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Home / How super works / Accessing super / Can I access my super if I retire overseas?

Can I access my super if I retire overseas?

April 5, 2019 by SuperGuide 1 Comment

Reading time: 1 minute

Question: I’m an Australian citizen and want to retire in Italy when I’m 52. Can I access my super because I don’t plan on working again in Australia?

Answer: No, because this situation doesn’t meet a condition of release under Australian super legislation. These conditions of release apply regardless of whether you move to another country or not.

The five most common conditions of release are:

  1. Being aged over the preservation age and retiring. Your preservation age in Australia is between 55 and 60, depending on your date of birth.
  2. Being aged over the preservation age and starting a transition-to-retirement income stream (TRIS),
  3. Being aged over 60 and ceasing an employment arrangement,
  4. Being aged 65 or over, and
  5. Death.

There are eight other conditions of release that allow access to super before reaching your preservation age if you meet strict eligibility criteria. They are itemised below. However, none of these conditions of release apply to your situation of retiring early to live in Thailand.

  1. On compassionate grounds,
  2. If you’re suffering severe financial hardship,
  3. If you’re diagnosed with a terminal medical condition,
  4. If you’re temporarily incapacitated,
  5. If you’re permanently incapacitated,
  6. Through the First Home Super Saver Scheme,
  7. If you’re a temporary resident departing Australia,
  8. If you terminate gainful employment with less than $200 in your super account.

But what about the Departing Australia Superannuation Payment (DASP)?

The DASP is only available to is available to departed temporary residents who worked and earned super in Australia (early super condition of release 7 in the above list). It is not available for Australian citizens, so is not a condition of release for your situation.

The information contained in this article is general in nature.


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IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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Reader Interactions

Comments

  1. Ray Thomson says

    November 27, 2019 at 8:53 pm

    In relation to this question from this page, above.
    Question: I’m an Australian citizen and want to retire in Italy when I’m 52. Can I access my super because I don’t plan on working again in Australia?

    Answer: No, because this situation doesn’t meet a condition of release under Australian super legislation. These conditions of release apply regardless of whether you move to another country or not.

    I am planning to move to Philippines in 2023. I will be 53 years old then. I exhausted ALL options to buy my first home here in Sydney and went to visit Philippines in 2015 for the first time, i have been every year since then and am will finally be able to say i own my first home in December 2022. This is primarily due to my lower income jobs and not being able to afford to save a deposit for a home loan here. So technically, this IS due to a condition of financial hardship. I come from a lower middle class family and want to start my new life over there and live comfortably in my own home. Why should the Australian government restrict my access to MY money that i have earned all of my working life? I think the government should change the conditions to include people like me. I am fed up with Australia and it’s bureaucratic red tape everywhere i turn.

    The Superannuation scheme is there for my retirement and if i choose to retire overseas earlier than 60 years of age, who are the government to stop me? It is time to review and update the Superannuation Conditions of Release to include citizens of Australia who wish to permanently leave Australia. I am sure i am not the only person wanting this change.

    Reply

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All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

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