Your tax guide to accessing your super under age 60

Now that the usual minimum age to access super has reached 60, it’s uncommon to make a withdrawal prior to that milestone. However, you may need early access to your super because of hardship, injury or illness, you could be receiving a benefit after the death of someone close to you, or perhaps you have some non-preserved money in your account.

Whatever the situation, it’s important to understand the tax implications.

So, just what are the taxes that could apply if you withdraw super before you turn 60?

Want your super benefit? Then get ready to meet a condition of release

As your super savings are designed to be used in your retirement, there are strict rules governing your ability to withdraw them before you reach your preservation age, which is 60 for anyone currently aged 60 or below.

Preserved super can be accessed under age 60 in limited circumstances such as if you are permanently disabled or suffering severe financial hardship. These circumstances are called conditions of release.

If you made voluntary contributions to super before 1 July 1999, you may have some non-preserved super that can be withdrawn at any time. If you have any non-preserved money, it will be shown on your annual statement and online balance summary.

Withdrawing your super