Grounds for early release of superannuation

You normally can’t use your super until you reach preservation age. In rare cases your super fund may let you have some of the money early.

These are the reasons why you can apply for early release of super.

Severe financial hardship

Who can apply

You must:

  • be unable to pay reasonable and immediate family living costs
  • get an income support payment other than Austudy or Youth Allowance
  • have been on this payment for at least 26 weeks in a row

Or, you must:

  • still be out of retirement
  • have reached preservation age plus 39 weeks
  • get an income support payment other than Austudy or Youth Allowance
  • have been on this payment for at least 39 weeks in total since you reached preservation age

What may be different

If you get ABSTUDY, Austudy or Youth Allowance you can’t apply for early release of super even if you’re in severe financial hardship.

Contact us instead to see how we can help.

How to apply

Contact your super fund.

Financial impact

Early release of super can reduce your Centrelink payments. This includes:

You may need to pay:

  • a fee to your super fund for early release
  • tax on the money you get from super

Terminal illness

Who can apply

You must have a terminal illness.

Financial impact

You don’t have to pay tax on this money.

But it could affect any insurance you have with your super fund. Ask them about this before you decide if early release of super is right for you.

How to apply

Contact your super fund.

Temporary resident

Who can apply

You must be:

  • a temporary resident
  • about to leave Australia, and
  • not planning to live here again

How to apply

Contact your super fund.

Less than $200 in super

Who can apply

You must have less than $200 in your super fund.

How to apply

Contact your super fund.

Compassionate grounds

Who can apply

You must be able to prove that you have compassionate grounds for needing early release of super.

Read more about compassionate grounds.

How to apply

Apply to us.

Page last updated: 19 September 2017