Applications under the COVID-19 Early Release of Super scheme are now closed. You can find more information on the ATO website.
Super is a long-term investment designed to provide you with a positive financial future. But there may be situations where you need to access some or all of your super earlier than retirement age – for example, if you’re suffering severe financial hardship, are a temporary resident and have left Australia permanently, or are totally and permanently disabled or terminally ill.
While you usually need to wait until you reach preservation age, you may be able to access your super in the following circumstances:
Whatever your situation, we can help you understand the options that may be available to you.
The rules for accessing your super due to severe financial hardship depend on your preservation age.
If you’re under preservation age, you can apply to withdraw between $1,000 and $10,000 from your account – or the whole amount if your balance is less than $1,000 – if you meet all of the following criteria:
If you’ve reached preservation age, you can withdraw some, or all, of your super if you meet these two requirements:
If you’re going through a tough time, you may be able to access your super in the following situations.
The Australian Taxation Office (ATO) may allow you to withdraw funds from your super account on compassionate grounds if you, or a dependant, require medical or palliative care, a home or a vehicle modification due to a severe disability, or you need to pay for funeral expenses. To access your super under compassionate grounds, you need to apply directly to the ATO. If they approve your application, they’ll send us the required documentation before we can release your funds.
We understand that being diagnosed with a terminal illness or a total and permanent disability is a heartbreaking situation. Depending on your condition, you may be able to access some, or all, of your super. If you have insurance within your super, you may be able to claim this too. Contact us to discuss your options.
If you’ve been working in Australia on a temporary visa and have decided to permanently leave the country, you may be able to withdraw your super as a Departing Australian Superannuation Payment (DASP) when you leave.
You can withdraw your super if you have under $200 in your account and:
Contact us to apply to withdraw your balance. Another option? Consider consolidating any small amounts across multiple super funds into one dedicated account to help you grow your retirement savings.
Before consolidating, compare the fees, performance, and other features of each fund and check whether you’ll lose any benefits. Importantly, if you do close an account, you may lose any insurance attached to that account.
You may find it beneficial to obtain advice from a licensed financial adviser.
The Federal Government introduced the First Home Super Saver Scheme (FHSSS) to help Australians buy their first home. If you’re eligible, you can make voluntary contributions into your super account that can then be released to pay for a deposit.
Find answers to some questions we commonly get asked about accessing your super early.