To access your superannuation (super) money early, you generally need to meet strict criteria usually tied to severe financial hardship or compassionate grounds. Early access options typically include:
- Severe financial hardship if you receive government income support and cannot pay immediate family living expenses. You can withdraw up to $10,000 once a year before age 60.
- Compassionate grounds such as paying for medical treatment, mortgage payments to prevent home loss, disability modifications, palliative care, or funeral expenses.
- Permanent incapacity or terminal illness, with medical evidence.
- Departing Australia as a temporary resident under specific visa conditions.
Applications for early access on compassionate grounds are made through the Australian Taxation Office (ATO) online via myGov, and processing may take up to 14 days. For financial hardship access, you apply through your super fund, often providing proof of Centrelink payments. It's important to ensure you meet eligibility criteria because super is primarily for retirement savings, and accessing it early can affect your future retirement funds.
