Depends on his age. I took a large lump sum from super when I was 55 or so, to buy a property. I only had to tick that box to say I had permanently ceased work. At the time when I took the money I had but as it happened I started a new career less than a year later. The amount of the withdrawal did go on my tax return though and was part of my assessment.
Ooh. I never knew that!
I imagine there are forms to fill in.
In that case I was taking a lump sum. Super was with an industry fund and on the withdrawal form there was a list of options which included that had ceased work permanently. These days I am over 60 (by a few years
) and I moved all my super from the years after I went back to work and a few pick ups from MrLtL along the way to a pension stream. It's not doing badly as I made about 40K after the pension payments were taken out over the past year. It also has the advantage go being tax free.
My accounting firm is the same. When quizzed my manager said that they are less busy in the lead up to EoFY rather than after it when people are doing tax returns, BAS’s etc.
We didn’t fill in any - but then our accountant does smsf, personal tax and the company tax, so we just said we’ve retired and that was it. He might have done something I guess.
) who use their accountants in June to do pre EoFY checks - as in is there anything out of whack that needs fixing before June 30? And I think Super tax returns are normally due by sometime in June (for the previous year)? Anyway, it just seemed strange that when I was trying to find out whether my SMSF return was going to be lodged on time, no-one knew (at first) because there were so many people away, and those that were on deck were struggling to keep their heads above water. Going to be hard to let it go into some-one else's 'care'.
your preservation age was 55, so once you reach your preservation age and had retired then you can access your super - tax is payable until you reach 60. Preservation age depends on date of birth and is
Which is what I wonder how cove’s friend could access their super.
Clearly a lot of people do though.
Yes
you can retire at any time of the FY. Maximizing the cap prior to retirement is a good idea 
I have a friend who has almost nothing left in her super as she has drawn down on it after 60 to pay off her house, buy a car and do house renovations. She would never have had enough in there to pay her a decent retirement income and has always said she just wants the government pension. It’s not what I would choose but people make the best of their lives. She retired a couple of weeks ago and is still waiting for a decision from Centrelink even after submitting the paperwork ages ago. In the past we did make some gentle suggestions about finances but she makes her own decisions and it’s certainly not our business. Her adult children seem pretty useless when it comes to helping their mum - most of them seem to be feuding with each other!Many might raid to finalize mortgages or loans. That’s a good thing.
I now have a list of questions to ask my accountant. Love_the_life you gave me impetus to revisit some earlier plans and there’s one question I won’t be asking the accountant who also overseas the SMSF.
