Has anyone extracted super? And how?

Hi guys,

I have a bit of a problem here, for the last few months i have been trying to pull out and close my super account.

I originally had one, that was opened by a previous employer when i was working full time, since then the amount has been eaten at constantly and everytime i contact the fund they say that they will send the forms, they never do!! :mad:

Now that i'm 18 i'm unsure if i can take out the funds without good cause, and to make it even better, i now have two super funds.

I'd rather close both super accounts, take my money and run, i really need to pay off my debt before i move out. And i was thinking that my super would be a good option, there's not much, maybe a couple of hundred in each if that. But anything helps.

Plus when i get a new employer i can always open another one, because at present i have two that aren't earning anything, and i don't need it since i'm not employed full time.

If i can't take out the money at the very least i want to put them together, but it seems that the fund i've wanted to take my money out of for ages is useless so they may never do it!

So i really want to know, has anyone withdrawn from their super/closed their account, and how i would go about this since i've been trying to do so for a while.

Thanks, Sam.
 
You've got about 50 odd years to wait until you can extract your super. Until then you have to rollover the balance into one fund or another. Go to the relevant superfund websites you are in and download a rollover form, fill it in and post it off.
 
Thanks Nat,

When i first rang and asked they said i could because i was under 18, and it was under a certain amount.

It's still under that amount though, and it's declined since then, and i'm just annoyed that i first started contacting them when i recieved a statement in February maybe, not sure.

But i'll check out their site and see what i can do.
 
You've got about 50 odd years to wait until you can extract your super. Until then you have to rollover the balance into one fund or another. Go to the relevant superfund websites you are in and download a rollover form, fill it in and post it off.


Not true. You can actually extract your super at whatever age you wish. You will need an accountant to set this up for you as it is very complex. You basically set up your super as your own business so you have full control of it yourself however it is very expensive to do. See an accountant about it and get some advice. I will be extracting mine in a few years time! :D
 
Not true. You can actually extract your super at whatever age you wish. You will need an accountant to do this for you as it is very complex. You basically set up your super as your own business so you have full control of it yourself however it is very expensive to do. See an accountant and get some advice. I will be extracting mine in a few years time! :D

Lol, the amount i have in there i doubt would even cover an accountant, now anyway.

When i first rang they said that i had to fill out a form, and it would be mailed, i never received it. I called more and more, same thing, still haven't receieved anything.
 
You CAN set up your own fund but need a serious balance to outweigh the set-up and running costs.

If you want to amalgamate accounts, the best way is to choose which super fund you want to stay with. Contact them and they will send you forms to fill out and return to them with details of the account you want to close, then THEY will contact the other fund and bring the money over into your preferred fund.

It is worth chasing this up before the balance is completely eroded by fees.
Marg
 
Not true. You can actually extract your super at whatever age you wish. You will need an accountant to set this up for you as it is very complex. You basically set up your super as your own business so you have full control of it yourself however it is very expensive to do. See an accountant about it and get some advice. I will be extracting mine in a few years time! :D

Sounds more like an SMSF to me. I found the setup costs quite reasonable, given the work involved by the lawyer, accountant and fin planner.
I think Miss Skater is trying to extract the money into her own hands, not roll it over into a SMSF.
There are ways to extract super. As has been mentioned, being under 18 and the amount being under a certain limit is one. I've also known people who have done so when they have travelled overseas. I think this involves convincing them that you're actually not coming back in the foreseeable future. Why not give this a go, Miss Skater. Backpack around Europe for a year or so.
I've also known people wh have played the financial hardship card to milk their super. Of course, these people tend to be the ones who really need it as they have no financial savvy and no saving ability.
 
Sounds more like an SMSF to me. I found the setup costs quite reasonable, given the work involved by the lawyer, accountant and fin planner.
I think Miss Skater is trying to extract the money into her own hands, not roll it over into a SMSF.
There are ways to extract super. As has been mentioned, being under 18 and the amount being under a certain limit is one. I've also known people who have done so when they have travelled overseas. I think this involves convincing them that you're actually not coming back in the foreseeable future. Why not give this a go, Miss Skater. Backpack around Europe for a year or so.
I've also known people wh have played the financial hardship card to milk their super. Of course, these people tend to be the ones who really need it as they have no financial savvy and no saving ability.

Rob im not aware of what the costs are, I was told by my accountant to wait a few more years untill i get more money into my super before extracting it as it can be expensive. His definition of expensive may be different to mine.
 
You CAN set up your own fund but need a serious balance to outweigh the set-up and running costs.

If you want to amalgamate accounts, the best way is to choose which super fund you want to stay with. Contact them and they will send you forms to fill out and return to them with details of the account you want to close, then THEY will contact the other fund and bring the money over into your preferred fund.

It is worth chasing this up before the balance is completely eroded by fees.
Marg

Not trying to open my own super fund, just trying to get the money out before it's all gone as you said.

.
I think Miss Skater is trying to extract the money into her own hands, not roll it over into a SMSF.
There are ways to extract super. As has been mentioned, being under 18 and the amount being under a certain limit is one. I've also known people who have done so when they have travelled overseas. I think this involves convincing them that you're actually not coming back in the foreseeable future. Why not give this a go, Miss Skater. Backpack around Europe for a year or so.
I've also known people wh have played the financial hardship card to milk their super. Of course, these people tend to be the ones who really need it as they have no financial savvy and no saving ability.

Exactly.
Lol i wish i could actually go around Europe rather than say i am haha.

I'd really just like to take these out to pay off the bank of parents before i leave, or at least make some kind of payment into it before i'm really hard up for cash.

Thanks for the reply guys, i'll get straight on it tomorrow morning, hopefully making some progress this time!
 
Rob im not aware of what the costs are, I was told by my accountant to wait a few more years untill i get more money into my super before extracting it as it can be expensive. His definition of expensive may be different to mine.

The costs come out of the fund, in any event, not from your own pocket.
My costs were:
Lawyer (Prep of Trust Deed and other docs) $440
Accountants charges inc formation of the fund and applications
for ABN and TFN $330
Preparation of Investment Strategy by licensed Fin Planner $200
I invest my super in mezzanine finance, so needed a carefully worded Strategy document to allow me to do this.
There are ongoing accounting and audit fees but because of the nature of the investment, these are minimal compared with a SMSF doing lots of share trading etc.
I get a very high return on the fund and will double the capital within 12 months, after which I plan to use the fund to purchase real estate.
Hope that info is useful.
 
The costs come out of the fund, in any event, not from your own pocket.
My costs were:
Lawyer (Prep of Trust Deed and other docs) $440
Accountants charges inc formation of the fund and applications
for ABN and TFN $330
Preparation of Investment Strategy by licensed Fin Planner $200

Lol, if i were to manage it myself it isn't possible to take it out of the fund, not enough there!

I remember i recieved a statement and i had probably $500 in one, and then last time it was only about $200, not sure about the other one. Thus why i really want to get the money out, fees eat it up mighty quickly!
 
good point, how do you make sure your super doesn't get eaten by fees while you aren't working?

Lil Skater you can extract it if you are in financial hardship and cannot meet your loan/rent/bills repayments, but i don't think it will apply in your case since you are still living with your parents and don't have a mortgage to pay.
 
good point, how do you make sure your super doesn't get eaten by fees while you aren't working?

Lil Skater you can extract it if you are in financial hardship and cannot meet your loan/rent/bills repayments, but i don't think it will apply in your case since you are still living with your parents and don't have a mortgage to pay.

No but in 3 months i will have a mortgage, and in less than 3 weeks i will no longer be living at home, and i'll also be on quite a low wage.

Even so, there has to be a way around it.
 
Lol, the amount i have in there i doubt would even cover an accountant, now anyway.

When i first rang they said that i had to fill out a form, and it would be mailed, i never received it. I called more and more, same thing, still haven't receieved anything.


Then it cant be too huge an amount to help you out of your debts much - maybe just try and earn a bit more, leaving the super as super ?
 
The whole point of superannuation is to provide for your retirement.

It can only be accessed early if you can prove fairly severe hardship.
Marg
 
Hi L S,

Have a read here,

http://www.fido.asic.gov.au/fido/fi...+to+combine+small+super+accounts?openDocument


what you can do is decide on a fund that you like, and then get forms from them, they will collect any existing Super and you then nominate them as your Super Fund wherever you work in the future.

Lots of info there :)

Hey thanks :) i'll check it out.

Then it cant be too huge an amount to help you out of your debts much - maybe just try and earn a bit more, leaving the super as super ?

No it's not that much, that's why i want to take it out. As it still would make a significant dint into what i owe my parents. Atm i'm only a casual employee, plus i have two funds. I want to get rid of the hospitality fund as i'm moving out of the industry, and i don't like the other one.

The whole point of superannuation is to provide for your retirement.

It can only be accessed early if you can prove fairly severe hardship.
Marg

I know, but the problem is i have two funds, one has to go. One's in hospitality and the other one is useless. I've been trying to take it out for months as it's not doing anything for my retirement if it's declining in balance.

I understand i will have to keep at least one fund if i cannot take the money out, and then if i can pick one, as stated, transfer the money over once i get the new fund. So i will then only have one, and it'll be my choice.
 
Hey thanks :)
No it's not that much, that's why i want to take it out. As it still would make a significant dint into what i owe my parents. Atm i'm only a casual employee, plus i have two funds. I want to get rid of the hospitality fund as i'm moving out of the industry, and i don't like the other one.
.

The dent you want to put in doesnt sound that huge in the first place then, so you have to wonder how long this will take, once you figure out wht to do, say and how to to do it, and if its really worth the effort..
 
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