Early release of superannuation
Accessing your super early
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A way to get some of your superannuation early if there are compassionate grounds or you're in severe financial hardship.
1. Eligibility Early release of superannuation
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 superannuation 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 superannuation.
Please read more on the Australian Taxation Office website about:
If you’re applying due to a terminal illness, you won’t have to pay tax on this money. But it could affect any insurance you have with your superannuation fund. Ask them about this before you decide if early release of superannuation is right for you.
If you’re applying under the First Home Super Saver Scheme, we will not consider the superannuation you withdraw as part of your adjusted taxable income for family assistance payments.
You’ll also pay tax on early superannuation from a self-managed superannuation fund.
Please read about self-managed funds on the Australian Taxation Office website.
Severe financial hardship
If you’re applying due to severe financial hardship, an early release of superannuation may reduce your Centrelink payments. This includes:
You may need to pay:
- a fee to your superannuation fund for early release
- tax on the money you get from superannuation
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 superannuation.
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.
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.
You can apply for early release of super for the following reasons.
|You can apply if||You must|
|You’re in severe financial hardship||
There are different rules if you’re over preservation age and haven’t retired. You must:
You must also have been on an income support payment for at least 39 weeks in total since you reached preservation age. You could still be getting the payment, or you may no longer be getting it.contact us to see how we can help.
|You have a terminal illness||You must have a terminal illness.|
|You are a temporary resident||
|You have less than $200 in superannuation||
You must have less than $200 in your superannuation fund.
|There are compassionate grounds||
You must be able to prove that you have compassionate grounds for needing early release of superannuation.Read more on the Australian Taxation Office website.
|You’re eligible for the First Home Super Saver Scheme||
You must be withdrawing voluntary contributions made to superannuation after 1 July 2017 for a first home. You can apply after 1 July 2018.Read more about First Home Super Saver Scheme on the Australian Taxation Office website.
Early release of super to help a dependant
You can apply for early release of super to help your partner, child or other dependant. It must be for compassionate grounds.
You can’t apply for early release of super to help with someone else’s mortgage.
Partner or child
What this means
Your partner can be:
- the person you’re legally married to
- the partner you live with
Your child can be:
- your biological child
- your adopted child
- your stepchild
What documents we need
For your partner
- your marriage certificate, or
- a document that shows you live together as partners - this could be a joint bank statement or a phone, power or water bill
For your child
- their birth certificate showing you as a parent
- documents showing you as their guardian
What this means
Another person can be a dependant if the 2 of you live together and have a close tie that includes:
- financial support
- domestic support
- caring for each other
What documents we need
- a statutory declaration
- documents that show you live at the same address - this could be a joint bank statement or a phone, power or water bill
What to put in the statutory declaration
You can declare:
- if you jointly own a house or belongings
- if you jointly care for and support children
- how much emotional support you give each other
- how long the relationship has lasted
- how committed you both are to it
- how you present it to other people
- how much it’s about convenience
- if you both see it as permanent
What may be different
You’re living apart for now
You can still apply if you or your dependant is:
- working in another state or country for a short time
- in prison
- getting care for disability - this can be physical, intellectual or psychiatric
2. Applying for early superannuation release
3. Resources Early release of superannuation
Contact us about early release of superannuation
For more information you can contact us.
Payment and Service Finder
Select the options that describe your circumstances, then explore a list of possible Centrelink and Medicare payments and services online.
Payment and Service Finder can help you work out amounts of:
- Centrelink payments, including pensions and allowances
- Family Tax Benefit
- Child care fee assistance
To work out how much money you may get, answer the questions and choose a payment you want to estimate.
Manage your money
We’ve got advice and tools to help you with budgeting, borrowing and credit, and managing debt.
- how our payments and services may help you manage your money day to day
- how to manage money and debt
- about how borrowing and credit can help you better manage your money
- ways to manage your money to build savings
Read about how to manage your money.