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Superannuation question???

I am currently in my second year of the family courts.  When we started, my settlement was going to be very substantial.  Due to the financial crisis and my ex spending on his OW, he says he is about to declare bankruptcy.  I am not a self-represented litigant.

I have gone from a luxurious lifestyle where the house was debt free to a position where everything is needing to be sold - house, cars, boats etc.  I have two young children, I am a SAHM and my ex does not give a damn as to how we are going to survive.

My question is about superannuation.

I want to buy a company, but I have no money to do it. But we do have superannuation.  If both parties agree, is it possible for me to be awarded this superannuation and then use THIS MONEY to buy a company.

We are on the verge of bankruptcy, my children and I will be homeless once the house is sold.  Am I able to use this superannuation money now! or do I have to put it in a fund and not touch it until I am 65??

Is anybody able to advise me on this?
for information about super and early release of benefits you can check with APRA
Thanks Phoenix. Great recommendation.

Edit to my first post - I meant to say I am now a self represented litigant…
Just a quick question - why are you concerned with buying a company when you are about to have no where to live? Maybe if you look at purchasing a house, then you can use the equity in the house to purchase a company later?

"When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure"
Gecko,

I don't have any money to buy a house.

And the money to buy the company is much less than to buy a house.

If I buy this particular company it provides me with an income immediately and also allows me to work school hours so I am able to look after my children.

I would then be able to rent, start saving for a deposit and eventually then be able to buy a home.
Thanks for your answer

"When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure"
The answer is yes - super stays super until you retire. However once you have worked out the proportions to split the superannuation for yourself and the ex, you could roll the proceeds into a self managed super fund and use it to purchase the company.
Fairgo,

Thanks for that suggestion.

I have emailed a number of SMSF specialists.

Do you think these would be the best people to talk to?

I should I talk to an accountant or perhaps a tax lawyer?
Fairgo said
The answer is yes - super stays super until you retire. However once you have worked out the proportions to split the superannuation for yourself and the ex, you could roll the proceeds into a self managed super fund and use it to purchase the company.

Whilst this comment is generally true - its not entirely 100% true.

Some super paid in years ago is not necessarily 'locked in', like super paid today is.

I though that people could gain access to super in situations if extreme financial hardship, i.e. bankruptcy.

…………………….

wowo - You need to find out if a SMSF can purchase shares in a privately held company.


4MYDAUGHTER
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