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
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:
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
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.