Accessing your super early.

Accessing your super early

Generally, you cannot access your superannuation before you reach your preservation age and have met a condition of release.

The most common conditions of release for paying benefits are when a member: 

• Has reached their preservation age and retires
• Has reached their preservation age and begins a transition to retirement pension 
• Ceased an employment arrangement on or after the age of 60 
• Is 65 years of age 
• Has died. 

Learn more about preservation age here

There are limited circumstances where the law allows you to access your superannuation early and include, for example:  

• Severe financial hardship
• Compassionate grounds
• Permanent departure from Australia
• Terminal illness
• Permanent incapacity 
• Balance of $200 or less 

What qualifies as financial hardship?

To be eligible to receive your super on the grounds of severe financial hardship, you’ll need to meet certain conditions. For details on these conditions, refer to the  Severe Financial Hardship Fact Sheets:

How to access Financial Hardship if you are under preservation age

How to access Financial Hardship if you have reached preservation age

What are compassionate grounds?

Early release of superannuation can be granted on compassionate grounds after the Australian Tax Office (ATO) has been satisfied that your application meets the eligibility criteria “specified compassionate grounds”. For more information, review our Access your super on Compassionate Grounds Fact Sheet and check our FAQs. 

Taking a break from work or heading overseas? 

Whether you’re taking off on a gap year, or taking time out to start a family, if you’re not working then you’re not receiving any super. This might impact on your retirement funds. 
At Hostplus we want you to reach your retirement goals. Our financial planners¹ can help you manage your career break and make the most of today and tomorrow.

Temporary resident leaving Australia?

As a temporary resident working in Australia, your employer is required to make Super Guarantee contributions for you, if you're eligible. However, as you aren’t able to retire here, you are generally permitted to take your super money with you once you leave Australia permanently and your visa has expired².  Certain restrictions apply.

This payment is called the Departing Australia Superannuation Payment (DASP).

Learn more about the DASP and how to make a claim

^{1 Hostplus financial planners are Authorised Representatives of Industry Fund Services Pty Ltd (ABN 54 007 016 195, AFSL 232514) (‘IFS’) and provide personal advice under the IFS Australian Financial Services Licence.
2 This applies to temporary residents visiting Australia on a temporary visa (excluding visa subclasses 405 and 410). Certain other restrictions apply. Please refer to the Australian Taxation Officer at www.ato.gov.au for more information.}