accessing your super
Super is your savings for your future, so there are some rules around when you can access it. Generally you need to wait until retirement, but sometimes (if you really need it) you can access it sooner.
Retirement withdrawals
If you're withdrawing your super because of retirement, we can help you do this through your online account in just a few easy steps.
You first need to meet at least one of these conditions:
- you ceased an employment arrangement on or after age 60
- you are age 65 or over
- you permanently retire or commence a transition to retirement income stream on or after your preservation age (the age at which you can access your super).
To apply online, just log in to your online account.
Or if you prefer, download the paper form (pdf), fill it out and return it to us.
You can apply for one payment of up to $10,000 gross (which is before tax) in a 12-month period if:
- you’ve received eligible Commonwealth Government income support payments for at least 26 continuous weeks
- are currently receiving these payments
- you are unable to meet reasonable and immediate living expenses.
You can apply for any amount if:
- you’ve reached your preservation age plus 39 weeks
- you’ve received eligible Commonwealth Government income support payments for at least 39 cumulative weeks since reaching your preservation age
- you are currently either unemployed, or you are employed for less than 10 hours a week.
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Compassionate grounds for medical reasons |
Financial hardship |
Eligibility criteria |
To access your super for medical reasons you’ll need to prove you’re unable to meet the expenses for one or more of the following: - medical treatment and medical transport for you or a dependant - palliative care for you or a dependant - making a payment on a loan or council rates so you don't lose your home - modifying your home or vehicle, or buying disability aids for you or a dependant because of a severe disability - expenses associated with a death, funeral or burial for a dependant.
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1. You can apply for up to $10,000 once every 12 months if: - you’re currently receiving an eligible income support payment, and - have received it for 26 continuous weeks, and - are struggling to meet reasonable and immediate family living expenses including housing or accommodation costs, outstanding bills and food expenses. 2. You can apply for any amount if: - you’ve reached your preservation age plus 39 weeks, and - you’ve received eligible Commonwealth Government income support payments for at least 39 cumulative weeks since reaching your preservation age, and - you’re currently either unemployed, or you are employed for less than 10 hours a week. |
Maximum amounts and periods |
The Australian Tax Office determines the amount to be released from your super fund. |
$10,000 once every 12 months if you meet eligibility criteria in point 1 (above). Any amount if you meet eligibility criteria in point 2 (above). |
Who decides |
The Australian Tax Office |
HESTA |
Tax/ Centrelink implications |
The amount is paid and taxed as a lump sum. If you’re aged under 60 the amount will be taxed between 17% and 22%. If you’re aged over 60, the amount will be tax-free. |
The amount is paid and taxed as a lump sum. If you’re aged under 60 the amount will be taxed between 17% and 22%. If you’re aged over 60, the amount will be tax-free. |
Where to apply |
The Australian Tax Office via myGov |
when can you access your super?
One of the first things to understand about accessing your super are the 'preservation rules' which the government has put in place.
One of these rules is that contributions and investment earnings added to your super after 1 July 1999 are preserved (meaning you can't touch it) until certain conditions are met.
We suggest you seek financial advice before accessing your super. That way, you can get the information you need to make the right financial decisions.
