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Please give me your ideas
If member of SMSF only working as Sole Trader until now, over 60 years old
Can he/she applies for ABP without need cease Sole Trader?
Many thanks
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Hi Phuong
Normally if the member is working as a sole trader that is their employment. To be able to access a retirement account based pension after the age of 60 they would need to retire after age 60. That is to access a retirement account based pension they would have to be no longer employed as a sole trader after age 60 (or reach 65 years of age).
Schedule 1 of the SIS regulations outline the conditions of release of benefits. One of the conditions of release is retirement. It is SIS Regulation 6.01(7) that defines retirement as:
"For the purposes of Schedule 1, the retirement of a person is taken to occur:
(a) in the case of a person who has reached a preservation age that is less than 60--if:
(i) an arrangement under which the member was gainfully employed has come to an end; and
(ii) the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full - time or a part - time basis; or
(b) in the case of a person who has attained the age of 60--an arrangement under which the member was gainfully employed has come to an end, and either of the following circumstances apply:
(i) the person attained that age on or before the ending of the employment; or
(ii) the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full - time or a part - time basis."
Thanks
The Auditors Institute