Google Answers Logo
View Question
 
Q: Aussie looking to access her Superannuation ( No Answer,   3 Comments )
Question  
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,
Answer  
There is no answer at this time.

Comments  
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

Important Disclaimer: Answers and comments provided on Google Answers are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Google does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. Please read carefully the Google Answers Terms of Service.

If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you.
Search Google Answers for
Google Answers  


Google Home - Answers FAQ - Terms of Service - Privacy Policy