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:
There are limited circumstances where the law allows you to access your superannuation early and include, for example:
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 Access your super due to Severe Financial Hardship Fact Sheet.
Early release of superannuation can be granted on compassionate grounds after the Department of Human Services (DHS) 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.
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 Industry Fund Services Limited (ISF) financial planners1 can help you manage your career break and make the most of today and tomorrow.
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).
1 Hostplus has partnered with Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514 (IFS) to offer access to licensed financial planning services. All IFS planners are authorised representatives of IFS under its 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.