked less than 240 hours in the previous financial year; and generally withdraw it regardless of working hours at age 75. The new rules take effect retrospectively from Budget night.
If I decide to contribution split with my spouse, is there a fee? There will be no fee if you split contributions to your spouse’s Russell SuperSolution account. Access to super before age 60 will be possible in certain situations – for example, if you were born before 1 July 1960 and retire between age 55 and 60; or if you meet some other condition of release. However, super accessed before age 60 will generally not be tax free. I got a letter from the ATO asking for co-contribution payment instructions? Doesn’t it automatically get paid into my Russell SuperSolution account?The ATO sends the co-contribution to the super fund that originally reported your after-tax contribution(s). If you joined Russell SuperSolution after making a contribution that attracted a co-contribution, then your old fund will return the co-contribution to the ATO because the account into which you originally contributed no longer exists. That’s why the ATO has asked you for payment instructions. To direct the co-contribution to your Russell SuperSolution account, just complete the ATO’s payment instruction form. You may need the following details to complete this form:
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Terms
of Use. Privacy
Policy.
Achieve is issued by Russell Investment Management Limited (RIM), ABN 53 068 338 974, AFSL 247185. In preparing this information we haven’t taken into account your own personal circumstances, including what you want and need for your financial future. It is important for you to consider these matters and also to obtain and read the relevant PDS before you decide whether to acquire or to continue to hold a product. Go to www.yoursupersolution.com.au to download a PDS. Interests in Russell SuperSolution are issued by Total Risk Management Pty Ltd.
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