Accessing superannuation early

Early access

Access can be granted in the following circumstances.

Compassionate grounds

You may be able to access your super to meet expenses. Expenses must be one of the following.

• Medical treatment or transport for you or a dependent.
• Payment on a loan to prevent you from losing your house.
• Modification of your home or vehicle for the needs of you or a dependent because of a severe disability.
• Expenses associated with a death, funeral or burial.
• Palliative care for you or a dependent.

The amount of super you can access on compassionate grounds is limited to what is reasonably required. The amount is paid and taxed as a normal super lump sum.

Severe financial hardship

You may be able to withdraw super if you meet the following criteria.

• You’ve received eligible government income support payments continuously for 26 weeks.
• You can’t meet reasonable current family living expenses.

The minimum amount that can be paid is $1,000 and the maximum amount is $10,000. You can only make one withdrawal from your super because of severe financial hardship in a 12-month period.

The amount is paid and taxed as a normal super lump sum.

Contact your super fund for more information and to apply.

Temporary incapacity

You may be able to access your super if you temporarily can’t work or work fewer hours because of a physical or mental injury.

These benefits are paid from insured benefits or voluntary employer funded benefits.

You will receive super in regular payments over the time you can’t work. It won’t be paid as a lump sum.

Speak to your super fund for more information and access.

Permanent incapacity

You may be able to access your super if you have a permanent incapacity. This is also called a ‘disability super benefit’.

To be eligible you have to have a physical or mental condition that is likely to stop you from ever working in a job you’re qualified for again.

You may still be able to withdraw your super if you meet the criteria, but do light duties or casual work in a different field.

You can receive super either as a lump sum or as regular payments

Speak to your super fund for more information and access.

Terminal medical condition

You must meet of all the following conditions.

• Two registered medical practitioners have certified that you have a medical condition that is likely to result in death within 24 months.
• One of the medical practitioners must be a specialist in the area relating to your illness or injury.
• The 24-month certificate period hasn’t ended.

Your super must be paid as a lump sum. If it’s withdrawn within 24 months of certification date, it is tax-free.

Less than $200 super

You may be able to access your super if:

• your employment has been terminated
• your super balance is less than $200.

Contact your super fund to request access. No tax is payable when accessing super accounts with a balance less than $200.

Additional information

For more information, contact the Australian Taxation Office.

Website: Early access to super

Phone: 13 10 20

There are other ways you can access your super.

Check out the SuperGuide website to find out more: