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;
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;
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.
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.
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;
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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