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.
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been [...]
Q: I have a rental property unit I owe approximately $190,000 to the bank and I would like to know if I can invest my $60,000 super into the unit to reduce my payments to the bank?
Superannuation is subject to special access rules called preservation. What this means is that you [...]
Q: Hi I am 58 years old. Apparently you can get a lump sum of super before 60 if you have permanently retired. Can you still later look for work again? How do you prove you have permanently retired?
The question that you ask is in the top 10 questions that [...]
Q1: I am 52 years old. I’m having heart surgery and won’t be able to work for 3 months, and I have no sick leave because I have just started a new job. My surgery will cause me financial hardship but I cannot access my super benefits under the ‘severe financial hardship’ exemption because I [...]
Q: I have a terminal illness. Can I access my super benefits?
Trish’s response: The super rules do recognise such devastating circumstances. The answer is: yes, you can access your super benefits, and your super benefits will be tax-free.
See article Terminally ill receive tax break.
Q: I’m a Filipino-Australian citizen, 45 years old and working for the past 15 years in Australia. I would like to retire to the Philippines at 60 years of age. At that age, I plan to buy an income stream from my super lump sum. Am I allowed to receive my income stream monthly payment [...]
Q: I’m an expat Aussie, living in Singapore (been away for 6 years). I am 57 and want to access my superannuation to buy a property. Is that possible? I have no idea if I will retire back in Australia or stay here, but my view is that if I do retire back in Australia, [...]
Q: My husband and I are getting ready to return home (USA) after living & working in Perth for the past 2 years. We came to WA on a 457 visa. My husband has a super fund & we were wondering if we can leave the money in his super until he reaches retirement age [...]
Q1. I was a member of an Australian super fund in the 1990s. I have now left Australia permanently. Can I access my super benefits?
Trish’s response: Maybe.
If your super benefit includes a category of benefit known as ‘unrestricted non-preserved’, then you can access that portion of your benefit without having to satisfy another condition of [...]
Q: I have been unemployed for 10 months now and I am still having problems finding work. I’ve got bills to pay off and I’m finding it hard to do that with the tiny amount I get from Centrelink each fortnight. Is there any way I can claim I have financial difficulties and use my [...]
A popular article on the SuperGuide website, particularly for our overseas readers, is 12 legal ways to access your super.
I have received many questions from readers, some in serious financial situations or suffering illness who are seeking more information on how to access Australian super benefits early. Other readers seeking early [...]
Effective from 1 July 2007, individuals with a terminal medical condition can access their super lump sum payments tax-free, regardless of age. Early access due to terminal illness is available from any super fund, including a self-managed super fund.
A super fund can release super benefits to a member if they [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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