Release of benefits

Your preservation age is the first pre-condition to access your super benefits. It is a common misconception that age is the only factor to access your superannuation benefits. The requirements of the SIS legislation requires that a condition of release also needs to be trigger to enable a member to encash benefits.

Essentially, to access benefits from super is a two-step process as described in a diagram below.

Two step process - Release of benefits

RELIANCE AUDITING SERVICES

Reliance Auditing Services is a specialist independent auditing services firm providing quality audits to SMSFs, companies, not-for-profits and AFS licensees all over Australia. Reliance Auditing places a huge emphasis on educating our clients to ensure they fulfil their reporting obligations.Call: 1300 291 060 or email info@relianceauditing.com.au.

DISCLAIMER: This information is an interpretation of rules, regulations and standards. It should not be considered as general or specific advice and neither purports, nor is intended to be advice on any particular matter. No responsibility can be accepted for those who act on the contents of this publication without first obtaining specific advice. Liability limited by a scheme approved under Professional Standards Legislation.