Super second withdrawal?

[Csc1980]

Hi,

 

Does someone know after my first withdrawal 10k from my super, I have a balance of 15000 in my super.

 

Can I withdrawal anther 10k this July?

Or I have to have at least 20k remaining then I am allowed to take out the second time?

 

Thanks

 

[Ken]

On 09/06/2020 at 11:09, Csc1980 said:

 

Hi,

 

Does someone know after my first withdrawal 10k from my super, I have a balance of 15000 in my super.

 

Can I withdrawal anther 10k this July?

Or I have to have at least 20k remaining then I am allowed to take out the second time?

 

Thanks

 

I've seen advise telling people to leave at least 6K in their Super (because the funds can close the account and transfer the balance to the ATO if it falls below 6K) but I don't where you got 20K from. It may of course be a rule from your own Super fund.

[Andrew from Vista Financial]

Hi

Same here I am not aware of the government ruling that there must be a minimum balance left when they introduced the Covid withdrawals but as Ken has mentioned there are some other considerations around low balances and these would be around if the balance falls below $6,000 as they could be classified as inactive (1) and (2) your super fund may look to cancel your insurance again if the balance falls below $6,000.

Having contributions paid in to the account would get around the inactive side of things and possibly the insurance issue however it would be best to discuss with your Super Fund as you may be able to opt in to keep the insurance in any event.

Super Funds do also have their own set of rules around minimum balances too so as said have a chat with them about your situation in the first instance (or your Adviser).

Regards

Andy