Securing Your Superannuation Future: How to Start and Run a Self Managed Super Fund

Chapter 7: Accessing your SMSF benefits

After many years of building your super balance, the time will come when you will want to access your money to fund your retirement. You will need to know when you’re entitled to access your super, how you can withdraw it and what the tax consequences will be.

Preservation status of benefits

Your ability to access super is based on the preservation status of your super balance — when money is described as preserved, it means you cannot take it out of the super system until you meet a condition of release (explained further overleaf). Have a look at the member statements your fund(s) have sent you to see what proportion of your balance falls within each of the following categories.

• Preserved benefits. ...