To access your superannuation (super) early, there are specific limited circumstances under which this is possible, typically involving severe financial hardship, compassionate grounds, or other special conditions. Generally, super is preserved for retirement and can be accessed when you reach your preservation age and retire, or in some cases, from age 60 with cease of employment. However, early access may be granted if:
- You are facing severe financial hardship and receiving government income support payments. You need to prove you cannot meet reasonable and immediate family living expenses and have been receiving eligible government payments for a minimum period (e.g., 26 weeks).
- You qualify on compassionate grounds, such as needing to pay for medical treatment, mortgage to prevent home loss, funeral expenses, or modifications due to severe disability.
- You have a terminal illness or permanent incapacity.
- You are a temporary resident leaving Australia permanently.
- Your super account balance is less than $200 and your employment has terminated.
To apply, typically you need to:
- Confirm your eligibility with your super fund or the Australian Taxation Office (ATO).
- For severe financial hardship, you may need to provide your Centrelink Reference Number to prove income support.
- For compassionate grounds, applications go through the ATO via myGov.
- After approval, complete the required forms provided by your super fund.
- Payments are usually made within 5 business days of processing your application.
Ensure you avoid illegal schemes and scams promising early access without legal grounds. Always deal directly with your super fund or the ATO for early release requests.
