Accessing super

Find out the 12 ways to legally access your superannuation including what happens if you access your super before the age of 60, or you relocate overseas or you want to withdraw your super to cover your mortgage or other bills.

Accessing super also includes a special section called Accessing super early, which contains articles dealing specifically with accessing your benefits before retirement.


Below are some of our key Accessing super articles:

Set out below are all SuperGuide articles explaining Accessing super.

Turning 55: Taking super, tax and timing

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Q: If at 55, I take up to $185,000 out of my super as a lump sum tax free, when I turn 60 will I be able to draw down as a lump sum the rest of my superannuation without having to pay tax as well? A: For an individual to access preserved super benefits they must satisfy a condition of release, … [Read more...]

I’m under 60. Does my super payout also affect my other income, and tax bill?

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Q: I have tried to phone the ATO re this query. Could you tell me the answer to this question? I turn 55 soon and I am eligible for a super payout of $185,554 next month of which only the $554 is taxable at 17.0%. However I still intend to keep working at my $58,000 a year job and wondered how this … [Read more...]

Tax-free super for over-60s, except for some

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If you withdraw your super benefits after you turn 60 years of age, you can expect to pay no tax on those super benefits, unless you are a member of certain public sector super funds (see summary table at the end of this article). Due to the large number of emails I have received about this topic … [Read more...]

Accessing super: Preservation age jumps to 56 years from July 2015

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Turning 55, retiring and accessing your super will become a thing of the past from July 2015. Anyone born on or after 1 July 1960 needs to push from their mind that the age of 55 is the ticket to superannuation access. From 1 July 2015, Australians turning 55 will have to wait at least another year … [Read more...]

I retired at 59. Do I pay tax on my superannuation lump sum?

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Q: I retired in September 2014. I’m now living on a tiny super pension of about $710 a fortnight. In September 2014, I also received a $15,000 superannuation lump sum. The tax free component of my total superannuation is 66% and the taxable component is 34%. I turned 60 in February 2015. Do I have … [Read more...]

Age Pension: Deemed income falls again with lower rates

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If you own financial investments and receive the Age Pension, or you hope to claim the Age Pension, then you need to be aware of a recent change to the deeming rates applicable to financial investments, and the annual change (every July) to the deeming thresholds for the Age Pension income test. … [Read more...]

Retirement: 3 ways of taking super benefits before the age of 60

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When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or income stream. Are you taking your super as a lump sum, an income stream or a combination of … [Read more...]

Preservation age: I’m 58. Can I withdraw my super benefits?

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Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58? A: This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth. Under normal circumstances, access to superannuation benefits requires certain … [Read more...]

Retiring before the age of 60: the tax deal

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If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax. If you’re willing to wait until you turn 60 before you retire, you can … [Read more...]

Superannuation Guarantee: Do we have to pay SG for overseas workers?

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Q: We have a girl working for us who is on an English working visa. She doesn’t have super at home in England but do we have to pay her super while she is working for us? If yes, how do we go about it? Do we put it into a special super fund that she can then transfer over to her English one, when … [Read more...]