Financial impact if you release your superannuation early

If you release your superannuation early, it may impact the amount of other payments you get.

Early release of super has some downsides. You may end up with:

  • more tax to pay
  • more child support to pay
  • lower Centrelink payments
  • less child support

Tax

If you’re below preservation age you’ll need to pay tax on any money you get from super.

Please read more on the Australian Taxation Office website about:

Self-managed super

You’ll also pay tax on early super from a self-managed superannuation fund.

Please read about self-managed funds on the Australian Taxation Office website.

Centrelink and child support

Phone us if you or your partner:

  • get a Centrelink payment
  • get child support
  • pay child support

Get advice

Talk to an independent financial adviser before you apply for early release of super.

You can watch our video about choosing a financial adviser.

Read more about choosing a financial adviser on the MoneySmart website.

You can find a financial counsellor on the Financial Counselling Australia website.

Page last updated: 6 November 2017