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Subject:
Aussie looking to access her Superannuation
Category: Business and Money Asked by: dullzvil-ga List Price: $25.00 |
Posted:
26 Jun 2004 03:33 PDT
Expires: 26 Jul 2004 03:33 PDT Question ID: 366583 |
I work for Australia Post. I have a need for cash and want to access money from my Superannuation. This would be kind of like a 401K for Americans. I don't care about a penalty for withdrawal or if I were to borrow against it, what the interest rate is I just want to access some of it. I am going to pay $25 for the question, and if this is possible then out of shear joy I will tip an additional $75. Please list in detail any and all ways that you can find for me to achieve my goal. Thanks, |
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There is no answer at this time. |
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Subject:
Re: Aussie looking to access her Superannuation
From: redhoss-ga on 26 Jun 2004 06:53 PDT |
Superannuation is a very interesting subject. I would like to access my Social Security money also (probably never happen). This might be the answer to your question: http://www.ato.gov.au/super/content.asp?doc=/content/40543.htm I'll bet it is not what you want to hear. |
Subject:
Re: Aussie looking to access her Superannuation
From: johnfrommelbourne-ga on 27 Jun 2004 07:10 PDT |
I am not sure what a 401K is so hoping you can explain please. I too work for Australia Post and would similarly like to access my super. You will not be able to under normal circumstances as far as I can ascertain. You can if you declare and prove extreme financial hardship. Rules are hard otherwise people would be taking out $10,000 here and ten thousand there as they like and leave little for long term retirement. If you can show you are leaving australia for good then this is another way of accessing super. I however will hopefully be accessing super soon however by another means being redundancy. Well at least I will get much of it although alot will have to stay till I am 55 years old. Good luck |
Subject:
Re: Aussie looking to access her Superannuation
From: fidoaustralia-ga on 07 Oct 2004 16:18 PDT |
The Australian Securities and Investments Commission (ASIC) understands that if you really need money, you might be tempted to get your super out early. Unfortunately people who claim that you can access your super to spend before you retire, and charge a fee, are usually operating an illegal scam. In some cases, scammers have stolen all of people's super savings. The law requires your super savings to be held in trust for your retirement and can only be released early in very limited circumstances. Those promoting illegal access schemes have met with fines and prison sentences. Even if you just join one of these schemes to get your money, you are breaking the law and can face serious tax penalties. ASIC and the Australian Tax Office (ATO) are pursuing these scams, so please avoid getting involved and steer clear of these schemes. Read more about it on FIDO. http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/Early+release+of+superannuation+funds?openDocument |
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