Generally, you cannot access your superannuation before you reach a certain age and have met a condition of release (usually retirement).
However, there are limited circumstances where the superannuation law allows you to access your superannuation early. These include:
- Severe financial hardship
- Compassionate grounds
- Terminal medical condition
- Permanent incapacity
- Temporary incapacity
SEVERE FINANCIAL HARDSHIP
You may be able to withdraw some of your super is you have received eligible government income support payments continuously for 26 weeks and are unable to meet reasonable and immediate living expenses.
The minimum amount that can be paid is $1,000 and the maximum is $10,000. You can only make 1 withdrawal from your superannuation due to financial hardship in any 12-month period and tax is deducted from this payment, and the payment is included as income in your tax return.
Contact your superannuation fund to request access to your super due to severe financial hardship.
COMPASSIONATE GROUNDS
You may be able to withdraw some of your super on compassionate grounds.
Compassionate grounds include:
- Paying for medical treatment for you or a dependant
- Making a payment on a loan to prevent you from losing your house
- Modifying your home or vehicle for the special needs of you or a dependant because of a severe disability
- Paying for expenses associated with a death, funeral or burial.
The amount of super that you can withdraw on compassionate grounds is limited to what is reasonably needed. Tax is deducted from this payment, and the payment is included as income in your tax return.
You can contact The Department of Human Services for a release of super on compassionate grounds.
TERMINAL MEDICAL CONDITION
You may be able to access your super if you have a terminal medical condition.
There are strict requirements that need to be met to access your superannuation under this circumstance, so contact your fund to request access to your super due to a terminal medical condition.
This type of superannuation payment is tax-free if withdrawn within 24-months of the illness.
PERMANENT INCAPACITY
You may be able to access your super if you are permanently incapacitated.
Your fund must be satisfied that you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or exercise.
Contact your superannuation fund to request access to your super due to permanent incapacity.
TEMPORARY INCAPACITY
You may be able to access your super if you are temporarily unable to work or need to work less hours because of a physical or mental medical condition.
Contact your superannuation fund to request access to your super due to temporary incapacity.
You will receive the super in regular payments over the time you are unable to work. This is included as income in your tax return.
If you are not sure if you meet the eligibility requirements, contact your superannuation fund.
2018-05-10
