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:
- Being aged over the preservation age and retiring. Your preservation age in Australia is between 55 and 60, depending on your date of birth.
- Being aged over the preservation age and starting a transition-to-retirement income stream (TRIS),
- Being aged over 60 and ceasing an employment arrangement,
- Being aged 65 or over, and
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.
- On compassionate grounds,
- If you’re suffering severe financial hardship,
- If you’re diagnosed with a terminal medical condition,
- If you’re temporarily incapacitated,
- If you’re permanently incapacitated,
- Through the First Home Super Saver Scheme,
- If you’re a temporary resident departing Australia,
- 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.