As superannuation is intended for use during retirement, there are limited circumstances set out by the government that allow for early withdrawal.
Severe Financial Hardship
To be eligible for Financial Hardship withdrawal, you need to meet the below criteria:
- You have received Commonwealth income support payments, for at least the past 26 consecutive weeks or 39 consecutive weeks if over preservation age
- You are still eligible for continued Commonwealth income support and are still receiving payments.
- You can provide evidence that you are unable to meet your reasonable and immediate family living expenses.
- You have not received a lump-sum payment for financial hardship from any super fund in the last 12 months if under preservation age.
For more information, including how to apply please read this article.
Compassionate Grounds:
You may be allowed to withdraw your super early on compassionate grounds to pay for:
- medical treatment for you or your dependant
- medical transport for you or your dependant
- modifications to your home or vehicle to accommodate your or your dependant's special needs arising from a severe disability
- palliative care for you or your dependant
- death, funeral or burial expenses of your dependant
- preventing foreclosure or forced sale of your home
Please see here for more information and how to commence an application.
Terminal Medical Conditions:
You may be able to access your super if you have a terminal medical condition and all these conditions are met:
- Two doctors have certified that the person is likely to pass away within 24 months.
- At least one certifying doctor is a specialist in the relevant medical area.
- The 24-month certification period is still active.
For more information, please see access due to a terminal medical condition.
Temporary Incapacity (Insurance):
You may access your super in regular payments over a set period of time while you are unable to work because of a physical or mental condition.
This access often involves claiming income protection insurance benefits linked to your super.
Please contact us if this aligns with your circumstances and for more information around the insurance attached to your super.
Permanent Incapacity:
You can access your super if you are permanently incapacitated due to a medical condition preventing you from future work you're qualified for.
- The 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 experience, must be certified by at least 2 medical practitioners.
- Eligibility may still apply even if you undertake different, less demanding work.
- Super can be received as a lump sum or a regular income stream. If you meet this eligibility, please submit a request to access to your super due to permanent incapacity.
Departing Australia Superannuation Payment (DASP):
If you’ve worked in Australia on a temporary visa, you may have accumulated superannuation paid by your employer.
- Temporary visa holders working in Australia may be eligible to claim their accumulated superannuation (less tax) as a Departing Australia Superannuation Payment (DASP) after their visa expires and they've left the country.
- Eligibility generally requires holding a temporary work visa (excluding specific subclasses), visa cessation, departure from Australia without another active visa, and not being an Australian or New Zealand citizen or permanent resident. It's recommended to start the application process before leaving Australia.
More information on the ATO’s DASP page.
Balance less than $200:
You may be able to access your super if your employment is terminated and the balance of your super account is less than $200, or if you have found a ‘lost super’ account with a balance of less than $200.
- Check the eligibility criteria for withdrawing super from ATO-held accounts.
- No tax is payable when accessing super accounts with a balance of less than $200.
More information
Please find further information on the ATO website.
If you meet the eligibility for an early release, please submit a request.