When can I access my super?

Super is generally there for your retirement. Once you have met your preservation age and retire you’re able to access your super.

Generally, you can access your super when;

  • You have reached your preservation age and have permanently retired
  • Have met your preservation age and started a Transitional to Retirement Income Stream (TRIS)
  • 60 and have ceased working in an employment arrangement
  • 65 years old (it doesn’t matter if you’ve retired)

Your DOB determines what your preservation is;

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
1 July 1964 or after 60

Under certain circumstances you are able to access your super earlier. You can access your super under the following circumstances;

Severe Financial Hardship

Members of super funds in severe financial hardship can apply to release some of their superannuation. You will need to prove that you have been on some type of Commonwealth Government support for some time and can’t meet reasonable and immediate living expenses. You will need to supply this information to your super fund.

Compassionate Grounds

In certain circumstances you are able to access your super on compassionate grounds. If you’re a permanent resident of Australia you can apply to the Department of Human Services (DHS) who will assess your situation. The DHS will then provide you a letter which you can pass onto your super fund.

Temporary Residents Departing Australia

When you come to Australia to work as a temporary resident your employer must make Superannuation Guarantee Contributions on your behalf. When you depart Australia permanently you’re entitled to withdraw the super and take it with you.

You are not entitled to withdraw your super if;

  • are an Australian or New Zealand citizen
  • hold a permanent or current temporary visa
  • are a temporary resident who has left Australia and receives an income stream
  • hold a retirement visa (subclasses 405 and 410).

If you have any questions in regards to withdrawing your super benefits then please feel free to call;

Cayle Petritsch
SMSF Specialist Advisor
T: 02 9984 7774
E: caylep@nac.com.au

Martin van der Saag
Director
T: 02 9984 7774
E: martinv@nac.com.au

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