Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune.
We have received many emails from readers asking when, and how, you can access your super benefits.
In brief, there are 12 ways to unlock your super early.
In most cases you cannot withdraw your superannuation until you reach your ‘preservation’ age, which is at least 55 and can be up to the age of 60 years depending on your date of birth. For anyone born before 1 July 1960, the
‘Preservation’ in this context simply means locked away, although some Australians who have had superannuation accounts prior to 1999 may also have some ‘unrestricted non-preserved’ benefits which they can access at any time.
When you can access your superannuation
| Date of birth | Your preservation age |
| Before 1 July 1960 | 55 |
| From 1 July 1960 until 30 June 1961 | 56 |
| From 1 July 1961 until 30 June 1962 | 57 |
| From 1 July 1962 until 30 June 1963 | 58 |
| From 1 July 1963 until 30 June 1964 | 59 |
| On or after 1 July 1964 | 60 |
Source: Australian Taxation Office superannuation website (www.ato.gov.au/super)
In most cases, you can only access your super if you satisfy a condition of release. Satisfying a
The Conditions of Release are
1. Retirement. This is the most common condition of release. See also the special ‘retirement’ rule for individuals aged 60 or over who cease an employment arrangement (see Condition of Release No 12).
2. Preserved amount is less than $200. You can access your preserved benefit if you leave a job where your employer was contributing to your fund on your behalf, and the preserved superannuation benefit is less than $200.
3. Reaching the age of 65. As soon as you reach the age of 65, you can access your entire superannuation benefit, even when you haven’t retired from the workforce.
4.
a. You have been receiving Commonwealth Government income support, for example, unemployment benefits, for at least 26 weeks, continuously, and the trustee of your super fund is satisfied that you can’t meet immediate family expenses.
b. Any payment is for the purposes of meeting everyday living expenses and can be one payment of no more than $10,000 (including tax) in any 12-month period.
c. If you’ve reached your
5.
6. Non-resident leaving Australia permanently. If you’re a non-resident of Australia, you can access your Australian superannuation benefit when you permanently leave Australia. You’re a non-resident if you enter Australia on an eligible temporary resident visa.
7. Permanent disability. You can access your preserved super if you become permanently incapacitated, that is, the trustee is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience.
8. Temporary incapacity. Your fund may automatically provide income protection insurance, or you may be able to apply for such
9. Death. If you die, your superannuation fund pays your death benefit to your estate, or to your spouse or other
10. Decision to take your benefit as lifetime pension or annuity. Provided you take your super as a non-commutable lifetime pension or annuity, you can access your super at any age. A non-commutable lifetime pension or annuity is one that you receive for your lifetime and which you can’t convert to a lump sum amount. Typically, this lifetime pension option is available in older public sector super funds.
11. Decision to start a transition-to-retirement pension (TRIP). You can access your super as a non-commutable income stream without retiring provided that you’re aged 55 or over and you withdraw no more than 10 per cent of your account balance each year.
12. Cease employment. If you’ve been a member of a super fund since before 1 July 1999, you can cash your restricted benefit only when you cease employment with your employer. A relatively unknown sub-category of this condition of release is that where a person is aged 60 or over but under the age of 65 and they cease an employment arrangement. In these circumstances, the person can be considered ‘retired’ for the purposes of accessing super. If an employment arrangement continues however, then turning 60 on its own is not considered a condition of release.
See also
- Accessing super early: Not for business debts
- Accessing super early: Unemployed and in financial hardship
- Accessing super early: Permanent departure from Australia (6 Q&As)
- Accessing super early: Serious illness or surgery
- Accessing super early: 14 popular Q and As
Dear Trish,
I am a small business owner in the incubus stage. I have just submitted my taxes for the first time in 3 years as the struggle to keep a small business alive has left me working to live. Am looking at a substantial tax payment and am wondering if I can cash my super to pay off this debt.
What do you think
J
Hi Jaye – I’ve answered your question here: http://www.superguide.com.au/accessing-superannuation/no-super-access-for-business-debts-or-tax-bills
I was the holder of a subclass 155RRV. I have been trying for a number of months to have my super released as I have departed Australia permanently and my RRV has expired. According to DIMA I am now a Non Resident of Australia. As a consequence I can no longer qualify for the early release of super held preserved in my name under the financial hardship provision. I am currently unemployed and have been so in excess of a year, however as I reside outside Australia and am not in receipt of a commonwealth government supplement, I find myself unable to apply for the early release of said funds on financial hardship grounds.
Is it legally permissible for the Australian Government to continue to withold my super whilst at the same time deny my right to fair and equal access to this provision, as enjoyed by all superannuation holders residing in Australia, simply because I am no longer a resident of Australia?
Does anyone have any thoughts on this subject?
Hi David
Thanks for your comment and I’m sorry for the delay in my response.
I can provide you with the general rules on accessing super, in particular the rules relating to permanent residents who depart Australia, and temporary residents who depart Australia, but I am not familiar with the specifics of the different types of visas that are available. I couldn’t find your type of visa on the Department of Immigration website.
In any case, only temporary Australian residents who have visited the country under an eligible temporary resident visa (temporary visa listed under the Migration Act 1958, but not subclasses 405 and 410) can withdraw any super benefits (less tax) when the visa expires and when they leave Australia.
Permanent residents cannot withdraw super benefits unless they satisfy a condition of release. I explain this in a recently published article http://www.superguide.com.au/2009/08/i%e2%80%99m-leaving-australia-can-i-access-my-super/. I agree that there seems to be an oversight in that permanent residents who depart Australian cannot access super benefits under the financial hardship provisions because they are not able to receive Commonwealth income support.
Another option available to individuals in financially difficult circumstances is to apply to APRA (www.apra.gov.au) under compassionate grounds. An example of a compassionate ground is if the bank was to foreclose on a person’s mortgage. You can find information on this scenario by clicking on this link: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
I wish you all the best, and I hope your circumstances improve.
Regards
Trish
Hi,
I was an Australian citizen, age 37, and had been a part of a super fund from about 1993/4 I left Australia in 2001.
I see from your 12 legal reasons to cash your super that I maybe able to access my restricted benefit “Cease employment. If you’ve been a member of a super fund since before 1 July 1999, you can cash your restricted benefit only when you cease employment with your employer”. As I said earlier I left Australia and my employer does this mean I can access my super?
Also I am in the early stages of changing my citizenship to British what are the super rules governing ex-Australians and their super fund.
Many thanks
Hi
Many thanks for your query. You can find my answer to your question by clicking on the following link http://www.superguide.com.au/accessing-superannuation/unrestricted-access-to-super-sometimes.
Thanks again for your interest and support of our website.
Regards, Trish
Thanks for this very useful info. We too have recently moved overseas and do not intend to return to Australia. Due to the economic crisis, it is however taking us a lot longer than anticipated to find work, so we could really use a portion of our super! So I guess we fall in the permanent departed Australia and hardship category. How and where can we apply for this?
Hi GCL
Thanks for your comment and I’m sorry that you’re having a challenging time finding work.
I have commented on a similar situation to your own in the comments above. Permanent departure from Australia is not considered a condition of release (although it used to be prior to 1998). Briefly, permanent residents who leave Australia cannot access super benefits under the financial hardship provisions because they are not able to receive Commonwealth income support, although it’s worth checking with your Australian super fund to confirm this view.
If you are facing financially difficult circumstances, you may be able to apply to the Australian Prudential Regulation Authority (www.apra.gov.au) under compassionate grounds. An example of a compassionate ground is if the bank was to foreclose on a person’s mortgage, or if you need the money to pay for medical or dental expenses for you or your family. You can find information on this scenario by clicking on this link: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
Note: Your super fund may have special rules in place that state that no fund member can access super benefits under financial harship or compassionate grounds. If this is the case, then you will need to satisfy a different condition of release (outlined in the article above) to access the super benefits
Best of luck
Regards
Trish
Hi Trish
excellent article. Common question – I have accumulated a nice sized fund – so how can I get access to it now to finalise my personal home loan? I’m sure this is a question asked over and over again. My view is that I can help my retirement better by NOT having to pay $1,000 per month to a bank for my home loan. The money would be better to go to my personal home loan that I can use again in my retirement.
Can you please elaborate on the following:
Decision to take your benefit as lifetime pension or annuity, and
Cease employment – is this to cease employment for good or does it relate to when you have left your current employer and job hunting?
thanks
Con
hi Trish,
I`m wonering if i can access my super for health reasons. I need weight loss surgery to basicly stay alive and it is very costly but without it I probably wont be able to work again. I am 50 years old. Looking forward to your response
cheers Cherri
Hi Cherri – I have answered your question here:
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/accessing-super-early-serious-illness-or-surgery
Regards, Trish
Hi Con
Thanks for your kind feedback. Yes, the comments you make, and the questions that you ask are very popular. The Government has made a policy decision that fund members can only access super benefits for the purposes of mortgage repayments if the bank holding the mortgage over the property is intending to foreclose on the property. You can find out more information on the ‘compassionate grounds’ condition of release by visiting the Australian Prudential Regulation Authority (APRA) website (click on http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm).
You mention two other conditions of release in your comments:
* ‘decision to take your benefit as lifetime pension or annuity’. This condition of release is quite specific and many of the older public sector funds pay such benefits to exiting or retiring employees. The condition of release relates to preserved benefits and the pension or annuity must be non-commutable, that is, it cannot be converted into a lump sum. The exact wording of the regulation describing when such a non-commutable life pension can be paid is: “Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member:
* ‘Cease employment’. The ‘cease employment’ condition of release relates to a special type of benefit known as a non-preserved benefit which can either be ‘restricted’ or ‘unrestricted’. Such a benefit is ‘restricted’ until an individual ceases employment, and then it becomes ‘unrestricted. I explain how an individual can find out whether they have such benefits, and how to access these benefits, in the article ‘Unrestricted access to super, sometimes’ http://www.superguide.com.au/accessing-superannuation/unrestricted-access-to-super-sometimes
Regards
Trish
hi im having heart surgery next year and wanted to use some of my supa because i will be out of work for 2 to 3 months but cannot access it because im not on cenrelink benifits
i have only been working at my new job for 6 months i will have no income coming in and will be under finacial hardship can you give me any other ideas to acess my fund ,i did read somewhere about tempary incapacity.i am 52 yo
Hi Ian – I have answered your question here.
Hi.
I have been unemployeed for a little of 3 years now and hate seeing fees eat away at my super. I’m only 33, is there anyway I can somwhow cash my super early before it is all eaten away?
Regards
Kirsty
Hi Kirsty
I am sorry for the delay in my response but due to the number of emails that I receive I am normally unable to personally answer every email that I receive. I hope your circumstances have improved since you wrote to us.
If you type in ‘financial hardship’ into our search function you will find a lot of helpful information about the rules for accessing super on the grounds of severe financial hardship and on compassionate grounds.
The severe financial hardship rules require you to be on a social security benefit (you apply via your super fund). The ‘compassionate grounds’ rules however generally relate to mortgage stress or medical need. You apply on compassionate grounds via the Australian Prudential Regulation Authority (APRA) (www.apra.gov.au).
The following SuperGuide articles are the most relevant:
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-unemployed-and-in-financial-hardship
http://www.superguide.com.au/accessing-superannuation/12-legal-reasons-to-cash-your-super
http://www.superguide.com.au/retirement-planning/should-i-retire-i%e2%80%99m-unemployed-and-have-debt
You can find more detailed information on our website.
I hope things turn out okay for you.
Regards
Trish Power
I am an australian citizen living in the UK and I have an Aus super fund accummulated from 1986-1992 and the subsequent growth therein.
Additionally, I continue to hold bank accounts in Aus.
I am 52 and I intend retiring at age 60. When I do retire can I cash-in the entire super fund as a lump sum and deposit it in to my Aus bank? What would the tax implications be for taking the entire fund as a lump sum
Or could I turn the fund in to an annuity and receive a regular income; what are the tax implications for that option.
The entire value of my fund is preserved
Hi John – I’ve answered your question here:
http://www.superguide.com.au/retirement-planning/super-for-beginners-part-8-what-happens-to-my-super-benefits-when-i-retire
Regards, Trish
l have arthritis in my hands and back – no surgeon will operate nor can they do anything for my hands . I’m 50 years old l haven’t worked since 1998 and am in disability support pension with centrelink can l apply for in super insurance under permanent disability.
Hi Lorraine
Thanks for your email, and I’m sorry to read about your difficult situation.
I encourage you to approach your superannuation fund and confirm the medical evidence that you require to satisfy the definition of permanent disability for access to your super benefits, and for your TPD insurance cover.
Your super fund should have a copy of the full terms and conditions of your tpd cover (more likely you can check it out on the fund’s website). Note there may be some tax payable on the benefit.
What usually happens is the application is looked at within the super fund to ensure all information is included, then it is considered by the insurance company. They may require more information, and the trustee board also makes a decision whether to approve or not. The trustee board of a super fund often only sits once a month, so there may be some delays.
If your claim is declined you can take this up with your super fund, and if you feel they have been unreasonable you can make a complaint. If the complaint is not resolved to your satisfaction you can make a further complaint to the Superannuation Complaints Tribunal.
I hope this information helps you.
I wish you all the best.
Regards
Trish
Hi, I am an Australian citizen (since 2008) and planning on leaving Australia. Whether this will be permanent or for short time (minimum 2 years), it is not yet clear. I have 2 queries, if i can get help on them. 1) since i wont be employed in Australia and planning to move, Can i cash my super? i read the 12 legal reasons article, but none of the conditions applied to my scenario. 2) If i am not able to cash super and since there wont be any contributions made (as i wont be employed here), what will happen to super?
Hi
Thanks for your email. Generally, an Australian citizen leaving Australia permanently cannot access super benefits unless they are retiring after a certain age, turned 65 or satisfied another condition of release outlined in the ’12 legal reasons…’ article.
The following articles may also assist in answering your first query:
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-permanent-departure-from-australia
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-living-overseas-and-over-the-age-of-55
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-australian-citizen-retiring-overseas
In response to your second query, your super benefit will continue to accumulate in the super fund, with fees deducted and investment earnings added. You may also have life insurance premiums deducted, depending on the super fund that you belong to. It’s worth doing some research to ensure that the super fund that you belong to is the appropriate fund for the future. You can find articles on comparing super funds by using the search function on our website.
Regards
Trish
Hi Trish can i withdraw on my super to start up a small buisness or are there any other grants
Thankyou
Hi Shane
Thanks for your email.
The super rules don’t permit early access to super benefits to start a business.
Unfortunately, we are unable to assist you with information on the second part of your question, apart from suggesting that the best place to start is the government site on grants and assistance for small business: http://www.business.gov.au/businesstopics/grantsandassistance/Pages/default.aspx
Regards
Trish
Hi Trish,
I have a tenant who is about to be evicted from their rental home. He has a small super benefit can he access that under the severe financial hardship clause 4 b everyday living expenses.
Hi John
Thanks for your email and I’m sorry to hear about your tenant.
I’m not sure of your tenant’s situation but if he is receiving Centrelink benefits he may be able to access super benefits due to severe financial hardship. Rent is considered living expenses. He will need to check with his super fund about the rules, and whether his super fund permits early release.
The alternative ‘compassionate grounds’ for release cover Australians who may lose their home due to mortgage default but the rules make no mention of a tenant being at risk of eviction. If your tenant doesn’t satisfy the rules for ‘severe financial hardship’ then your tenant might consider contacting APRA to find out if there any scope to access super benefits early for this purpose.
I will provide a fuller response in the March 2011 newsletter
Hope everything works out
Regards
Trish
Hi John – I’ve now answered your question here: http://www.superguide.com.au/accessing-superannuation/accessing-super-early/is-it-possible-to-withdraw-super-to-pay-overdue-rent
Regards
Trish
what does one class as being retired .. going from full time to a part time employee is that classed as retired
Hi Gary
Thanks for your email.
We have answered a question similar to your own on the SuperGuide website.
See article: http://www.superguide.com.au/retirement-planning/q-a-does-changing-to-part-time-at-60-count-as-retiring but you will need to confirm your particular circumstances with the ATO or with your accountant/adviser.
Regards
Trish
Hi Trish,
For the last 6 months I have been working sub contract for a small company that has come into financial trouble. For the last 2 months my income has dropped dramatically
I have just picked up another contract with another company but I have to wait one month to be paid for the jobs I am doing now. My financial situation is embarrassing, I have very little money left ($100).
Can I access part of my Super under hardship even though I’m not on any benefit
Any help will be much appreciated.
Richard.
Hi Richard
I’m sorry to read about your troubles. As you note in your email, y=ou may be able to access your super benefits if you’re suffering severe financial hardship but that generally requires you to be receiving a Government benefit such as unemployment benefits or disability benefits. The first article in the list below may give you an option, If you are unable to access your super benefits, the second article in the list includes contacts for financial counselling services.
The following articles explain the rules for accessing super early:
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/is-it-possible-to-withdraw-super-to-pay-overdue-rent
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-unemployed-and-in-financial-hardship
http://www.superguide.com.au/retirement-planning/should-i-retire-i%E2%80%99m-unemployed-and-have-debt
http://www.superguide.com.au/accessing-superannuation/accessing-super-early-not-for-business-debts
Regards
Trish
Hi, I have a question regarding early release of my super, I have 9 dependants and 3 of those have special needs, I was wondering if I could withdraw my super early so that I can provide a bigger house for my autistic son, I am 46 and currently there are 11 of us in a small 3 bedroom villa, which is not very secure(my son tends to run off and he doesn’t understand the concept of danger), 4 of my kids sleep in the loungeroom, my wife does not work due to her caring commitments, I still work fulltime but it is very hard for us to gather even a small amount of savings, is there a way to access my super for compassionate grounds. Thank You.
Hi Mohammed
Thanks for your email and I’m very sorry to hear about your circumstances.
It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific, they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home. The compassionate grounds don’t refer to buying a larger home, but it’s worth talking to APRA about your circumstances.
You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that your super fund’s rules allow you to withdraw early on these grounds before applying to APRA.
I wish you the best of luck.
Regards
Trish
I have a chronic illness which has forced me to leave my job, I will not work again, under the provisions can I withdraw my super? Thanks
Hi Dave
Thanks for your email. I am sorry to read about your circumstances.
It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.
You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.
It may also be possible to access super benefits due to permanent disability. You can access your preserved super if you become permanently incapacitated, that is, the trustee is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience. You will need to discuss this with your doctor and your super fund, to see if you satisfy the conditions.
If you’re on a Centrelink benefit, you also may be able to access super benefits if you’re in severe financial hardship.
We have many articles on ‘accessing super early’ on the SuperGuide website, which you may find helpful.
http://www.superguide.com.au/accessing-superannuation/accessing-super-early
I wish you all the best.
Regards
Trish
thank you for the information and the wonderful service you are providing. much appreciated.
Hi Matilda
We’re pleased that you found SuperGuide useful. Many thanks for taking the time to let us know.
Regards
Trish
Hi I have been on workcover for over a year now due to a back injury and am finding it very hard financially with every day living expences etc. At this stage it looks like I wont be able to go back to what I was doing, I am in aged care. I am wondering if I can access some of my super just to help us be able to pay our bills etc, I live in Victoria thankyou Margaret
HI Margaret
Thanks for your comment. I am sorry to read about your circumstances.
My response is nearly identical to the response I provided to Dave in the comments section of the article.
It may be possible to access super benefits due to permanent disability. You can access your preserved super if you become permanently incapacitated, that is, the trustee is satisfied that, due to ill health, you’re unlikely ever to be able to work in a job for which you’re qualified by education, training or experience. You will need to discuss this with your doctor and your super fund, to see if you satisfy the conditions.
It is possible to apply for early release of super benefits on
compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.
You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.
If you’re on a Centrelink benefit, you may be able to access super benefits if you’re in severe financial hardship.
We have many articles on ‘accessing super early’ on the SuperGuide website, which you may find helpful: http://www.superguide.com.au/accessing-superannuation/accessing-super-early
I wish you all the best.
Regards
Trish
Hi Trish
I am 50 years old and work full time, I need a Total Hip replacement and was wondering if I would qualify to get some of my super to pay my medical bills and to live on while I am off work with disability which will be 6-12 weeks.
Thanks
Debra
Hi Debra
Thanks for your email and I’m sorry to read about your circumstances.
It is possible to apply for early release of super benefits on compassionate grounds. Although the compassionate grounds are very specific; they include assisting with medical treatment for chronic conditions, or assisting with medical transport, or assisting with modifications to a home.
You must apply to the Australian Prudential Regulation Authority (APRA). You can find the steps involved when applying for early release on compassionate grounds (and you will need to verify with APRA that early release is possible to finance a hip operation) by clicking here: http://www.apra.gov.au/Superannuation/Early-Release-of-Superannuation-Benefits.cfm
Please be aware that some super funds don’t permit early access for any reason, even for compassionate grounds, so check that the super fund’s rules allow early withdrawal on these grounds before applying to APRA.
The following SuperGuide article may also be helpful:
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/serious-illness-or-surgery
I wish you all the best.
Regards
Trish
Hi Trish
I’m a 29 year old full-time student on Austudy. This year my study load has increased dramatically and prevented me from working at my casual job. This has meant a huge reduction in my planned income for the year and I’m struggling to pay for my expenses.
I’ve managed to accumulate a sizeable super that could definitely solve my financial concerns until I graduate at the end of next year. However my super fund has a clearly stated policy of not allowing its customers to access their super for financial hardship reasons.
I had a couple of questions related to this: Is there a way to appeal this policy, either to my fund or to a higher power? Would I qualify for financial hardship anyway? Lastly, would it be possible to transfer to another fund that does allow access for financial hardship and is there a waiting period for accessing funds after transferring?
thankyou
Hi Darren
Thanks for your email and sorry to read about your circumstances.
It may be possible to transfer to a super fund that permits early acccess to super benefits, but you will still have to satisfy certain conditions to claim your super before retirement. For example, you need to be on certain Centrelink benefits for a specified period of time, to be eligible to access super benefits early due to severe financial hardship. I understand that Austudy doesn’t qualify under these rules, but you will need to verify this with the super fund you’re considering joining
.
An individual can also access super benefits early on compassionate grounds but again there are strict conditions. You can find more information on these conditions of release in the following articles
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/is-it-possible-to-withdraw-super-to-pay-overdue-rent
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/claimed-super-hardship-why-have-to-pay-tax
http://www.superguide.com.au/accessing-superannuation/accessing-super-early/unemployed-and-in-financial-hardship
I wish you all the best
Regards
Trish
hi trish
im 24 im curntly paying off my house but i have a loan which a debt company bought off the bank they sent me a letter of demand saying i have until the end of the month to pay the amount or there going to take my house is there any way i can take out my super to pay that so i dont lose my family home.
thanks paul
Hi Paul
Thanks for your email. I’m sorry to read about your circumstances.
You will need to check that your super fund permits early access of super benefits, and then approach the Australian Prudential Regulation Authority to apply for early release on compassionate grounds.
You can check out the APRA link : http://www.apra.gov.au/superannuation/early-release-of-superannuation-benefits.cfm
APRA has some discretion to release super benefits where circumstances are consistent with the specified compassionate grounds (see sub-regulation 6.19A (1) (f) of the Superannuation Industry (Supervision) Regulations 1994) I have set out the sub-regulation below, but I strongly recommend that you contact APRA for more information.
I wish you the best of luck
Regards
Trish
Hi Trish
Your site is a valuable tool to get some insights into the super minefield.
In reviewing whether I could acess my super in times of financial hardship I found an answer relating to length of unemployment which included the taxation notation that 20% tax will be deducted (see item below). My question is whether such tax is mandatory on all withdrawals for someone in my age bracket, ie, 61, or is it still tax free even though I’m not fully retired? I aim to keep working but not sure whetehr that will eventuate and may need to acess some emergency super funds.
Thanks
Tom
‘Warning: You may not be aware that if you are permitted to access your super benefits, then 20% tax (and possibly up to 25% tax depending on the type of super fund that you belong to) will be deducted from the super benefit before it reaches your hands.’
Hi Tom
Thanks for your comment. Due to your age (over 60), if you are able to access your super benefits then you can expect to receive them tax-free.
Regards
Trish
Is there any way of accessing my husbands super early since we are going through a divorce and i’m awarded half of his super.
Hi Tiffany
Thanks for your comment. The following article may help answer your question:
http://www.superguide.com.au/superannuation-basics/divorce-and-superannuation
Regards
Trish
Hi
I am singel mother and pensioner. My super is build only by personal contribution and not by employers contribution. Does that makes any difference If I want to access my super early?
Hi Teona
Thanks for your comment. You will need to check with your super fund whether it has special rules that prevent access to your super, even when you satisfy the severe financial hardship rules or other conditions of release. Type in ‘accessing super early’ into SuperGuide’s search function for more articles on the topic.
Regards
Trish
I am a 56 year old man. Due to the housing crisis in Sydney I became homeless two years ago. I have been living in a campervan for two years. The vehicle I own is the third thus far. It is old and failing. Due to health problems I work approx. 20 hours a week only. I do not receive centrelink payments.
Is there any way to access my super so as to improve my living conditions?