Q: I am 62 and own a 50 per cent share of a small business. I intend to sell my share of the business and then work part-time for the business for several years as an employee. Would thisA: A retirement condition of release is one of a number of superannuation rules that must be satisfied before any super can be taken as a retirement benefit by fund members.
In between these two comes what is possibly one of the least understood conditions: changing your employment circumstances after 60.This change could involve leaving a job and starting a new one or, if you have more than one job, ending one of them. With specific regard to your question, says Day, whether you have ceased a gainful employment arrangement will depend on how your small business was set up.
In this case, you could potentially satisfy a different retirement condition by declaring that you have ceased an employment arrangement at some time in the past and did not intend to work for 10 or more hours per week in the future.